KAMCO Signs MOU to Establish Busan Youth Startup Hub
[Asia Economy Reporter Kim Hyo-jin] Korea Asset Management Corporation (KAMCO) signed a business agreement on the 21st at Busan Metropolitan City Hall to establish the Busan-type Youth Startup Hub for revitalizing the innovation city.
This agreement aims to focus on discovering startups in Busan's specialized industries such as finance, maritime, and gaming through the establishment of the Busan Youth Startup Hub, and to secure job creation and growth momentum for the innovation city by providing tailored support at each stage from initial startup education to investment attraction and market expansion.
KAMCO will develop the state-owned property ‘Former Southeast Regional Statistics Office’ building located in Yeonje-gu, Busan, through green remodeling to create the Busan Youth Startup Hub as an innovative startup space, and offer reduced rent to (preliminary) entrepreneurs moving in.
Busan City will revise related urban plans to create an innovative startup ecosystem, and the Busan IT Industry Promotion Agency and Busan Design Promotion Agency will operate startup and nurturing support programs for startups based on 4th industrial technologies and social venture companies.
KAMCO plans to transform the Busan Youth Startup Hub into an optimized space for innovative startups including ▲startup spaces (tenant offices, test beds ▲AI and 5G non-face-to-face service demonstration spaces, ICT Innovation Center) ▲shared spaces (event hall, startup consulting room, meeting rooms) ▲education spaces, and open it in the second half of next year.
The Busan Youth Startup Hub project was selected as one of the top 10 collaborative tasks* for public institution-led innovation city revitalization jointly promoted by the Ministry of Economy and Finance and the Ministry of Land, Infrastructure and Transport, and a national budget of 4.5 billion KRW was allocated for the project’s success next year.
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Moon Sung-yoo, President of KAMCO, said, “KAMCO will continue to work closely with related organizations to support and expand youth innovative startups,” adding, “We will create a successful case of the Korean New Deal through steady youth job creation and the establishment of an innovative startup ecosystem.”
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