Youth and Startup Growth Support Platform Launches Operation of 1st Industry-Academia-Research Innovation Hub

Completion of Hannam University Industry-Academia Innovation Hub
Youth and Startup Companies to Move In Starting February Next Year

The Ministry of SMEs and Startups, the Ministry of Education, and the Ministry of Land, Infrastructure and Transport announced on the 16th that they held a completion ceremony for the first Industry-Academia-Research Innovation Hub (Hannam University) promoted under the ‘Campus Innovation Park Establishment Plan.’

The Campus Innovation Park project is a joint initiative by three ministries (Ministry of Education, Ministry of Land, Infrastructure and Transport, and Ministry of SMEs and Startups) to build a platform on university campuses that supports the growth of youth and startup companies, providing innovative workspaces and creating new quality jobs for young people. So far, nine universities have been selected through four rounds of public contests and the project is underway.

Hannam University Campus Innovation Park Bird's-eye View. Provided by the Ministry of Land, Infrastructure and Transport

The Hannam University Campus Innovation Park was developed with Hannam University and Korea Land and Housing Corporation as joint project implementers, creating the first phase site (an area of 20,000㎡) and constructing the Industry-Academia-Research Innovation Hub. The second phase (an area of 10,000㎡) will be additionally developed under university leadership to include research and infrastructure facilities in the fields of machinery, metal, and bio.

The newly completed Industry-Academia-Research Innovation Hub provides office spaces for startup companies and research institutes, offering long-term leases of up to 10 years at affordable rents?70% of market price for startups and 80% for growth-stage companies. Additionally, spaces will be allocated for university research and development and corporate support programs.

Companies residing in the Industry-Academia-Research Innovation Hub can utilize university research infrastructure and benefit from government support programs, establishing a virtuous cycle of corporate growth from startup to stabilization and expansion. This is expected to improve the survival rate of growth-stage companies after startup and expand employment and entrepreneurship in advanced industry sectors preferred by young people, thereby creating quality jobs for youth.

Lee Ju-ho, Deputy Prime Minister and Minister of Education, stated, “We hope the Campus Innovation Park will become an innovation hub leading the co-growth of regions and universities,” adding, “Through inter-ministerial cooperation, we will continue to support universities in solving regional social issues, creating new economic value, and nurturing creative talents.”

Park Sang-woo, Minister of Land, Infrastructure and Transport, said, “We will do our best to promote regional balanced development by continuously implementing regional innovation growth support policies such as Campus Innovation Parks, advanced national industrial complexes, urban convergence special zones, and corporate innovation parks.”

Oh Young-joo, Minister of SMEs and Startups, remarked, “We will strive to lead the development of the regional economy and advanced industries by promoting university startup support projects to activate university-originated technology and youth entrepreneurship.”