Gwanak Small and Medium Venture Promotion Agency Establishment Begins... Seoul City Also Agrees to Establishment

Seoul Institute Feasibility Review Results Show 'Feasible'
Seoul City Establishment Consultation Results 'Agreement to Establish' Accelerate Startup and Venture Ecosystem Development

Gwanak-gu (District Mayor Park Jun-hee) is making every effort to build an innovative startup ecosystem and attract capable venture startups to grow Gwanak-gu into a global mecca for venture entrepreneurship.

To this end, the district is continuously expanding the results of the core economic policy, the Gwanak S-Valley project, and is promoting the establishment of the 'Gwanak Small and Medium Venture Promotion Agency,' a specialized institution that stably supports small and medium-sized enterprises (SMEs) and venture companies in the region.

Regarding the establishment of the Gwanak Small and Medium Venture Promotion Agency, it received a "feasibility" judgment from the Seoul Institute's feasibility review in July, and recently obtained "consent for establishment" through the Seoul City establishment consultation, indicating smooth progress in the agency's establishment.

The Seoul Institute comprehensively judged the feasibility as "feasible," noting that the agency would serve as a control tower dedicated to the Gwanak S-Valley project by reflecting regional characteristics based on broad understanding and knowledge of the venture and startup sectors.

Additionally, a survey conducted by the Seoul Institute showed that 75% of Gwanak residents and 93% of venture company employees located in Gwanak-gu responded positively to the establishment of the promotion agency, supporting the high necessity of its establishment.

During the Seoul City establishment consultation process involving private experts, the purpose of establishing the agency?to promote startup support policies by linking Gwanak-gu’s youth population with Seoul National University?was positively evaluated, and it succeeded in obtaining consent for establishment due to its potential contribution to youth entrepreneurship and regional economic development.

Going forward, the Gwanak Small and Medium Venture Promotion Agency will specialize in supporting technology-based startups, establish a systematic support system through building industry-academia-research-government networks, and particularly provide more effective support to venture companies in advanced technology fields such as AI, bio, and fintech.

The district plans to actively proceed with the procedures for establishing the promotion agency in cooperation with the district council, thereby promoting local job creation and revitalizing youth entrepreneurship.

Furthermore, it intends to actively utilize support from the government and Seoul City to ensure that Gwanak-gu can grow into a sustainable mecca for venture and startup activities.

District Mayor Park Jun-hee stated, “The establishment of the Gwanak Small and Medium Venture Promotion Agency is an essential step for the leap toward an innovative economic city, Gwanak, and through this, Gwanak-gu can grow beyond Seoul into a global center of the startup ecosystem.”