Saneun Signs Agreement with Chungnam Province and Cheonan City to Establish 'Innovation Venture Town'

Establishing a Regional Hub Tailored to Local Needs
A 121 Billion Won Investment to Foster Startups and Ventures in Chungnam

On the 20th, Korea Development Bank signed a Memorandum of Understanding (MOU) for the establishment of the 'Innovation Venture Town (tentative name)' at Chungnam Provincial Office in Hongseong, Chungnam, attended by Kang Seok-hoon, Chairman of Korea Development Bank, Kim Tae-heum, Governor of Chungnam Province, and Park Sang-don, Mayor of Cheonan.

Through this MOU, promoted to revitalize startups and ventures in the Chungnam region, Korea Development Bank will create a large-scale space for fostering startup and venture companies for the first time in the region by utilizing a site in Cheonan. Chungnam Province and Cheonan City will actively cooperate in attracting tenants to the Innovation Venture Town using local networks, operating startup support projects, and providing administrative support.

The Chungcheong region has the highest number of venture companies and venture investment amounts among non-capital areas. It possesses excellent research and development (R&D) infrastructure such as KAIST and Daedeok Research Complex.

Kang Seok-hoon, President of Korea Development Bank (center), Kim Tae-heum, Governor of Chungnam Province (left), and Park Sang-don, Mayor of Cheonan (right), signed a Memorandum of Understanding (MOU) on the 20th at Chungnam Provincial Office in Hongseong, Chungnam, to establish the "Innovation Venture Town" (tentative name). Photo by Korea Development Bank

The construction of the Innovation Venture Town is underway with a goal of completion by the end of 2028. Korea Development Bank stated, “By housing startups, venture companies, and support institutions in the future, we plan to develop it as a financial and non-financial integrated support platform covering everything from company founding to growth, enabling it to become a regional innovation startup hub like Mapo Front1, and actively play a role in organic networking to revitalize startups and ventures.”

Chairman Kang Seok-hoon said, “This is the first attempt to gather members of the startup and venture ecosystem in one place to provide systematic support for revitalizing startups and ventures in the region,” and added, “Korea Development Bank will actively support the successful establishment of the Innovation Venture Town as a landmark for regional startups and ventures, creating new growth engines for the region.”

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