Seoul City Opens 'Seoul Startup Hub M+' in Magok Industrial Complex... Focused on Fostering IT, BT, GT, and NT

Near Magok Station, a total floor area of 21,600㎡, 4 basement floors to 8 above-ground floors... Opening ceremony on the 27th

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government will open ‘Seoul Startup Hub M+’ on the 27th within the Magok Industrial Complex in Seoul, where 183 large and medium-sized enterprises are concentrated.

‘Seoul Startup Hub M+’ is the fourth hub opened by the Seoul Metropolitan Government and the second largest startup hub, located near Magok Station with a total floor area of 21,600.24㎡, spanning from four basement floors to eight above-ground floors. Mayor Oh Se-hoon sent a congratulatory video message for the opening ceremony of ‘Seoul Startup Hub M+’, which was designed through a private design competition in 2016, started construction in August 2018, completed at the end of October this year, and received usage approval in November.

Seoul plans to discover and nurture promising startups in the IT (Information and Communication Technology), BT (Biotechnology), GT (Green Technology), and NT (Nanotechnology) sectors by inviting them to move in. Currently, 52 companies have completed the first phase of move-in. When selecting resident companies, Seoul discovered competitive startups through three tracks within the Magok Industrial Complex: recommendations from large and medium-sized enterprises, recommendations from accelerators and venture capitalists (VCs), and the ‘Magok Challenge’ method (open recruitment).

Selected companies will reside for one year. They will receive various support including independent office spaces, convenience facilities, consulting, education, investment attraction, and overseas expansion assistance. After evaluating technology, growth potential, and business performance over one year, outstanding companies will be granted an additional one-year residency benefit. Facility usage fees were set minimally so as not to hinder company growth.

To achieve visible results from startup support facilities, Seoul plans to set sector-specific goals such as achieving sales of over 20 billion KRW through the management consignment agency and continuously monitor performance achievement. Additionally, Seoul will select more tenants next year for the remaining 23 companies and 60 shared office rooms, and to support startup scale-up and global expansion, various institutions such as specialized accelerators, VCs, and accelerator associations will also be invited as cooperative partners.

Meanwhile, at the opening ceremony of ‘Seoul Startup Hub M+’ on the day, various events will be held including a ‘Business Agreement Ceremony’ between Seoul and large and small enterprises within the Magok Industrial Complex, ‘2021 Seoul Startup Hub M+ Connect’ where M+ resident companies and private professional ACs and VCs will participate in IR, conferences, and hackathons, and an awards ceremony for six teams selected in the 2021 AI and Robotics Hackathon competition.

Hwang Bo-yeon, Director of Seoul’s Economic Policy Office, said, “We will spare no support to enhance the global competitiveness of Seoul’s startup ecosystem and secure future growth engines by expanding startup support facilities and youth employment academies by region.”

Lee Jeong-hwa, Director of Seoul’s Urban Infrastructure Headquarters, said, “‘Seoul Startup Hub M+’ will be used as a space for systematic support for resident companies and communication where large enterprises and resident companies in the Magok Industrial Complex can coexist and cooperate.” He added, “An organic cooperation system among companies will be established, leading to the discovery and nurturing of excellent startups, contributing to job creation and revitalization of the local economy.”

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