[Interview] Park Junhee, Gwanak District Mayor: "'Gwanak S Valley' Leads Venture Startups Based on Excellent Human and Material Resources to Innovate Gwanak's Economic Structure"

Outstanding Performance of 112 Startup Companies: 10 Billion KRW Sales, 26 Billion KRW Investment Attraction... Completion of 13 Startup Infrastructures in the Region, Expanding to 16 by 2022... Programs to Spread Venture Culture & Creation of 20 Billion KRW Startup Support Fund

[Asia Economy Reporter Jongil Park] “Gwanak-gu is dreaming of becoming Korea’s Silicon Valley by gathering young and talented entrepreneurs and focusing on attracting excellent startups.”

Park Junhee, the district mayor, said, “During the 7th elected term, Gwanak-gu is building a self-sustaining startup ecosystem based on the region’s infrastructure and capabilities,” adding, “We are successfully promoting the ‘Gwanak S Valley’ project, which enables young people to stay, work, and start businesses in the area by strengthening and supporting startups.”

He also expressed pride in the economic structural innovation of Gwanak during the 7th elected term, noting that the ‘Nakseong Venture Valley’ around Nakseongdae and the ‘Sillim Startup Valley’ centered in Daehak-dong are growing by establishing an innovative and symbiotic economic ecosystem leading venture startups based on excellent human resources.

The district has made efforts to transform the area, once a barren land for startups, into a mecca for ventures and startups, resulting in the establishment of 13 startup infrastructure facilities within three years.

After being selected for the Seoul City Campus Town comprehensive project in 2019, five ‘Startup HERE-RO’ locations were opened in Daehak-dong and Nakseongdae-dong, utilizing Seoul National University’s manpower, technology, and excellent network infrastructure. Currently, ‘Startup HERE-RO 2, 3, 4, and 5’ have been completed, and ‘Startup HERE-RO 1’ is planned to be built by Seoul National University, which purchased land in Nakseongdae-dong, by next year.

Additionally, new growth engine spaces for venture startups have been established, including the ‘Nakseong Venture Startup Center’ and ‘Nakseong Venture Startup Center R&D Branch’ serving as hubs for Nakseong Venture Valley, the ‘Seoul Startup Center Gwanak’ built with 7.1 billion KRW investment from Seoul City, the ‘Gwanak S Valley Startup Center’ linked with private companies KT and KB Financial Group, and the ‘Dino Lab 2nd Center’ connected with Woori Financial Group.

Currently, 112 startup companies with potential to grow into global enterprises in fields such as artificial intelligence, big data, and biotechnology are residing in the 13 startup infrastructure facilities, developing their capabilities.

Mayor Park said, “Despite the difficulties caused by COVID-19, startups residing in Gwanak S Valley have turned crises into opportunities and achieved remarkable results in various areas.”

The startup ‘Aniai’ won the grand prize in the ‘Challenge! K-Startup King of Kings’ with a 3D ultrasonic imaging system mimicking bats, and ‘Genialogy’ was published in the journal Nature Communications with its AI-based gene and genotype prediction platform.

The silver tech startup ‘Korea Senior Research Institute,’ leading digital incubating in home care services, attracted investments worth 11 billion KRW, and ‘Enterapeutics,’ which develops nanoparticle-based diagnostic new drug substances, secured 3 billion KRW in investment. Gwanak S Valley resident companies have achieved approximately 10 billion KRW in sales and 26 billion KRW in investment attraction to date.

Mayor Park emphasized, “Expanding infrastructure is just the beginning. The district has established a 20 billion KRW ‘Startup Support Fund,’ the first among local governments nationwide, and operates various startup support programs to activate private investment,” highlighting efforts to expand the growth of startups and the foundation of startup culture.

To induce private capital investment and build a startup ecosystem where excellent venture companies can grow, a public-private-academic cooperation agreement was signed with Seoul National University Technology Holdings, private investment institutions Bukook Securities, Quantum Ventures Korea, KT, KB Financial Group, and Woori Financial Group to promote startup investment.

Going forward, the district plans to establish a total of 16 startup spaces by next year and solidify its position as a venture startup city by preparing institutional foundations that can voluntarily attract companies, such as tax benefits through designation as a venture business promotion district and district unit reorganization.

Park Junhee, the district mayor, stated, “The Gwanak S Valley project, aimed at making our district a global startup hub like Silicon Valley in the U.S. or Zhongguancun in China, is progressing smoothly,” adding, “We will continue to provide support in space, technology, and investment for the growth and regional settlement of resident companies, including their global expansion and investment attraction.”