[Interview] Park Junhee, Gwanak District Mayor: "We Will Successfully Establish Gwanak S Valley and Revitalize the Local Economy"

Building an Innovative Startup Ecosystem Based on Regional Infrastructure and Capabilities... Expanding Startup Infrastructure to 13 Facilities and Establishing Administrative Support System by 2022

[Asia Economy Reporter Park Jong-il] “Like Silicon Valley in the United States or Zhongguancun in China, we aim to become a global startup hub alongside the city’s economic development by building an innovative startup ecosystem based on local infrastructure and capabilities.”

Park Jun-hee, Mayor of Gwanak-gu, stated in an interview with Asia Economy, “We will accelerate the ‘Gwanak S Valley’ venture startup city project by continuously building startup infrastructure and establishing a practical foundation for startup companies to grow.”

The Gwanak S Valley project is a key pledge of the 7th local government administration to transform the entire Gwanak-gu into a venture startup city, centered on the newly developed Sillim Startup Valley, which links the existing Nakseong Venture Valley and the areas of Daehak-dong and Seorim-dong with the University Campus Town project.

The district is fully committed to creating a foundation befitting the ‘Gwanak S Valley,’ which will transform the entire Gwanak-gu into a startup mecca, with Nakseong Venture Valley and Sillim Startup Valley as its two pillars.

First, last year, the district established the ‘Nakseong Venture Startup Center’ and the ‘Nakseong Venture Startup Center R&D Branch’ to serve as hubs in Nakseong Venture Valley, providing affordable office spaces and offering various startup support programs, demo days, and consulting to create investment attraction opportunities. On the basement first floor of Nakseongdae (Gang Gam-chan) Station on Subway Line 2, the ‘Seoul Startup Cafe Nakseongdae Branch’ was also created, where any citizen can participate in startup networking, consulting, and education.

This year, two additional startup spaces will be expanded in the Nakseongdae area. The ‘Seoul Startup Center Gwanak,’ funded with 7.1 billion KRW by Seoul City, is undergoing remodeling with a planned opening in February. Additionally, a parking lot site next to the Nakseongdae-dong Community Service Center will be transformed, with the first floor remaining a parking lot and the second floor converted into startup space, scheduled to open in March.

Notably, last year, by being selected for the Seoul City University Campus Town comprehensive project in collaboration with Seoul National University, a new growth engine was found for the startup valley development. Over four years, 10 billion KRW of city funds will be supported, and separately, the district invested 5.5 billion KRW and Seoul National University 10.5 billion KRW to revitalize the Campus Town project.

In September last year, ‘Startup HERE-RO’ branches 2 and 4 were established with Nakseongdae-dong and Daehak-dong as the two main hubs, housing a total of 16 startups. In February, ‘Startup HERE-RO’ branch 3, accommodating 15 companies, will open in Daehak-dong, and in 2022, branch 1, housing 30 companies, will newly open in Nakseongdae-dong.

Besides providing startup spaces, the Campus Town project operates various startup programs utilizing Seoul National University’s personnel, technology, and excellent network infrastructure, with the performance of resident companies gradually emerging through investment attraction and other achievements.

Furthermore, to revitalize the venture startup ecosystem, a tripartite business agreement was signed among Gwanak-gu, Seoul National University, and KT. Over the next three years, they will build a cooperative system to activate the Gwanak-gu venture startup ecosystem, laying the groundwork for growth as a venture startup city and jointly contributing to regional economic development.

As the ‘first among all basic local governments nationwide,’ a ‘Startup Support Fund’ worth 20 billion KRW was also established. By mandating investment in small and venture companies located in Gwanak-gu using this fund, the district is promoting the growth and regional settlement of local companies.

The district plans to expand startup infrastructure facilities from the current five locations to 13 by 2022, providing office space to about 130 companies. Alongside this, it will support startup growth by strengthening startup capabilities, diversifying growth support programs, building a venture valley promotion platform, and establishing an administrative support system including designation as a venture business promotion district and revision of district unit plans.

Park Jun-hee, Mayor of Gwanak-gu, said, “By building a startup ecosystem centered on the district’s core assets, ‘Seoul National University’ and ‘youth,’ we will create a ‘venture startup city’ where excellent human infrastructure remains, works, and starts businesses locally.” He added, “We will accelerate the creation of Korea’s best Gwanak S Valley and do our utmost to ensure it leads to regional economic development.”

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