Venture Heaven Gyeonggi-do... 660,000㎡ Startup Space Created and 3,000 New Sprout Companies Fostered

Gyeonggi Province Governor Kim Dong-yeon is taking a commemorative photo with attendees on the 12th at the 2nd Pangyo Global Biz Center during the 'Venture Startup Vision Declaration and Win-Win Cooperation Agreement Ceremony.'

Gyeonggi Province plans to create 660,000㎡ (200,000 pyeong) of startup space across more than 20 regional hubs centered on Pangyo Techno Valley by 2026, and nurture 3,000 venture startups (saessak companies).

On the 12th, Gyeonggi Governor Kim Dong-yeon announced this plan at the ‘Venture Startup Vision Declaration and Win-Win Agreement Ceremony’ held at the 2nd Pangyo Global Business Center.

Governor Kim Dong-yeon said, "I want to make Gyeonggi Province a startup paradise. I sincerely hope that attempts facing challenges and uncertainties will arise here and there. Another name for Gyeonggi Province is opportunity. I want to create opportunities to freely start businesses, run companies, and engage in commerce."

He added, "I hope you succeed in your ventures and also contribute to creating social value," emphasizing, "Gyeonggi Province will do its best to understand your difficulties and resolve your challenges."

Gyeonggi Province has set three goals to make Pangyo the startup paradise of South Korea: ▲Creating the best venture startup environment connected to the No.1 industrial ecosystem ▲Providing the largest domestic venture startup space of 200,000 pyeong (about 660,000㎡) in Pangyo and 20 other regions ▲Preparing for the future of South Korea’s industry by nurturing 3,000 venture startups. To achieve these goals, Gyeonggi will promote execution tasks in three areas: ‘Space-Connection-Globalization.’

First, to build a world-class venture startup cluster, Gyeonggi Province will create 660,000㎡ (200,000 pyeong) of startup innovation space in Pangyo and more than 20 locations across eight major zones within the province by 2026. This scale is twice the size of Lotte World Tower and equivalent to 90 soccer fields.

Initially, in the 2nd Pangyo area, a company-led venture startup space of 500,000㎡ (150,000 pyeong) will be established by 2025, providing free or below-market-rate office space to about 2,000 startups.

Additionally, by 2026, 132,000㎡ (40,000 pyeong) of startup space will be created in 20 regional hubs across eight major zones within the province, linked to local specialized industries, supporting around 700 startups. Combined with the current 33,000㎡ (10,000 pyeong) startup space in the 1st Pangyo nurturing about 300 startups, this will provide office space for approximately 3,000 startups across 200,000 pyeong.

To revitalize the startup ecosystem, Gyeonggi Province recognizes the need for connections among ecosystem members as well as infrastructure like space, and will operate networking events, consultative bodies, and collaboration programs to facilitate exchanges and cooperation between startups and support organizations.

In particular, it plans to support startups across Gyeonggi Province by linking with over 200 startup nurturing programs operated by large and medium-sized enterprises in 2nd Pangyo.

Furthermore, to support overseas investment attraction and expansion of venture companies, an international startup investment expo will be held in Pangyo in the second half of next year.

This event will feature various programs such as startup competitions, investment presentations, lectures, and forums with participation from domestic and international startups and investors. Promising startups and young entrepreneurs will be selected to receive pre-training, investment acceleration, and support for participation in overseas expos, providing opportunities for overseas experience.

Following the vision declaration ceremony, the win-win agreement ceremony saw Gyeonggi Province, HL Mando, KT Corporation, and 21 other large and medium-sized companies based in 2nd Pangyo, along with the Gyeonggi Economic Science Promotion Agency and Gyeonggi Housing and Urban Corporation, pledge to actively work on ▲supporting exchanges and cooperation among accelerators (AC), venture capitalists (VC), etc. ▲systematic venture startup nurturing support and collaboration program operation ▲securing and revitalizing venture startup spaces, adjusting support plans, and verifying implementation.

Meanwhile, since March, Gyeonggi Province has selected ‘Iruda’ as the brand for its venture startups through promotional departments and expert consultations. ‘Iruda’ signifies the ability to freely unfold and realize the goals and dreams of venture startups, and will be used as the exclusive brand for all venture startup projects provided by the province, including spaces, policies, and educational programs.

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