'Gwanak S Valley' Development Progressing Smoothly

Seongdae? Daehak-dong 'Startup HERE-RO 1?2?3?4', Operating 13 Startup Infrastructure Facilities by 2022... Creating a Startup Valley for University and Community Co-prosperity through Seoul City University Campus Town Comprehensive Project... First Among National Basic Local Governments to Establish a 20 Billion KRW Startup Support Fund

Startup Education and Consulting within Nakseong Venture Startup Center

[Asia Economy Reporter Jong-il Park] Gwanak-gu (Mayor Park Jun-hee) is making steady progress on the Gwanak S Valley development project, a key pledge of the 7th local government administration.

The Gwanak S Valley development project is a core initiative of the 7th local government administration aimed at revitalizing the local economy by establishing a self-sustaining startup ecosystem based on the infrastructure and capabilities of the Gwanak-gu area, supporting the growth and regional settlement of various startup companies.

The ‘Nakseong Venture Valley Development’ project found new growth momentum for creating a startup valley after being selected last December as a comprehensive project under the Seoul Metropolitan University Campus Town program in collaboration with Seoul National University.

Accordingly, the district is building a foundation befitting the ‘Gwanak S Valley,’ which will transform not only Nakseongdae-dong but also Daehak-dong and the entire Gwanak-gu into a startup hub.

In March, the Nakseong Venture Startup Center and the Nakseong Venture Startup Center R&D branch, which will serve as key bases for Nakseong Venture Valley, opened their doors, providing affordable workspaces and various startup support programs, demo days, and consulting services to enhance capabilities and create investment attraction opportunities.

Fifteen promising startups, including Payap (an online commerce platform) and Touch Project (smart home care using IoT), have moved in and are active in various fields.

Within Nakseongdae (Gang Gam-chan) Station on Subway Line 2, the ‘Seoul Startup Cafe Nakseongdae Branch’ has been established, actively operating non-face-to-face programs that allow any citizen to participate in startup networking, consulting, and education.

Additionally, two more startup spaces are being expanded around the Nakseongdae area. The Gwanak Startup Center (formerly Gwanak Startup Space), funded with 5 billion KRW by Seoul City, is currently being remodeled with a target opening in December. Next to the Nakseongdae-dong Community Service Center parking lot, a pilotis-style building with a first-floor parking lot and second-floor startup space is under construction, scheduled to open in February next year.

Meanwhile, the district is accelerating the creation of a startup valley where universities and the local community coexist through the ‘Seoul Metropolitan University Campus Town Comprehensive Project.’ Over the next four years, 10 billion KRW of city funds will be supported, with an additional 5.5 billion KRW from the district and 10.5 billion KRW from Seoul National University to revitalize the Campus Town project.

Already, in August, private buildings were leased in Nakseongdae-dong and Daehak-dong to create ‘Startup HERE-RO 2 (Bongcheon-ro 535)’ and ‘Startup HERE-RO 4 (Sillim-ro 134),’ housing eight teams each for a total of 16 teams actively engaged in startup activities.

In December, ‘Startup HERE-RO 3 (Sillim-ro 117),’ which can accommodate 15 startup companies, will be newly established in Daehak-dong, and Seoul National University plans to purchase a building in Nakseongdae-dong to create ‘Startup HERE-RO 1 (Nambu Sunhwan-ro 1890)’ in 2021.

The district plans to expand the number of startup infrastructure facilities from the current five to 13 by 2022.

Along with this, the district will support startup company growth by diversifying startup capability enhancement and growth support programs, establishing a venture valley promotion platform, and building an administrative support system including designation of a venture business promotion district and revision of district unit plans.

Startup Company Investment and Business Attraction Consultation

In particular, in September, the district became the first among nationwide basic local governments to establish a startup support fund worth 20 billion KRW, mandating investment in local small and venture businesses, which is expected to promote the growth and regional settlement of local companies.

Park Jun-hee, Mayor of Gwanak-gu, said, “Despite the COVID-19 situation this year, the establishment of startup facilities, which will form the foundation of the venture valley, is progressing smoothly,” adding, “In addition to infrastructure development, we will promote various corporate support policies and attract well-known companies to establish Gwanak-gu as the best venture valley in Korea.”

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