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Global StartUp City Seoul

Seven Projects to Establish “Global StartUp City Seoul”

The seven projects are ① “Global Human Resources Pipeline” to foster 10,000 technicians, ② “Tech Space 1000” to increase the number of spaces for technology startups by 1,000, ③ “Strategic Growth Investment” to financially support 3,000 startups according to their developing stages, ④ “Growth Promotion Platform” based on private initiative-public support, ⑤ “Commercialization 180” to promptly commercialize ideas, ⑥ “Testbed City Seoul” to demonstrate innovative technology products and find markets for them, and ⑦ “Global Market” to help 160 promising startups advance into overseas markets.

① “Global Human Resources Pipeline” to foster 10,000 technicians

First, 6,400 talented individuals who are specialized in Fourth Industrial Revolution technologies will be fostered at six major bases for new industries, including Hongneung (Bio), Mapo (Fintech, Blockchain), and Gaepo/Yangjae (AI, Big Data).

And In November 2019, jointly with the Ministry of Science and ICT, Seoul will establish the “innovation school” in Gaepo Digital Innovation Park and foster 2,000 talented individuals with expertise in software focused on problem-solving.

Also, Seoul Startup Hub will operate the “professional startup academy” to train 1,200 individuals with problem-solving techniques related to the starting of a business, funding, labor, laws, and accounts as well as on-site skills for startup owners.

Seoul is also placing effort into the attraction and fostering of global (foreign) talented individuals who desire to start a business in Seoul.

② “Tech Space 1000” to increase the number of spaces for technology startups by 1,000

Centering around Yangjae (AI) and Hongneung (Bio, Medicine), spaces for over 1,000 innovative startups to settle in will be created. The number of companies to move in the complexes will double from the current 1,043 to some 2,200 and the gross area for offices will be increased 2.4 times from 200,000㎡ to 480,000㎡
Seoul Startup Hub in Mapo will become the incubating base for newly founded technology startups that may face difficulties in finding an office.

③ “Strategic Growth Investment” to financially support 3,000 startups according to their developing stages

Third, Seoul will expand initial investment in the stage of beginning a business and commercialization for startups so that they can overcome the Death Valley to develop into unicorn companies. The city will enlarge the opportunities of “exit” (where the investor or founder retrieves the funds they invested in a company) for startups by growing into larger-sized companies and graduating from being startups.

④ “Growth Promotion Platform” based on private initiative-public support

Fourth, a “business starting platform” will be operated, where the venture incubation area, which the public sector has been in charge of so far, will be opened to the experienced individuals in the private sectors, such as companies and venture investors.

In the second half of 2019, the operation of Seoul Startup Hub will be open to global investors and accelerators so that they can lead the overall programs including selecting and incubating startups, attracting investment, and helping with entry into global markets.

⑤ “Commercialization 180” to promptly turn ideas into pilot products

Fifth, the “Commercialization 180 Project” will be operated to comprehensively support and enable the manufacturing of pilot products based on innovative business ideas within 180 days (six months).

An integrated channel to unify the existing support for making products in separate workshops will be operated.

⑥ “Testbed City Seoul” to demonstrate innovative technology products and find markets

Sixth, Seoul will become a testbed for innovative products for startups that face difficulties in finding opportunities for demonstration and pioneering markets even after they succeeded in the commercialization of their technologies.

By 2023, the city will provide 500 innovative startups with the opportunities for demonstration and support technology development, commercialization, and marketing.

⑦ “Global Market” to help 160 promising startups enter overseas markets

Seventh, Seoul will support strategic entry in the overseas market from the initial stage so that excellent innovative startups can become leaders to create jobs and drive economic growth.

Seoul will support the acceleration of overseas localization by associating startups with global accelerators, such as Dagongfang of China and Society 3 of Switzerland, from the stage of commercialization. Additionally, the startups will become affiliated with renowned foreign ACs, such as Plug & Play, KICKstart, Yozma, and P&G Venture, so that they can enter into overseas markets, including Silicon Valley, Israel, and London.