Ministry of SMEs and Startups Opens 'Startup and Venture Campus' in Silicon Valley, USA

A Forward Base for US Expansion
Home to 20 Startups and Venture Capital Firms

The Ministry of SMEs and Startups announced on January 11 that it opened the "Startup and Venture Campus (SVC)" in Silicon Valley, USA, on the 9th (local time).

The SVC is a global hub established by the Ministry of SMEs and Startups in Silicon Valley, where global conglomerates, big tech companies, and investors are concentrated, to support Korean ventures and startups in entering the US market. Public institutions such as Korea Venture Investment Corp., Korea SMEs and Startups Agency, Korea Startup Promotion Agency, and Korea Technology Finance Corporation, as well as private venture capital firms, are moving in. Over the past two years, the Ministry has developed operational strategies with the participation of private experts and support organizations, and has prepared by consulting with resident support organizations as well as local private institutions and companies.

No Yongseok, First Vice Minister of the Ministry of SMEs and Startups, and Lim Jungtaek, Consul General in San Francisco, are posing for a commemorative photo after attending the signing ceremony of the "Joint Cooperation Agreement for the Revitalization of the Startup and Venture Campus" held on the 9th (local time) at the Startup and Venture Campus (SVC) opening ceremony in Silicon Valley, USA. Ministry of SMEs and Startups

The SVC program includes in-house programs operated by resident support organizations, as well as external collaboration programs in partnership with organizations such as the Asan Nanum Foundation, Naver, and Hyundai Motor Company. The Ministry of SMEs and Startups plans to operate dedicated programs each year for more than 200 Korean ventures, startups, and venture capital firms. In addition, the SVC will provide workspaces on site for ventures, startups, and venture capital firms to use during both long-term expansion and short-term business trips to the US.

Meanwhile, the Silicon Valley SVC is the first case of integrating the Ministry's previously dispersed overseas hubs, such as the K-Startup Center (KSC) and Global Business Center (GBC), and establishing the "Startup One-Stop Support Center," which currently operates in 17 locations in Korea, overseas. The Ministry plans to expand the SVC to other global innovation hubs such as Japan and Singapore, starting with Silicon Valley.

The opening ceremony, held on the same day, was attended by more than 200 people, including Noh Yongseok, First Vice Minister of the Ministry of SMEs and Startups, Lim Jungtaek, Consul General in San Francisco, representatives of resident support organizations, Jeong Namyi, Executive Director of the Asan Nanum Foundation, Kim Namsun, Head of Strategic Investment at Naver, Jeong Hogeun, Vice President of Hyundai Motor Company, as well as businesspeople, investors, and stakeholders from Korea and abroad. During the ceremony, not only were MOUs signed between resident support organizations, but also collaboration MOUs between resident support organizations and the Asan Nanum Foundation, Naver, and Hyundai Motor Company, as well as an MOU between Korea Venture Investment Corp. and Naver.

Afterward, Vice Minister Noh held a roundtable with Korean startups and venture capital firms scheduled to move into the SVC, heads of resident support organizations, and private sector partners to gather opinions on SVC utilization and discuss ways to revitalize the campus. Startups, venture capital firms, and domestic and international investors attending the event participated in networking sessions, introducing their companies and exchanging information on local market trends and strategies for entering the US market.

Twenty Korean startups and venture capital firms will move into the SVC and receive support through dedicated programs. Companies and venture capital firms wishing to use the SVC workspace can apply through the SVC website, which will open this month.

Noh Yongseok, First Vice Minister of the Ministry of SMEs and Startups, and Lim Jeongtaek, Consul General in San Francisco, are cutting the ribbon with officials at the opening ceremony of the Startup & Venture Campus (SVC) held in Silicon Valley, USA, on the 9th (local time). Ministry of SMEs and Startups

Vice Minister Noh also attended the "UKF 82 Startup Summit" held at the Fox Theater in Silicon Valley, where he introduced Korean venture policies and discussed cooperation measures such as forming joint funds with the Korean entrepreneur network in the US, including organizers and key participants. This event, organized by UKF, is the largest Korean venture and startup event in the US, held annually since 2023 to foster collaboration between Korean venture investors and startups.

Vice Minister Noh stated, "Silicon Valley is a region where global deep tech and investors are concentrated, leading global innovation centered on advanced industries," and added, "The Ministry of SMEs and Startups will spare no policy support to promote the expansion of the domestic startup ecosystem and overseas expansion, working with the Korean entrepreneur community centered on the SVC to help Korea become one of the world's top four venture powerhouses."