What Is There at Mapo Front1, the 'Number One Place for Innovative Startups'?

Prime Minister Chung Sye-kyun (fourth from the left) and Financial Services Commission Chairman Eun Sung-soo (second from the left) are listening to stories from startup companies at the opening ceremony of 'Front1' in Mapo-gu, Seoul, on the 30th of last month. (Photo by Financial Services Commission)

[Asia Economy Reporter Kim Hyo-jin] "To revitalize the innovative startup ecosystem and support national transformation, it is essential to establish a robust support system. The newly opened innovation startup hub, Mapo's 'Front1,' marks the beginning of this effort."

Front1, located in Mapo-gu, Seoul, and named the "Innovation Startup Hub" by Eun Sung-soo, Chairman of the Financial Services Commission, officially opened on the 30th of last month. Boasting the world's largest startup complex support space, Front1 is a startup incubation platform that provides one-stop services including finance, education and consulting, overseas expansion, and residential spaces to foster startup growth. Over the next five years, approximately 2,700 startups will receive these supports free of charge at Front1.

With 20 floors above ground, 5 basement levels, and a total floor area of 36,259 square meters, about 90 companies are scheduled to move in during the first phase by the end of this year.

◆Building the Future of Innovation with a Dedicated 72 Billion KRW Fund = The government is establishing a 72 billion KRW dedicated fund for Front1 through a public-private partnership.

Of this, 42 billion KRW will be operated as the 'Front1 Fund' for resident and graduated companies, while 30 billion KRW will be managed as the 'Startup Companion Fund' to support companies from early startup to growth stages.

Additionally, growth support funds and fintech innovation funds will prioritize support for Front1 resident and graduated companies, and policy financial institutions will include Front1 resident and graduated companies in their startup preferential products.

◆Professional Consulting from Samsung and SK = Venture capital (VC) firms and accelerators residing in Front1 will directly select startups in their specialized fields to provide 'responsible incubation.' Furthermore, mentor companies such as Samsung and SK will offer startup-related education and consulting to enhance capabilities.

Front1 plans to focus on supporting innovative startups in information and communication technology (ICT) sectors such as financial technology (fintech), artificial intelligence (AI), and 5G, actively nurturing promising industries that will lead the 'post-COVID' era.

Through the Ministry of Science and ICT's establishment of the 'ICT Innovation Square,' lecture rooms and experience spaces equipped with advanced equipment will be provided, and educational programs will be developed in fields including AI, blockchain, big data, cloud, smart factories, fintech, autonomous vehicles, drones, information security, augmented reality (AR), and virtual reality (VR).

A dedicated space for systematic fintech company incubation will also be established, jointly managed by the Korea Fintech Support Center and Shinhan Future's Lab. The government will also collaborate with SK Planet's T Academy to provide focused education on 5G, mobile IT-related technologies, content utilization, and commercialization strategies.

◆Supporting Overseas Expansion through Collaboration with UNIDO = The government plans to assist startups in expanding overseas based on cooperation with UNIDO (United Nations Industrial Development Organization), and to lead global networking by hosting online investor presentations with overseas venture capitalists and others.

UNIDO is an international organization established in 1986 aimed at supporting economic development and industrial infrastructure in developing countries.

Residential spaces including shared offices will be provided after screening. The 'Sinchon Youth Housing,' a public rental housing managed by Seodaemun-gu Office, will be utilized. Sinchon Youth Housing is a building with 150 units spanning from basement level 1 to the 11th floor above ground.

The government anticipates that approximately 18,000 jobs will be created over the next five years through Front1.

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