Seoul City is bolstering support centered around startup hubs to maintain a robust startup ecosystem and continue supporting the growth of entrepreneurial companies amid the global economic slowdown. Last year, Seoul was ranked 9th among 300 cities worldwide as the “best city for startups,” achieving a new record, and plans to leverage this achievement to expand overseas presence, create an open innovation ecosystem, and foster future advanced industries.
This year, Seoul plans to invest a total of 26.5 billion KRW to support about 800 companies, focusing on four startup hubs: Gongdeok, M+, Seongsu, and Changdong. To expand into the global market, the number of overseas support bases will be increased from the current seven to more than eight, and a new open innovation program will be introduced to strengthen collaboration between mid-sized companies and startups.
Supporting overseas expansion is considered a key task for the growth of startups. Seoul will invest 3.4 billion KRW to help 350 companies worldwide, including those in the Americas, Europe, and Asia, tap into foreign markets. The Gongdeok Startup Hub will assist 130 companies in entering overseas markets through customized programs linking Seoul’s promising industries with the specialized industries of target countries. M+ will run programs to enhance the overseas expansion capabilities of 120 startups that are less than three years old, and the Changdong Startup Hub will support market expansion through new media and global SNS marketing.
In addition, the expansion of overseas bases and networks will be accelerated. The current overseas expansion support bases for startups will be increased from seven to more than eight, with new bases being established in Japan, Thailand, and other locations to provide office space, legal and business consulting, and support for the establishment of corporations. Furthermore, to strengthen cooperation with the European market, initiatives will collaborate with the EU Business Hub, and participation opportunities will be expanded in major global startup events like Finland’s “Slush” and the U.S.’s “CES.”
Creating an open innovation ecosystem is also a major task. To encourage technological collaboration between large and mid-sized companies and startups, a new open innovation program will be established, and the Gongdeok Startup Hub will be operated as a support platform for mid-sized companies’ open innovation. Moreover, the Seoul Open Innovation Public-Private Council (S.O.A) will be activated to broaden cooperation opportunities across various industrial sectors, including AI, smart construction, lifestyle, and fintech.
The global openness of the startup ecosystem will also be significantly enhanced. Seoul’s representative startup festival, “Try Everything,” will expand its international pavilion from eight countries to 12 countries, and additional exchange programs with global startups will be introduced. Additionally, a new “Barter Program” will be introduced to enable promising foreign startups to enter Seoul’s startup ecosystem through a startup service exchange model, promoting global collaboration.
There will also be a focus on fostering startups in future advanced industries, including AI, robotics, and XR. The Seoul Startup Hub will provide comprehensive support, from consulting to investment attraction, by selecting startups in these innovative fields, and will assist Seoul-based startups in entering overseas markets by selecting ten countries with high AI competitiveness.
Through these support measures, Seoul City aims to create a foundation for domestic startups to grow into global unicorn companies and continues to provide policy support to establish Seoul as a world-renowned startup hub.