Establishment of Busan Branch and Operation of Customized Accelerator Program
Includes Plans for Joint Establishment of the World Startup Cities Association
Busan City is laying the foundation for the global expansion of its startup ecosystem by partnering with Plug and Play, the world's largest innovation ecosystem company.
On May 28, Busan City announced that on the morning of May 27 (local time), Lee Joonseung, Deputy Mayor for Administrative Affairs, and Saeed Amidi, Chairman of Plug and Play, signed a Letter of Intent (LOI) for business cooperation at Plug and Play's headquarters in Silicon Valley, United States.
Plug and Play is the world's largest startup platform, connecting promising startups from around the globe with global industry leaders and venture capital firms, and providing acceleration support.
This LOI includes plans to establish a Plug and Play branch at the Busan Global Startup Hub and operate a customized accelerator program. It also covers the joint establishment of the World Startup Cities Association Busan headquarters, co-hosting events in Silicon Valley, and supporting the global expansion of Busan startups in collaboration with the company's European branch.
At the signing ceremony, Deputy Mayor Lee Joonseung stated, "Recently, Chairman Saeed Amidi has been called 'AI Amidi' for his keen understanding of technological trends," and added, "The decision to form a dedicated Korea team and actively pursue entry into Busan reflects the current trends of the times."
The city is accelerating the expansion of its startup infrastructure through recent initiatives such as the establishment of the Busan Technology Startup Investment Institute (scheduled for 2025), a plan to create a 2 trillion won startup venture fund, and the development of the Global Startup Hub and Green Startup Town.
Chairman Amidi said, "Busan's startup ecosystem is growing rapidly, which is why we have formed a dedicated Korea team directly under our headquarters," and added, "We will actively support the growth of promising Busan startups through Plug and Play's global network."
Deputy Mayor Lee emphasized, "This agreement marks the beginning of full-scale cooperation, and we look forward to strengthening global alliances through the establishment of the World Startup Cities Association and advancing Busan's startup ecosystem."
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