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Solid Start for Incheon Startup Park!

On May 27, an event was held to announce the vision for Incheon Startup Park and an MOU signing. A bright future is projected for the IFEZ to act as an incubator for new venture enterprises.

Incheon Startup Park, which is set to be built in Songdo’s Tomorrow City, is a city-run project that was designated as the selected finalist in the Startup Park Project Contest, held by the Ministry of SMEs and Startups (MSS). At the core of the project is the establishment and operation of open-anchor facilities for nurturing startups, complete with a total budget of 24.1 billion KRW and the active reflection of a collaborative model alongside the private sector, escaping from the conventional public-led model.

The event marked an actual beginning for the whole project and was attended by Minister Park Young-sun from the Ministry of SMEs and Startups, Incheon Mayor Park Nam- chun, IFEZ Commissioner Lee Won-jae, Shinhan Financial Group Chairman Cho Yong-byoung, and Celltrion Group Chairman Seo Jungjin. The ceremony was broadcast via YouTube in real time to comply with social-distancing measures. In the first part of the ceremony, comprised of the vision announcement, participants discussed the successful establishment of Incheon Startup Park and strategies for nurturing and supporting startups in Korea.

Next, the Ministry of SMEs and Startups, Incheon City, Shinhan Financial Group, and Celltrion Grup signed an MOU for establishing and facilitating a startup ecosystem at Incheon Startup Park. According to the MOU, Shinhan Financial Group will support the operational budget of 3 billion KRW and establish a fund in the scale of 50 billion KRW. Celltrion Group will invest 4.9 billion KRW in kind to actively support startups in the bio-healthcare sector. Park Young-sun, Minister of SMEs and Startups, said, “Incheon is now building a bio cluster that is the largest in scale in Korea and is also an international city in itself. In this regard, it will serve as the optimal city for the growth and globalization of bio and contactless startups. The MSS will actively support the startup park with the K-Unicorn Project and Smart Korea Fund.” Meanwhile, Park Nam-chun, Incheon’s Mayor, added, “Incheon has the infrastructure, technological capacity, and environment needed for the 4th industrial revolution.

The city government will give its full support so that an international unicorn enterprise can be born in Incheon.” Incheon Startup Park will kick off its startup-nurturing program in June and will open on a phase-by-phase basis in the second half of this year. At present, the Tomorrow City building is undergoing construction for renovation.

Overview of Incheon Startup Park

· Location: Tomorrow City, Songdo, Yeonsu-gu, Incheon
· Project Period: September 2019-September 2024
· Establishment Project Expenditure: 24.154 billion KRW
· Function: Focused on fostering Incheon’s specialized startups, such as bio startups
· Scale of Support: Shinhan Financial Group will support 80 companies and the IFEZ will support 40 companies annually

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