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Busan to invest KRW 1.4 tn over 5 yrs to become Asia's top 10 start-up city
On April 4, Busan-si announced that it has established the '2nd Comprehensive Plan to Support Technology Start-ups' that set the policy direction regarding the development of technology start-ups from 2024 to 2028 based on the current state, conditions, and prospects of technology start-ups.
It's a comprehensive plan, established in every five years, in accordance with 'Busan Metropolitan City Ordinance on Technology Start-up Support' to stimulate the establishment of technology start-ups.
The 2nd comprehensive plan consists of 21 implementation projects of five strategies to turn Busan into Asia's top 10 start-up city by investing KRW 1.4712 trillion by 2028.
Busan-si will establish a Busan Start-up Agency, which will be dedicated to providing support for start-ups, by the end of this year to become a center of start-ups in Asia.
With the Agency in the driving seat, the city plans to move its ranks in the start-up ranking upwards from the current 65th to the 10th in 2028 by advancing the start-up support system and establishing a basis for the local start-up ecosystem.
Under the 'Scale-up strategy', which aims to select 2,000 leading start-ups in the region by 2028 and produce 10 unicorns with KRW 10 trillion in sales, the city will support the innovative growth of promising start-ups and operate cross-regional open innovation platform encompassing Busan, Ulsan, and Gyeongsang areas.
It will create the investment ecosystem in such ways as expanding the local innovation funds to prevent local companies relocating to the capital region to secure funds, and establishing a new world-class fund of funds.
The city also plans to support the global expansion of 100 local companies over the next five years by attracting global open innovative companies, excellent talents, and establishing a global investment networks.
ccho@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2024.04.11
Views
28
According to Yonhap News,
On April 4, Busan-si announced that it has established the '2nd Comprehensive Plan to Support Technology Start-ups' that set the policy direction regarding the development of technology start-ups from 2024 to 2028 based on the current state, conditions, and prospects of technology start-ups.
It's a comprehensive plan, established in every five years, in accordance with 'Busan Metropolitan City Ordinance on Technology Start-up Support' to stimulate the establishment of technology start-ups.
The 2nd comprehensive plan consists of 21 implementation projects of five strategies to turn Busan into Asia's top 10 start-up city by investing KRW 1.4712 trillion by 2028.
Busan-si will establish a Busan Start-up Agency, which will be dedicated to providing support for start-ups, by the end of this year to become a center of start-ups in Asia.
With the Agency in the driving seat, the city plans to move its ranks in the start-up ranking upwards from the current 65th to the 10th in 2028 by advancing the start-up support system and establishing a basis for the local start-up ecosystem.
Under the 'Scale-up strategy', which aims to select 2,000 leading start-ups in the region by 2028 and produce 10 unicorns with KRW 10 trillion in sales, the city will support the innovative growth of promising start-ups and operate cross-regional open innovation platform encompassing Busan, Ulsan, and Gyeongsang areas.
It will create the investment ecosystem in such ways as expanding the local innovation funds to prevent local companies relocating to the capital region to secure funds, and establishing a new world-class fund of funds.
The city also plans to support the global expansion of 100 local companies over the next five years by attracting global open innovative companies, excellent talents, and establishing a global investment networks.
ccho@yna.co.kr
Source Text
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Source: Yonhap News (April 4, 2024)
** This article was translated from Korean.