Chungnam Innovation Venture Town to Be Built in Cheonan... Expected to Become a Hub for Venture Startups

Chungnam Province, Korea Development Bank, and Cheonan City Sign Agreement
A 10 to 15-Story Building to Be Constructed on KDB-Owned Land in Buldang-dong

Chungnam Provincial Government Office building.

As it has been decided that a large-scale startup support facility will be established in the Chungnam Bay Valley Mega City, attention is focusing on whether this will promote the revitalization of the venture industry in the province.

On the 20th, Chungnam Province signed an agreement with Korea Development Bank and Cheonan City to build the Chungnam Innovation Venture Town on a 4,950-square-meter site owned by the bank in Buldang-dong, Cheonan. The building will have 10 to 15 floors above ground and a total floor area of about 30,000 square meters.

Once the Innovation Venture Town is launched, it is expected to become the largest venture support institution in the province, with more than 100 organizations, including a branch of the Korea Development Bank and various companies, moving in.

Until now, in the Chungnam region, the Cheonan Green Startup Park, the Chungnam Startup Maru Nabi operated by the Center for Creative Economy and Innovation, and 15 university startup support centers designated by the Ministry of SMEs and Startups have each played a role in nurturing and supporting ventures.

With the establishment of the Innovation Venture Town supported by the Korea Development Bank, it is expected to serve as a central hub for local startup support organizations.

In particular, the industry expects that the venture startup ecosystem and support for startups will gain further momentum.

Nam Seungil, president of the Chungnam Venture Association, said, "The Chungnam region, with its manufacturing-based industrial structure, has so far been relatively classified as an underprivileged area in terms of startup support," adding, "It is encouraging in that it will promote the activation of the startup ecosystem."

He added, "It is also necessary to consider specialized strategies linked to advanced fields such as secondary batteries and displays."

The Innovation Venture Town is also expected to promote the relocation of startups from the metropolitan area to non-metropolitan regions, thereby contributing to balanced regional development.

The province plans to complete the design and approval procedures within this year, begin construction next year, and open the facility by 2028.

Governor Kim Taeheum said, "We will increase the space available for companies to move in and expand the scale of fund formation so that Chungnam can emerge as the center of the venture startup ecosystem."

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