Eun Sung-soo, Chairman of the Financial Services Commission, "Front1, the No.1 Hub for Innovative Startups, the Beginning of Ecosystem Transformation"

Startup Complex Support Center Front1 Opening Ceremony
"Now is the Growth and Leap Opportunity for Innovative Startup Companies"
"We Will Also Provide Scale-up Infrastructure as a Growth Platform"

Eun Sung-soo, Chairman of the Financial Services Commission / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, expressed on the 30th that overcoming the crisis of the novel coronavirus infection (COVID-19) presents a genuine opportunity for innovative startup companies to achieve substantial growth and leap forward.

At the opening ceremony of 'Front1,' a startup complex support space located in Mapo-gu, Seoul, Chairman Eun stated in his congratulatory speech, "Until now, this virus (COVID-19) has been regarded only as a crisis for startup companies."

He diagnosed, "We have confirmed during the COVID-19 phase that cyberspace can be a substitute rather than just a complement to reality, and as a result, the transition to the Fourth Industrial Revolution and digital civilization is accelerating even more."

Chairman Eun also said, "Over the next five years, up to 2,700 innovative startup companies will prepare to leap forward through Front1," and promised, "We will also establish scale-up stage support infrastructure that can serve as a stepping stone for continuous growth for innovative companies that successfully complete their startups at Front1."

He added, "To revitalize the innovative startup ecosystem and support national transformation, a solid support system must be established, and Front1, which opened today, is the beginning of that."

Prime Minister Chung Sye-kyun, who attended the opening ceremony with Chairman Eun, pointed out, "Our country has sufficient potential for startup growth, such as world-class information and communication technology (ICT) and a robust manufacturing base, but a well-developed startup ecosystem has not been established."

Prime Minister Chung also said, "I expect that Front1, which opens today, will become a groundbreaking turning point for revitalizing our startup and venture ecosystem."

Startup stakeholders, including Jung Ji-won, CEO of AlgoCare, evaluated, "It is unprecedented to have a nurturing space like Front1 that broadly encompasses various specialized institutions, financial sectors, international organizations, and local governments," and expressed expectations by saying, "Based on Front1, the domestic startup support system will advance to the next level, and more entrepreneurs will challenge themselves with new ideas."

Front1 is the world's largest startup support center equipped with spaces for finance, non-finance, and welfare, supporting startup and growth companies by providing one-stop services in all areas including finance, consulting, education, and overseas expansion.

Specifically, support includes ▲establishment of dedicated funds and linked support by growth stages ▲education and consulting such as mentor training companies ▲specialized nurturing related to the Fourth Industrial Revolution in ICT and fintech (financial technology) ▲global networking support such as overseas expansion and overseas IR (investor relations) ▲support such as securing youth housing in cooperation with local governments.

The government expects that Front1 resident companies will generate direct employment for over 6,100 people and indirect employment for about 10,000 people. Additionally, through focused nurturing of innovative startups in non-face-to-face sectors using fintech and ICT, as well as medical and bio fields, the government anticipates actively supporting the Fourth Industrial Revolution led by the 'Korean New Deal.'

The government plans to complete the construction of welfare facilities at Front1 by September and finalize the selection of the first resident companies by December.

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