The Seoul Metropolitan Government and Startup Genome announced on Wednesday that both entities entered a partnership to advance the growth of South Korea’s startup ecosystem.
The Seoul Metropolitan Government will commit 1.85 trillion won ($1.6 billion) in the next three years to cultivate its startup ecosystem. The government body will also collaborate with Startup Genome in identifying key development opportunities.
Startup Genome is the leading organization in independent research and policymaking for governments committed to accelerating the success of their startup ecosystem. The company’s data-driven insights offer local innovation policy leaders the drive, precision, and a plan to help them achieve their goals.
The company possesses an impressive portfolio consisting of 100 clients from 30 countries across five continents.
To mark the initial phase of a promising partnership, Startup Genome agreed to conduct its world-renowned startup ecosystem assessment to identify areas of opportunity in emerging tech sub-sectors and traditional industries and benchmark the city globally.
Deputy Mayor for Economic Policy for Seoul Metropolitan Government Dong Cho said that the partnership would build a globally competitive and open platform city inviting anyone to open a startup, invest, or seek support.
The partnership will help assist South Korea’s ambition of being the home to 20 startups approximately valued at 1.16 trillion won ($1 billion), and launch Seoul into the top five leading startup ecosystems globally in the next four years.
Startup Genome now uses a foundational survey to engage Seoul’s startup founders, as well as policy leaders, investors, and other key stakeholders. The study will bring a consensus and information on how to propel the ecosystem, further building an inventory of public policy actions to support startup ecosystems.
JF Gauthier, Founder and CEO of Startup Genome said that the company believes Seoul has a vital role in the global startup landscape. The collaboration will help drive Seoul to be a globally leading ecosystem focused on turning existing gaps into future strengths.
Startup Genome will present the most recent results of the assessment in late November this year.
