Making 'Gyeongbuk' a Key Player in Startup Korea... Expanding Startup Infrastructure

On the 20th, President-led 'Minsheng Discussion Forum' Held
'Startup Park' Established in Gyeongsan... Targeting 2026
Strengthening Support for Protecting Startup Technologies

The government has taken steps to make the Gyeongbuk region a key player in ‘Startup Korea.’ To this end, it plans to expand the startup infrastructure in Gyeongbuk and accelerate the growth of deep-tech startups, creating an environment where anyone with an entrepreneurial spirit can jump into starting a business.

On the 20th, the government announced these plans at the presidential-led public discussion forum titled ‘Northeast Asia Advanced Manufacturing Innovation Hub, Gyeongbuk,’ held at Yeungnam University in Gyeongsan, Gyeongbuk.

President Yoon Suk-yeol is speaking at the 26th "Public Livelihood Discussion" held under the theme "Northeast Asia Advanced Manufacturing Innovation Hub, Gyeongbuk" on the 20th at the Cheonma Art Center, Yeungnam University Gyeongsan Campus, Gyeongsan-si, Gyeongbuk.
[Photo by Yonhap News]

'Startup Park' in Gyeongsan, 'Manufacturing Incubating Center' in Pohang

First, the Ministry of SMEs and Startups will build a Startup Park in Gyeongsan, Gyeongbuk, aiming for completion in 2026. Gyeongsan is known as a ‘university city’ with 10 universities, including Yeungnam University, concentrated in the area. It is classified as a region with high innovation potential based on a university startup culture due to active youth movement such as university students.

The Gyeongsan Startup Park will be established near Imdang Station on Daegu Subway Line 2 to enhance accessibility. Commercial, residential, and park facilities necessary for attracting youth and innovative startups will also be developed around the area according to the ‘Daeim District Plan.’

Gyeongsangbuk-do and Gyeongsan City plan to house the Gyeongbuk Creative Economy Innovation Center, venture capital (VC), accelerators (AC), and other entities in the Startup Park, concentrating various startup support programs such as the Youth Startup Support Fund within the region.

The Ministry of SMEs and Startups explained, “The Gyeongsan Startup Park will create an innovation space centered on startups in a key area near the station, universities, and large-scale happy housing complexes, driving youth job creation and regional economic revitalization in Gyeongsangbuk-do and Gyeongsan City.”

In Pohang, the first-ever Manufacturing Incubating Center in the country will be established to support local manufacturing entrepreneurs in commercializing advanced technologies. Gyeongsangbuk-do, Pohang City, and POSCO are participating in the construction project. The design is being finalized with a target completion next year.

Pohang is home to POSCO, POSTECH, Pohang Institute of Industrial Science and Technology, Pohang Change-up Ground, and other universities, research facilities, and startup support organizations. It is considered a model case of a regional innovation startup ecosystem nurturing promising local startups.

The Ministry of SMEs and Startups will select about 10 ventures and startups that have developed advanced technologies to move into the Manufacturing Incubating Center, providing one-stop support for process development for advanced product manufacturing and quality verification of produced products over 2 to 3 years.

President Yoon Suk-yeol is speaking at the 26th "Public Livelihood Discussion" held under the theme "Northeast Asia Advanced Manufacturing Innovation Hub, Gyeongbuk" on the 20th at the Cheonma Art Center, Yeungnam University Gyeongsan Campus, Gyeongsan-si, Gyeongbuk.
[Photo by Yonhap News]

Focus on Revitalizing Venture Investment... Establishing Deep-Tech Nurturing System

There are also plans to focus on revitalizing venture investment in the Gyeongbuk region. At the end of this month, the Daegyeong Area Angel Investment Hub, covering Daegu and Gyeongbuk, will open. The Daegyeong Angel Investment Hub supports discovering and nurturing potential investors, coaching startup IRs and investment consultations, and establishing regular networks connecting startups and investors to create a startup and investment ecosystem tailored to the characteristics of Daegu and Gyeongbuk.

In March, a 30 billion KRW Gyeongbuk-Jeonnam Regional Innovation Venture Fund was selected to enable startups born and raised in Gyeongbuk to receive direct investment and grow within the region. Regional innovation venture funds for Busan and Gyeongnam were also selected, with plans to expand to three additional regions this year. Through this, cooperation with local governments will continue to establish regional venture funds exceeding 300 billion KRW by 2026.

A regional deep-tech startup nurturing system will also be established. Since last month, the Ministry of SMEs and Startups has been running the ‘Startup-BuS’ program at Creative Economy Innovation Centers to assist regional deep-tech startups from seed investment to follow-up investment linkage. Mini pitching days are held weekly at each center to continuously discover promising regional startups. Companies recognized for their potential will receive direct early-stage investment from Creative Economy Innovation Centers within three months. After pilot operations in some regions this year, the program will be gradually expanded nationwide, including Gyeongbuk, from next year.

The Ministry of SMEs and Startups will also strengthen support for protecting startup technologies. To prevent technology theft during investment or joint research collaborations, a dedicated technology protection advisory service for startups will be introduced, and related legal amendments will be made to establish grounds for protecting startups’ innovative technologies. In particular, the scope of protection, which was previously limited to supply and transaction relationships, will be expanded to cover the pre-contractual stage where startups negotiate and bargain over technologies.

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