Park Joon-hee, head of Gwanak-gu District Office in Gwanak-gu, Seoul, said, “If we drew a blueprint for the Gwanak Innovation Economy during the last seven popular elections, we plan to start the project in earnest with ‘Gwanak S Valley 2.0‘ in the eighth popular election.” Based on the infrastructure and capabilities of the region’s youth and Seoul National University, we will work with companies to create a Korean-style Silicon Valley.”

Gwanak-gu has created 13 start-up infrastructure facilities and created a 20 billion won start-up support fund for the first time in basic autonomous districts in the country as a result of efforts to turn the barren area of start-ups into a mecca for venture start-ups.

In particular, the district expects to gain momentum in promoting the Gwanak S Valley project by designating a venture company development promotion zone in January. As more companies are expected to move to the region, the district plans to expand their venture start-up infrastructure and support corporate growth through industry-academic-research collaboration to foster related industries such as AI and bio.

“The achievement of being selected as a venture development promotion zone is recognized by the central government that our Gwanak-gu is growing into a venture and start-up center,” Park said. “Based on this, we will build a foundation for venture start-ups and strengthen the ecosystem where private institutions and excellent companies can continue to flow.”

“In the future, we will establish the Gwanak Small and Medium Venture Promotion Agency, a specialized organization for comprehensive and systematic support as a business partner for small and medium-sized venture companies, to provide solutions for growth and innovative growth to small and medium-sized venture companies,” he explained.

The Gwanak Small and Medium Venture Promotion Agency plans to raise the internal and external awareness of Gwanak S Valley by enhancing the participation rate and sustainability of private institutions and systematically supporting ventures and startups by securing professionals in the field of start-up childcare.