Pangyo Techno Valley, currently under development in three phases—Pangyo 1, Pangyo 2, and Pangyo 3—is establishing itself as a leading industrial cluster in South Korea for the Fourth Industrial Revolution technologies. In the long term, efforts are being made by support organizations and large enterprises to foster a healthy ecosystem for the growth of Pangyo Techno Valley through initiatives such as incubation and talent development.
In order to support creators and prospective startups in the field of cultural content, Gyeonggi Content Agency is providing space through the Southern Regional Center in Pangyo. Additionally, to foster the growth of entrepreneurs in the content industry, they operate support programs, exemplified by the ‘Cultural Entrepreneur Planner,’ which celebrated its 10th anniversary in 2023. The Cultural Entrepreneur Planner program assists prospective entrepreneurs in the cultural content field by concretizing their ideas, facilitating team formation, providing consulting services, and supporting processes such as fundraising.
In 2023, Gyeonggi Business & Science Accelerator selected 12 budding startups with global competitiveness and provided them with space at Pangyo Startup Campus. The selected startups receive close support, including simulated investment explanation sessions, demo days, and investment attraction seminars, to help them grow into global startups. This year’s selected startups include Fairy (CEO Inseon Jang), GIO Ventures (CEO Minjae Kang), World Home Doctor Corporation (CEO Yongseok Kim), SkyRon (CEO Wook Jang), Anyware(CEO Wonseok Choi), CLIQUESOFT (CEO Seongho Je), AI-Nomis (CEO Siwon Kim), Tag N Roll (CEO Yusik Kim), EKLEER (CEO Yoonji Jung), Hancom Academy (CEO Kwangheon Lee), Pitch Interactive(CEO Minsu Jo), and OneCup (CEO Sojeong Choi).
Support organizations and large enterprises also collaborate to support startups. On December 1st, the Korea Information and Communication Promotion Agency (KAIT) (President Youngsang Yoo, hereinafter ‘KAIT’) and Kakao Enterprise (CEO Kyungjin Lee) signed a Memorandum of Understanding (MOU) for joint business exploration and relationship enhancement in the field of artificial intelligence and cloud at the Kakao Enterprise Pangyo office.
Through this agreement, the two organizations have agreed to jointly pursue initiatives in the areas of artificial intelligence and cloud, including joint business planning and operation, development and operation of utilization and dissemination programs, development and operation of educational programs, identification of companies for utilization, and infrastructure service support, as well as other collaborative efforts to enhance mutual relations.
This agreement represents a collaboration between private enterprises providing cloud technology and services, and KAIT sees this as an opportunity to develop various educational programs to support companies in pursuing new businesses through artificial intelligence and cloud technologies. In addition, Kakao Enterprise plans to continually support numerous startups and companies in accelerating research and development of AI-based products and services and expanding their businesses through ongoing support in high-performance computing and cloud services.
Kakao Enterprise CEO Kyungjin Lee stated, “The demand for high-performance computing, especially for generative AI services, is increasing among companies and startups. Kakao Enterprise actively recognizes the need to expand cloud support and educational programs.” He further conveyed, “We will discuss ways to collaborate with KAIT to support domestic companies and startups in enhancing AI services using the technological capabilities of Kakao Cloud.”
Meanwhile, Gyeonggi Province and Gyeonggi Business & Science Accelerator held the ‘2023 Pangyo Startup Investment Exchange Conference’ on November 23rd to provide investment opportunities for startups within Pangyo Techno Valley. The event at the Pangyo 2 Enterprise Support Hub Startup Zone invited domestic and international venture capital investors to offer consultations and networking opportunities. Additionally, for startups, a lecture on the topic ‘Why Crowdfunding is an Opportunity for Startups and Small Businesses’ was delivered by Dongcheol Choi, the Vice President of Wadiz, the largest startup crowdfunding platform in South Korea.
Gyeonggi Province’s Advanced Mobility Industry and Manager Jung Hankyu stated, “To transform Pangyo Techno Valley into the startup paradise of South Korea, we will continue to create more opportunities for ongoing investment and exchange actively.”
As various support programs and ecosystems are created around Pangyo Techno Valley, we expect it to grow into a representative industrial cluster in Korea.
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