Songdo International City
to Host Startup Park
- Tomorrow City, Selected as the Site for Startup Park
Korean Version of Silicon Valley, Startup Park, to be Established in Songdo
In May, the MSS kicked off the Startup Park project to select the mecca platform local government to establish an open and innovative ecosystem for startups. For the project, 14 local governments submitted proposals, which were put to evaluations: the on-site evaluation on June 12 and the presentation on July 10. Through all these processes, the Incheon Metropolitan City was finally selected. For the competition, the IFEZ and Incheon Technopark collaborated under the guidance of the city government to finalize the concept and proposal.
The Incheon Metropolitan City Mayor Park Nam-choon, lawmakers, and startup experts in the city gathered for selection. The project site will be Tomorrow City in Songdo International City, which is in the vicinity of 15 international organizations, 25 institutes for supporting startups, and an academic-industrial-research cluster with 24 research centers and three specialized districts. In addition, it is scheduled to implement the project to establish the Bio Convergence Technology Laboratory and to expand Songdo Bio Cluster.
As a result, the site was evaluated to be the optimal location for the specialized industries to generate synergies via sustainable expansion. The Incheon Metropolitan City plans to finish the remodeling project for Tomorrow City in the first half of 2020. When the project is finished, it is expected to accelerate technology startups and to contribute fostering unicorn, decacorn, and hectocorn companies. It is also expected that the creation of decent jobs, sustainable startups for young generations, and the establishment of an economic ecosystem for innovative growth will also be accelerated.
Success Expected Thanks to the Excellent Smart City Technology of the IFEZ
The unique and differentiated technology of the IFEZ played the pivotal role in winning the Startup Park project. The IFEZ has so far acquired five intellectual properties for smart city developments – two software copyrights and three patents – and distributed a smart city platform to eight metropolitan and local governments in Korea. Export to Peru is expected to be realized soon, and export discussions are underway with the Philippines. The excellent smart city technology is now spreading widely.
The IFEZ is moving rapidly, establishing partnerships with the MSS, the Incheon Metropolitan City, and Incheon Technopark, regarding the establishment of Startup Park and setting up detailed plans on the project management. The Startup Park establishment project will leverage the IFEZ to become the base for the Fourth Industrial Revolution and to contribute to the vitalization of youth startups.
The IFEZ Commissioner Lee Won-jae said, “Along with securing the technology for the smart city, we have exerted our best efforts for obtaining the national certificate and distributing the platform home and abroad. Thanks to these efforts, we are achieving remarkable results.” He added, “we will do our best to establish the Startup Park and continue to secure the technological competitiveness for the smart city to make the IFEZ the representative smart city in Korea and the world.”