Gwanak-gu Mayor Park Jun-hee Launches Full-Scale Construction of 'Korean-Style Silicon Valley'

[Seoul District News] Gwanak-gu's 'Gwanak S Valley' Project Shows Remarkable Results with Nakseong Venture Valley & Sillim Startup Valley as Two Major Hubs & 13 Startup Infrastructures Established Locally, Expanding to 16 by 2022 & Business Momentum Expected with Ministry of SMEs and Startups' Designation as 'Venture Business Promotion Zone'

[Asia Economy Reporter Park Jong-il] Park Jun-hee, Mayor of Gwanak-gu (photo), stated, “During the previous 7th term, we laid the groundwork for Gwanak's innovative economy, and in the 8th term, we plan to fully launch the project as ‘Gwanak S Valley 2.0.’ Based on the local infrastructure and capabilities of youth and Seoul National University in Gwanak, we will partner with companies to create a Korean-style Silicon Valley.”

Gwanak-gu has worked to transform the area, once a barren land for startups, into a venture startup hub by establishing 13 startup infrastructure facilities and creating a 20 billion KRW startup support fund?the first of its kind among basic local governments nationwide?to continuously drive the growth of startups based on original technologies within the region.

In particular, the district expects the designation as a Venture Business Promotion Zone in January to accelerate the Gwanak S Valley development project. As the number of companies wishing to relocate to the area is expected to increase, the district plans to expand venture startup infrastructure and support corporate growth through industry-academia-research collaboration, fostering related industries such as AI and bio.

Mayor Park said, “Being selected as a Venture Business Promotion Zone is recognition from the central government that Gwanak-gu is breaking free from its previous limitations as a bedroom community and is growing into a center for ventures and startups.” He added, “Based on this, we will establish a venture startup foundation and further solidify an ecosystem where private institutions and excellent companies can continuously enter.” He expressed pride in the economic structural innovation of Gwanak in the 8th term.

He continued, “We will support policies for Gwanak S Valley in response to increasing corporate relocation demand and establish the ‘Gwanak Small and Venture Business Promotion Agency,’ a specialized institution to provide comprehensive and systematic support as a business partner for small and venture companies, offering growth foundations and innovative growth solutions for startups and SMEs.”

The ‘Gwanak Small and Venture Business Promotion Agency’ will act as a control tower for the Gwanak S Valley initiative, enhancing private sector participation and sustainability, securing specialized personnel in startup incubation, and providing systematic support for ventures and startups, thereby raising the internal and external recognition of Gwanak S Valley.

Additionally, by creating the ‘Gwanak S Valley Corporate Support Fund,’ investment in companies located within the district will be strengthened. The district will also continue to promote the ‘Technology Consulting Support Project’ to resolve technical development difficulties faced by venture startups and the ‘Startup Scale-Up’ project to provide commercialization funding.

To realize ‘Gwanak S Valley 2.0,’ the district has pledged in the 8th term to additionally establish startup support facilities around Daehak-dong, promote open innovation linked with large corporations such as KT and KB Financial Group, and expand startup infrastructure including privately led shared offices and venture company cluster facilities.

Mayor Park Jun-hee stated, “The Gwanak S Valley project, aimed at making our district a global startup hub like Silicon Valley or Zhongguancun, is progressing smoothly.” He added, “In the 8th term, we will accelerate support in space, technology, and investment for resident companies’ global expansion and investment attraction, making Gwanak-gu a venture startup mecca.”

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