small business

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IBK Industrial Bank of Korea is helping the growth of start-up companies through IBK Changgong. It is our ambition to faithfully fulfill our role in policy finance by supporting startups that have fallen into Death Valley. This is reporter Kim Ha-seul’s report.

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Aza School, an experiential learning platform that jumped into the edutech market with the goal of showing a world bigger than school.

We provide a one-stop service from recommending students’ experiential learning to completing activity reports.

Aza School is one of the innovative companies fostered by IBK Industrial Bank of Korea, and its recent growth is notable.

Aza School, which was selected as IBK Changgong by Industrial Bank of Korea in July of last year, has achieved more than 300% sales growth this year compared to last year.

IBK Changgong is a program to support start-up venture companies, targeting companies in the knowledge service, information/communication, and advanced manufacturing/automation industries.

[인터뷰] Seonha Hwang / CEO of Aza School
“(At the time of Corona 19), I was going through a very difficult period because it was an experiential learning, but in the case of IBK Changgong, it is necessary to consult on what the company needs, and to connect internal finance or external networks to receive financial support. It helped a lot.”

IBK not only supplies funds through venture capital (VC), but also supports companies in a variety of ways, including dedicated mentoring, demo days, and non-financial events (IR).

It is also noteworthy that office space at each center is rented free of charge.

To date, we have invested and financed KRW 1.942 trillion in a total of 612 fostering companies and conducted 8,457 consulting cases.

[인터뷰] Lee Sang-min / IBK Industrial Bank of Korea Start-up Venture Support Department Manager
“If you look at the total sales of fostering companies in terms of corporate value, it is about 5.4 trillion won. Looking at the growth rate of sales until recently, it is about 380 billion won (about 4 times increase), and the number of employees has increased to about 4,000 people. ..I think it is IBK Changgong’s unique strength that our customers who applied at the start-up stage become small and medium-sized companies and play the role of this strong networking that enables business linkages with current start-ups.”

In the future, the idea is to focus on discovering promising local startups.

Industrial Bank of Korea plans to open additional new centers in the region, and is also planning to speed up the establishment of an offline operating model. This is Kim Ha-seul from Pax Economy TV.

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