Joint Initiative by Government, Local Authorities, and Financial Institutions
Expanding Support for Regional Ventures and Youth Startups
Spreading the Innovation Ecosystem through "CHANGeUP"
POSCO Group has launched the "Gyeongbuk-POSCO Innovation Growth Venture Fund" with a total value of 100 billion won, in partnership with the government, local authorities, and financial institutions. This public-private collaborative fund aims to nurture promising local venture companies and support youth entrepreneurship. Through this initiative, POSCO plans to expand its open innovation strategy to the regional industrial ecosystem.
On October 22, POSCO Group held a ceremony at Pohang Changeup Ground to mark the establishment of the "Gyeongbuk-POSCO Innovation Growth Venture Fund," officially announcing the fund in collaboration with the Ministry of SMEs and Startups, Gyeongsangbuk-do Province, and major financial institutions. The fund totals 101.1 billion won, with POSCO Group participating as both an investor and an operating committee member. The fund will be used to discover and support technology-driven startups and ventures in the Gyeongbuk region, invigorate the local innovation ecosystem, and strengthen the foundation for future growth.
Since 1997, POSCO Group has invested in revitalizing the venture ecosystem, simultaneously discovering new businesses and boosting the local economy. Through the "Idea Marketplace (IMP)" program launched in 2011, POSCO has received over 10,000 applications and invested 34 billion won in 175 companies. In addition, the group has established venture-focused funds totaling 2.7 trillion won, based on 413 billion won in venture fund contributions. Many ventures fostered through this process are now collaborating with POSCO Group’s future strategic businesses, including artificial intelligence (AI), secondary battery materials, and hydrogen energy.
On the same day, POSCO Group also held a launch event for its integrated open innovation platform brand, "CHANGeUP," at Pohang Changeup Ground. Under the "CHANGeUP" brand, POSCO plans to systematically support the entire venture growth cycle through the following programs: "Start" for discovering promising startup teams, "Boost" for stage-specific investment funds, and "Ground" as a base for commercialization and demonstration.
The startup incubation space "Changeup Ground" is set to open in Gwangyang this year, following its launches in Seoul (2020) and Pohang (2021). To date, the 185 venture companies that have moved in have a combined corporate value exceeding 2.1 trillion won and employ more than 1,900 people. POSCO plans to accelerate the transformation from a steel city to a technology startup city by expanding venture clusters linked to its major business sites.
Meanwhile, POSCO Group held the 29th "Idea Marketplace" event in the afternoon, hosting investment presentations for 22 venture companies with potential links to the group’s core businesses, including steel, secondary batteries, and energy and infrastructure. A POSCO Group representative stated, "We will strengthen cooperation with the government and local authorities to create a venture ecosystem that grows together with the region," adding, "Through the joint growth of our core businesses and venture companies, we will build a new industrial ecosystem."
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