Busan City Announces Contest for 'Urban Youth Startup and Residential Complex Project'

Promotion of Contest Projects for Basic Local Governments until March 18

Two New Sites to be Established This Year, Total of 10 Sites by 2025

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] The Busan Metropolitan City is promoting a contest for basic local governments until March 18th for the ‘Urban-type Youth Startup and Residential Complex Space Creation Project.’

The complex space project supports the growth of young entrepreneurs and simultaneously helps young people settle stably in Busan by providing startup and residential spaces together in accessible urban areas. The city plans to start by creating two locations this year and a total of 10 locations by 2025.

The complex spaces can be newly created or expanded from existing facilities. Each will have about 10 startup spaces and residential spaces, along with shared spaces such as meeting rooms and community areas, physically and functionally interconnected.

The city will support up to 900 million KRW per location as initial facility construction costs. Basic local governments will secure the facilities and support operating expenses. Private anchor institutions will oversee operations including tenant management, incubation, and networking.

Busan Technopark will play a bridging role by providing mentoring throughout the entire process, sharing experts and know-how.

The city plans to increase public interest in the complex space project and develop a BI (Brand Identity) through a ‘naming contest’ scheduled for March to establish it as Busan’s representative space brand.

Park Hyung-jun, Mayor of Busan, said, “The complex space creation project is very meaningful as it builds a startup foundation by utilizing local resources through collaboration among basic local governments and private anchor institutions, and it is expected to become a new youth startup model. We will create a total of 10 youth startup and residential complex spaces by 2025.”

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