Incheon Startup Park to Open This October... Vision Declaration Ceremony
Published 27 May.2020 14:30(KST)
[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 27th that it held a vision declaration ceremony for the Incheon Startup Park, an open innovation startup hub similar to Silicon Valley in the United States.
The vision declaration ceremony was held at Tomorrow City in Songdo-dong, Yeonsu-gu, Incheon. Park Young-sun, Minister of SMEs and Startups, Park Nam-chun, Mayor of Incheon, Cho Yong-byeong, Chairman of Shinhan Financial Group, and Seo Jung-jin, Chairman of Celltrion Group attended. About 80 domestic and international startup representatives participated in the ceremony online.
Korea's first Incheon Startup Park is scheduled to open in October this year. The attendees declared the vision of "K-Startup, the driving force of Korea's new economic growth, and Incheon Startup Park as the hub for bio and untact startups."
Incheon Startup Park will be developed by remodeling existing buildings on a site of 29,413㎡ with a total floor area of 47,932㎡. The project budget is 24.2 billion KRW (12.1 billion KRW from the national government and 12.1 billion KRW from the city government). It will be established as an AI and bio-specialized startup cluster led by the private sector and supported by the government.
Incheon Startup Park consists of three buildings. While Incheon City oversees the entire project, Shinhan Bank and Celltrion, participating as private operators, will directly manage Building 1 (Startup Tower 1).
Incheon City, Shinhan Financial Group, and Celltrion plan to focus on nurturing bio and untact startups. As part of this, Bio Zones will be established in Buildings 1 and 2 of the Startup Park to enable bio startups to network freely. The linkage with Celltrion facilities in the Songdo Bio Cluster will also be strengthened so that startups can utilize them.
The Ministry of SMEs and Startups plans to select two additional Startup Parks this year. In particular, through projects such as the K-Unicorn Project and the Smart Korea Fund, it will actively support the globalization of bio and untact startups.
Minister Park Young-sun of the Ministry of SMEs and Startups said, "As we overcome COVID-19, we have come to feel even more strongly that this is the era of innovative ventures and startups. In particular, Incheon is building the largest bio cluster in Korea and has the characteristics of an international city, making it the optimal place for the growth and globalization of bio and untact startups."
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