Seoul City Remodels Seongsu IT Complex Center to Offer Residency Opportunities for Companies and Partner Collaborators
Private Collaboration Partners Provide Customized Growth Support Including Overseas Expansion and Staged Investment
[Asia Economy Reporter Jo In-kyung] The 'Seoul Startup Hub Seongsu (formerly Seongsu IT Complex)', a 'social venture incubation space' fostering technology companies to solve urban issues such as infectious diseases, health, safety, and the environment, will open on the 6th.
According to Seoul City on the 5th, Seoul Startup Hub Seongsu will operate as a base space that focuses on discovering and nurturing technology startups that solve urban problems while pursuing social value creation and business growth. It consists of a mobile testbed (2nd floor) capable of mobile software consulting, company office spaces (3rd and 4th floors), and consulting rooms (2nd floor), accommodating a total of 25 companies.
A separate space is also prepared for 'impact investors' who invest money not only to seek profits through investments but also in businesses and companies that have a positive impact on society or the environment.
The city will first differentiate the method of selecting resident companies to discover and nurture competitive urban problem-solving startups. Instead of the existing open recruitment method, excellent companies that have passed the qualification screening of impact investors will be continuously recommended, followed by in-depth face-to-face evaluations and final selection.
After signing a business agreement (MOU) with impact investors in the Seongsu area (Yellowdog, HGI, D3 Jubilee, Sopung Ventures, etc.) for corporate support and investment attraction, a systematic support program will be provided according to the growth stage of the target companies in collaboration with these partners.
Selected companies will be eligible to move into Seoul Startup Hub Seongsu and can use office space by paying only a usage fee of 5,958 KRW per square meter per month for up to two years. After moving in, they will receive tailored incubation support by matching with private cooperation partners at each stage, from overseas expansion and initial investment to Series A and B investment attraction, according to their growth stage and investment scale.
Seoul City also plans to activate the startup ecosystem of the Seongsu Social Venture Valley by signing agreements with related organizations such as impact investors in the Seongsu area and establishing networking with public institutions such as the Social Venture Hub Center (Seongdong-gu) and Social Campus On (?, Ministry of Employment and Labor).
Han Sang-yeop, CEO of Sopung Ventures, a cooperating partner, said, "In the post-COVID-19 new normal era, existing social problems will become apparent, and people's lifestyles will undergo significant changes. By focusing support on startups solving urban problems, the city can solve pressing issues in a sustainable way."
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