Gangnam-gu Receives Minister of SMEs and Startups Commendation for 'Venture Startup Promotion Merit'

Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) received the Minister of SMEs and Startups Award in the support institution category of the ‘2024 Venture Startup Promotion Merit’.

The Venture Startup Promotion Merit Award, hosted by the Ministry of SMEs and Startups, is given annually to individuals and organizations that have contributed to revitalizing the startup and venture ecosystem. It recognizes outstanding cases in four categories: venture activation, investment activation, startup activation, and support institutions. In this evaluation, Gangnam-gu’s multifaceted startup and venture support projects aimed at creating Korea’s Silicon Valley received excellent reviews.

Venture Startup Promotion Merit Award Ceremony. Provided by Gangnam-gu.

Since 2010, the district has been operating the Youth Startup Support Center, the first of its kind among basic local governments, and in 2022, it opened and has been operating the ‘Gangnam Employment and Startup Hub Center,’ the largest employment and startup base facility among basic local governments. This center supports the growth of startup companies by providing office spaces for resident companies, customized mentoring, investment attraction support, various job training programs, and fairs.

Additionally, Gangnam-gu has designated an area of 464,697㎡ around Yeoksam-dong, Dogok-dong, and Samseong-dong?where startup support institutions and venture investment firms are concentrated?as a Venture Business Promotion District. It offers various benefits to companies, including exemption from traffic inducement charges, reductions in acquisition tax and penalties, corporate promotion, and investment attraction education. Furthermore, this year, Gangnam-gu established the Gangnam Startup Fund with 119 billion KRW, mandating investment in small and venture companies to provide substantial support for revitalizing the startup ecosystem.

Through public-private cooperation, the district provides opportunities for technology commercialization via open innovation projects and testbed support. In January next year, it will support the participation of 10 Gangnam-gu startups in CES 2025, the world’s largest IT exhibition, to help them enter the global market.

Mayor Jo Seong-myeong stated, “This award is a recognition of Gangnam-gu’s efforts in supporting startups externally. We will continue to create the optimal environment where startup companies can realize their dreams and support their growth into global enterprises.”