Incheon Startup Park Opens on the 25th... Full-Scale Promotion of Global Unicorn Company Development

Korea's First Open Innovation Startup Hub
Equipped with Office, AIoT Center, and Group Coaching Room

Incheon Startup Park Panorama [Photo provided by Incheon Economic Promotion Agency]

[Asia Economy Reporter Park Hyesook] Incheon Startup Park, the nation's first open innovation startup hub, will officially open on the 25th in Songdo International City.

Incheon Startup Park is the largest startup support space in Korea that fosters innovative companies based on Fourth Industrial Revolution technologies such as artificial intelligence and bio convergence.

It was created by remodeling the complex building "Tomorrow City" located in Songdo International City, Yeonsu-gu, spanning from basement level 2 to the 6th floor. It features over 60 offices, more than 40 meeting rooms, an AIoT (Artificial Intelligence of Things) demonstration support lab, a multipurpose hall, and a lounge area.

The resident startups consist of 37 companies nurtured by the private sector and 40 companies supported by the public sector. The private sector-led nurturing program is operated by the Shinhan Financial Group consortium, providing an annual operating budget of 3 billion KRW and a fund of 50 billion KRW, while the public sector-led nurturing is managed by Incheon Technopark.

Incheon Free Economic Zone Authority plans to support over 230 companies through product and service demonstration support for startups, university-linked technology support, global expansion assistance, and expert mentoring beyond just resident companies. In addition to startups, accelerators and private investment firms will also be housed in Incheon Startup Park.

Based on various support program operations, the Incheon Free Economic Zone Authority aims to nurture 450 innovative companies based on Fourth Industrial Revolution technologies, train 2,000 global talents, support 400 companies in global expansion, and create 1,050 jobs.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "Incheon Startup Park, which will lead the leap of Korean startups, is finally taking its first step," adding, "We will do our best to make the Incheon Free Economic Zone a cradle for startups with innovative technologies."

Meanwhile, the Startup Park project, which is a key initiative promoted by the Ministry of SMEs and Startups, aims to establish open innovation startup hubs similar to Zhongguancun in China, Silicon Valley in the United States, and Station F in France. Incheon Startup Park was selected in the 2019 Ministry of SMEs and Startups public contest, with a total project cost of 24.1 billion KRW, including 12 billion KRW in national funding.

Although startup companies began moving into the Startup Park in December last year, effectively starting operations, the official opening ceremony was delayed by about two months due to the spread of COVID-19.

The opening ceremony on the 25th will be held as an online and offline event with live streaming on YouTube, attended by Kwon Chil-seung, Minister of SMEs and Startups; Park Nam-chun, Mayor of Incheon; Shin Jo-yong-byeong, Chairman of Shinhan Financial Group; and Seo Jung-jin, Honorary Chairman of Celltrion Group.

Additionally, side events including an online conference and keynote lectures will be held.

CEO Jeon Hwa-sung of CNT Tech and CEO Choi Jung-woo of Beauty&K will give lectures on investment attraction strategies and growth strategy formulation, and Kim Tae-yong, CEO of EO Studio, a startup specialized media content company, will speak on the theme "Startup for Startups."

Following that, Kim Ki-dae, publisher of AVING News, and Lee Min-seok, CEO of Why Not Media, will give lectures on global expansion strategies in preparation for the post-COVID-19 era.

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