Gyeongbuk Province Opens Pohang's 'POSCO Changeup Ground'... Core Hub for Ventures and Startups

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Gyeongbuk Province held an opening ceremony on the 21st in Pohang for the 'Pohang POSCO Change-up Ground,' which will become a key hub for the nation's future new growth engines in ventures and startups.

With a total project cost of 83 billion KRW, the 'Pohang POSCO Change-up Ground,' completed in June, is expected to house about 90 companies and 500 people aiming to discover and nurture excellent ventures and startups as well as aspiring unicorn companies.

Resident companies will receive various venture business support benefits, including ▲market support through POSCO group companies ▲overseas expansion ▲government and local government startup support programs ▲linkage with POSCO's 1 trillion KRW venture fund ▲and a metropolitan area recruitment platform to attract excellent talent.

'Pohang POSCO Change-up Ground' will provide focused support to resident companies through a world-class industry-academia-research-based excellent technology startup incubation program centered on POSTECH.

In Gyeongbuk, which was a venture desert compared to the metropolitan area, a venture ecosystem utilizing the nation's top industry-academia-research R&D base along with POSTECH is being established, and it is expected that promising core technologies of 2,400 ventures and startups in the province and excellent technology startups by prospective entrepreneurs will be actively realized.

Under the motto "The future food source of Gyeongbuk is ventures and startups," Gyeongbuk Province established a dedicated venture support team in the second half of 2018, has created a venture and startup investment fund worth 100 billion KRW, and expanded venture business development funds to 10 billion KRW.

With the construction of the venture town centered on Pohang's POSCO Change-up Ground and the knowledge industry center around Imdang Station in Gyeongsan, and the activation of in-house ventures linked to large corporations in Gumi as three core pillars, the province plans to accelerate the fostering of ventures and startups.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, "With the establishment of the Pohang Change-up Ground, the discovery and nurturing of excellent local ventures and startups, which are future growth engines, will be professionally carried out, contributing to regional economic revitalization and job creation."

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