[Interview] Park Junhee, Mayor of Gwanak-gu, "Gwanak as a Startup Mecca, Leaping to a Korean-style Silicon Valley"

Gwanak S-Valley Startup Festival Held... Public, Private, and Academic Sectors Collaborate to Create Gwanak's Unique Venture Culture... Various Practical Events Including Investment Attraction, Talent Recruitment, Business Growth, and Networking... Commitment to Becoming a Venture Startup Hub with 'Gwanak S-Valley 2.0' Initiative and Establishment of 'Gwanak Small and Medium Venture Promotion Agency'

[Asia Economy Reporter Jongil Park] “Gwanak-gu is bringing innovation to the Gwanak economy by leveraging the excellent infrastructure and capabilities of ‘youth’ and ‘Seoul National University’ as the hub of ‘Gwanak S Valley.’ Through collaboration with Seoul City, Seoul National University, and companies, we aim to establish a self-sustaining startup ecosystem and realize a Korean-style Silicon Valley.”

Gwanak-gu Mayor Junhee Park made these remarks in an interview following the two-day ‘Gwanak S Valley Startup Festival’ held on the 18th and 19th, emphasizing the startup enthusiasm in Gwanak and cooperation with the private sector.

Mayor Park stated, “It is a significant national loss if excellent startups cannot demonstrate their capabilities due to lack of funds, personnel, or know-how. The district is promoting various support programs and events for these startups and prospective entrepreneurs.”

The ‘Gwanak S Valley Startup Festival’ is one such initiative. This event, held in collaboration with Seoul City, Seoul National University, KT, KB Financial Group, and Woori Financial Group, was successfully concluded with over 1,500 participants attending various programs involving outstanding startups and startup support organizations. Leaving behind the limitations of last year’s non-face-to-face event due to COVID-19, this year’s event was held entirely offline, receiving even greater positive responses.

The event was composed of practical programs to assist startups, including a startup lecture that provided vivid insights into success through failure and challenges in the startup field, a demo day, a funding briefing session, a technology seminar, and corporate networking.

In particular, the ‘Demo Day TOUR’ featured presentations by eight startup companies, offering opportunities to discover capable companies and connect with investors. The top company selected through judging received the Mayor’s Award along with an exemption from the document screening process for the 2023 Gwanak-gu startup support facility residency recruitment.

So far, the district has expanded the Demo Day Tour to actively attract investment for startups. This year, in partnership with the startup consulting firm ‘Ground Up Ventures Co., Ltd.,’ six demo days will be held by December, and including demo days hosted by related organizations, a total of ten demo days will take place this year.

Mayor Park emphasized, “Most early-stage startups face difficulties in securing funding despite having excellent ideas and technologies. The district is driving continuous growth of local startups by expanding demo days, establishing a 20 billion KRW startup support fund?the first of its kind among basic local governments nationwide?and signing public-private-academic agreements to induce private investment.”

The event also featured numerous programs supporting corporate growth. At the ‘Overseas Consumer Workshop,’ companies with foreign target consumers could test market reactions to their products. Additionally, the ‘Technology Seminar’ by Professor Jangkil Kim of Seoul National University’s Engineering Consulting Center, focusing on startup technology valuation and business strategy, aimed to support practical growth of startups in various ways.

Furthermore, Seoul National University’s Startup Support Group held the ‘Startup Job Fair Match Point,’ providing excellent talent recruitment opportunities for startups within three years of establishment. Programs related to the 4th industrial revolution, such as AI special lectures and the Gwanak-gu middle and high school robot soccer competition, were also conducted.

At the Gwanak-gu Office Plaza, company promotion booths and event experience booths were set up, offering startups promotional opportunities, while residents enjoyed various events such as photo zones, tarot readings, and face painting, adding to the fun.

This public-private-academic collaborative event was evaluated as contributing to widely promoting Gwanak S Valley, fostering a differentiated venture culture unique to Gwanak, and expanding the venture ecosystem base.

Mayor Junhee Park stated, “So far, the district has focused on the ‘Gwanak S Valley’ project to transform the entire district into a venture startup city, achieving the meaningful result of being designated as a Venture Business Promotion Zone this January. Moving forward, we will advance ‘Gwanak S Valley 2.0’ through the establishment of a Gwanak S Valley corporate support fund and hosting open innovation events, and leap forward as a venture startup mecca with the establishment of the ‘Gwanak Small and Medium Venture Promotion Institute.’”