Completion of 'BT-IT Convergence Center' in Hongneung, Seoul; 21 Companies to Move In by End of This Month

Expansion and Remodeling of Old Defense Venture Center Near Wolgok Station... Basement 1 to 5 Floors Above Ground, 2884㎡ Area
Up to 4 Years Residency, Affordable Use of Shared Equipment... Support for Competitiveness Enhancement Including Consulting and Investment Attraction

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 17th that 21 companies selected through expert evaluations over two months since May will begin moving into the ‘BT-IT Convergence Center,’ a digital healthcare dedicated startup space in Hongneung, which is being developed as a bio-medical industry hub, starting at the end of this month.

The ‘BT-IT Convergence Center’ was created by remodeling the former Defense Venture Center located near Wolgok Station on Subway Line 6. Two additional floors were added to the existing building, making it a total of basement level 1 to 5 floors above ground, with a total floor area of 2,884㎡.

The interior was designed as a creative shared office space reflecting the trends of the 4th industrial era. Considering the business scale and work characteristics of individual startups, various types of co-working spaces and areas for communication and collaboration were arranged on each floor. Optimal flow lines tailored to user characteristics were secured, and an open atrium was created on the upper floors, presenting a new vision for public architecture.

In addition to individual office spaces, a ‘Prototype Production Room’ equipped with various high-spec latest equipment such as high-precision 3D printers was established. Since the equipment, which is burdensome for early startups to purchase and use directly, can be used at a low cost, resident companies can focus on technology development.

Furthermore, a big data analysis room was prepared so that all resident companies can use high-spec computing resources. A ‘Healthcare Station’ was also created to exhibit and promote products and services developed by resident companies. The city plans to operate a ‘Local Resident Experience Group’ in cooperation with Seongbuk-gu to conduct market response and user testing.

Resident companies can stay for up to four years and can use independent office spaces as well as all convenience facilities and research infrastructure of the BT-IT Convergence Center during their stay. In addition, customized nurturing programs such as investment attraction and consulting provided to resident companies can strengthen their growth competitiveness.

Meanwhile, Seoul City is building infrastructure in two phases to enhance the bio and medical competitiveness of the Hongneung area. The first phase has been operating the Seoul Bio Hub since 2017. The ‘BT-IT Convergence Center,’ which will officially open in October when company move-in and operation preparations are completed, is the first facility to open in the second phase of infrastructure.

Companies residing in the Seoul Bio Hub, the first phase infrastructure in Hongneung, have produced visible results such as 25.2 billion KRW in sales, 233.3 billion KRW in investment attraction, and 622 new jobs from its opening in 2017 until last year. Through the opening of the BT-IT Convergence Center, the second phase infrastructure, Seoul City plans to create an optimal startup environment in Hongneung where ‘technology-startup-growth’ forms a virtuous cycle, contributing to the revitalization of the bio industry and the creation of new jobs.

Hwang Bo-yeon, Director of Seoul City’s Economic Policy Office, said, “With the prolongation of COVID-19, the importance of data-based preventive medicine, non-face-to-face treatment, and AI therapy is increasing, and the speed of industrial development will also accelerate. Seoul City will spare no support so that promising digital healthcare companies can grow without worries.”

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