Kim Seyong, GH President, "Creating a Customized 'Jikju-ilchi' in Pangyo"

Funding Support Also Available for Startups

Kim Seyong, President of Gyeonggi Housing and Urban Corporation (GH), plans to establish a Startup Planet in Third Pangyo by 2025. It will be a startup complex building with a total floor area of 150,000 pyeong, focusing on attracting not only startups but also anchor companies and educational institutions such as universities. The aim is to create an environment where these entities can communicate with each other and achieve innovative growth, rather than merely attracting companies on a one-off basis.

Kim Se-yong, President of GH Gyeonggi Housing and Urban Corporation. Photo by Huh Younghan younghan@

President Kim stated, "Startup Valley will introduce new attempts such as not selling units initially and having public sector direct management, devising a structure that can nurture startups with potential and talented individuals."

To attract companies, measures such as tax benefits including corporate tax and support for residential facilities are necessary. President Kim pointed to the creation of public dormitories as an incentive to attract startup companies. The plan is to realize the concept of ‘work-residence coincidence’ beyond just proximity between work and residence.

He said, "The Startup Planet planned for Third Pangyo will simultaneously provide spaces where innovators can work, enjoy, and stay. In particular, we plan to provide 1,000 dedicated dormitory units for workers and are reviewing ways to collaborate with Gyeonggi Province to ensure that public housing in Third Pangyo becomes a job-linked supply for Pangyo workers."

Along with this, a funding structure that plays at least a minimal catalytic role to help promising companies grow is also being planned. Looking at cases such as Silicon Valley, the elements of innovative growth revolve around startups (core players), talented individuals (universities, etc.), and funding (VCs). However, funding support for startups in the Pangyo area is currently severely lacking.

President Kim said, "We are considering various ideas, including attracting private VCs and ACs, activating investment exchange meetings to create a funding ecosystem, and GH jointly establishing funding with other institutions to support startups. Currently, Startup Planet is in the early conceptual stage, and through the recently initiated basic planning project, we plan to discover and concretize various ideas."

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