POSCO Opens Center at Tipstown, the First Private Company to Support Venture Firms...

Chairman Choi Jung-woo: "'Changeup Ground' Will Be a Strong Partner for Startups Embarking on New Challenges"

[Asia Economy Reporter Hwang Yoon-joo] POSCO has opened a venture company incubating center at 'TIPS TOWN' on Yeoksam-ro, Seoul. TIPS TOWN is a Korean version of Silicon Valley developed by the Ministry of SMEs and Startups since 2015 in the Yeoksam-ro area, and this is the first time a private company has opened an incubating center in TIPS TOWN.

On the 1st, POSCO announced the opening of 'Change Up Ground,' a public-private partnership incubating center on Yeoksam-ro, Seoul. The Ministry of SMEs and Startups and Gangnam District Office operate S(Street)1~S4 and S5 respectively, and POSCO will operate S6.

The opening ceremony was attended by Park Young-sun, Minister of SMEs and Startups, Choi Jeong-woo, Chairman of POSCO, Lee Hak-young, Chairman of the Industry, Trade, and SMEs and Startups Committee, Ko Young-ha, Chairman of the Korea Angel Investment Association, and representatives of resident companies, totaling 30 people.

Chairman Choi Jeong-woo said, "'Change Up Ground' will be a strong partner for many venture companies starting new challenges, and I hope many large companies that will lead the future of Korea will emerge from here. We will strive to revitalize the startup ecosystem through the establishment of the POSCO Venture Platform."

Minister Park Young-sun also stated, "I expect more startups to lead the domestic economic ecosystem innovatively with passionate challenges like POSCO's melting pot."

Change Up Ground has a total floor area of 4,200㎡ across seven floors (B1 to 6th floor) and currently houses 28 startups in various fields such as bio, materials, and AI.

For the first time in TIPS TOWN, a studio and editing room capable of video shooting were created, enabling easy and convenient company promotion through new media channels. The seminar room on the basement first floor and the event hall on the first floor can be used to operate various training sessions, investor relations (IR) presentations, and networking events for startups. Each floor is equipped with video conference rooms and phone booths to enhance tenant satisfaction.

Additionally, the space was designed by actively utilizing products developed by venture companies. A blockchain-based contactless access system developed by the venture company Iconloop was applied to enhance security, and eco-friendly blocks developed by POSPALTE, a POSCO in-house venture using steel mill byproduct slag, were used for the rooftop rest area interior.

POSCO plans to create startup infrastructure not only in the metropolitan area but also in Pohang and Gwangyang, enabling startups and venture companies to organically conduct research, attract investment, and exchange technology, thereby leading the creation of a venture ecosystem, revitalization of the regional economy, and creation of youth jobs.

Following the opening ceremony, POSCO signed a business agreement with Gangnam District Office, Asan Nanum Foundation, and Korea Angel Investment Association to 'revitalize the entrepreneur street.' TIPS TOWN resident companies will mutually use TIPS TOWN facilities free of charge and operate integrated startup support programs to strengthen mutual exchange and collaboration among resident companies.

In addition, POSCO held the '19th POSCO Idea Market Place (IMP),' a program for discovering and nurturing venture companies. Previously, venture companies were selected to present their business plans at the Idea Market Place event, and then final investment decisions were made. However, from this year, investment decisions were made in advance for companies participating in the contest, selecting a final nine companies. The recruitment announcement for selecting teams for the 20th Idea Market Place is currently underway on the IMP official website.

This content was produced with the assistance of AI translation services.