Opening of 'DIGICO KT OPEN LAB' and 'KB Innovation HUB' on Hoam-ro, Gwanak-gu

The First Tangible Outcome of the Gwanak-gu Venture Startup Ecosystem Activation Agreement... 11 Startup Spaces Established in 3 Years of the 7th Civilian Administration, Creating a Win-Win 'Gwanak S Valley' for Companies, Universities, and the Community

[Asia Economy Reporter Jong-il Park] Gwanak-gu (Mayor Park Jun-hee) is transforming into an innovative economic city leading ventures and startups through the symbiotic growth of businesses, universities, and the local community.

The district is promoting ‘Gwanak S Valley,’ a public-private-academic cooperation initiative involving ‘companies’ equipped with technology and capital, ‘universities’ nurturing outstanding talent, and ‘local governments’ providing infrastructure and tax benefits, aiming to revitalize the local economy and create a hub for startups.

On the 8th at 2 p.m., the first fruit of this cooperation was realized with the opening ceremony of the ‘Gwanak S Valley Startup Center.’ The district signed a business agreement with private companies KT and KB Financial Group to open a startup space linked to the venture startup ecosystem.

The opening ceremony was attended by Park Jun-hee, Mayor of Gwanak-gu; Koo Hyun-mo, CEO of KT; Hur Yin, President of KB Kookmin Bank; Oh Se-jung, President of Seoul National University; Jeong Tae-ho, Member of the National Assembly; and Kwon Chil-seung, Minister of SMEs and Startups, celebrating the changes and growth of ‘Gwanak S Valley’ as a venture and startup hub.

Located at 597 Hoam-ro (Samsung-dong), the ‘Gwanak S Valley Startup Center’ is a startup space created by combining KT’s ‘DIGICO KT OPEN LAB’ and KB Financial Group’s ‘KB Innovation HUB’ to make Gwanak S Valley a mecca for startup cultivation. The facility spans 7 floors and 490 pyeong (approx. 1,620 sqm), jointly operated by three companies.

The 2nd to 4th floors house the ‘DIGICO KT OPEN LAB,’ the 5th and 6th floors the ‘KB Innovation HUB,’ and the basement to the 1st floor is occupied by the shared office startup ‘My Workspace.’

This location offers 17 office rooms, meeting rooms, networking spaces, as well as media studios and cloud microspaces, providing startups with an environment to develop their capabilities.

Notably, it is situated within about a one-minute walk from the Sinlim Line, scheduled to open in May 2022, ensuring excellent accessibility.

‘DIGICO KT OPEN LAB’ currently hosts seven companies selected through the ‘Future Growth Company Discovery DIGICO Contest’ held in April as its first cohort. It offers various programs including AI and 5G testbeds, cloud open labs, KT’s IT technology and startup infrastructure, diverse investment attraction and networking opportunities, and service launches through business linkages.

Similarly, ‘KB Innovation HUB’ accommodates seven companies selected through a public contest, providing management consulting utilizing experts within KB Financial Group, business linkages, and scale-up investment support tailored to each startup’s growth stage, helping venture companies expand their ideas into businesses.

During the 7th elected term, Gwanak-gu leveraged its excellent local resources of ‘youth’ and ‘Seoul National University’ to establish 11 startup spaces in Gwanak, which was previously a barren land for startups, through the ‘Gwanak S Valley’ project centered on the two pillars of ‘Nakseong Venture Valley’ and ‘Sinlim Startup Valley.’

Going forward, the district plans to build a total of 16 spaces by next year and solidify its position as a venture startup city by establishing institutional foundations that encourage voluntary corporate inflow, such as designating venture business promotion zones with tax benefits and district unit redevelopment.

Mayor Park Jun-hee stated, “By combining the capabilities of KT and KB Financial Group in discovering and nurturing excellent startups, the promotion of the Gwanak S Valley project will accelerate further.” He added, “We will spare no support in space, technology, and investment to help companies grow and settle locally so that Gwanak-gu can become a leading venture startup city in technology entrepreneurship.”

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