BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) The Busan Metropolitan Government recently announced its Entrepreneurship Support Plan 2018, which includes an investment of KRW 5.1 billion this year to the establishment of a Busan-style “Silicon Valley” to encourage entrepreneurship.

Having declared its commitment to providing entrepreneur-centered support this year, the Busan Metropolitan Government also announced on March 12 that its plan also includes supporting new start-ups with potential, those specializing in entrepreneurship cafes, and creating a “Silicon Valley” of entrepreneurship in Busan.

The city initially intends to recruit 200 teams of entrepreneurs who specialize in service research and development, mechanics and robotics, aviation and drones, and medicine and antiaging care as part of its efforts to strengthen the basis for smart manufacturing in Busan.

Enterprises that succeed in hiring at least five workers and generating KRW 500 million or more in sales will be designated as members of the Million Club, and given additional support, including subsidies for the cost of labor, support for marketing, and business and networking relations to ensure their stable growth.

The city also intends to strengthen the specialties of entrepreneurship cafes and support the exchange among future entrepreneurs, provide year-round consultation service, and offer a wide range of training programs on information technology, creative content, and others.

To help new entrepreneurs save cost from taking professional photographs of their products, a new photo studio will be introduced at the Entrepreneur Café Daeyeon, at a campus of Kyungsung University.

Entrepreneurship Café Sasang Station, which will open in May this year, will cater specifically to young artists and technology entrepreneurs.

Furthermore, the Busan Metropolitan Government will transform an idle space on the Yongdang campus of Pukyong National University into an Entrepreneurship Plus Center to provide over 50 office spaces and workshops for new manufacturers looking for proper workspaces.

The city intends to further develop the Entrepreneurship Plus Center, in partnership with the Entrepreneurship Support Center that has been operating on the same campus since 2015, into a “Silicon Valley” of entrepreneurship in Busan.

In addition, the Busan Metropolitan Government will support the marketing and distribution of new enterprises’ products online via its social media accounts, blogs, and keyword ads, and also by opening the Creative Shop in Gwangbok-dong, Jung-gu, which will cater exclusively to new local enterprises and their products.

The Busan Metropolitan Government has been supporting local start-ups even with less than one year into their operation since 2014, providing them with various spaces and a wide range of training programs, thus helping 626 enterprises create 1,300 new jobs in the city so far.

joseph@yna.co.kr

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Source Text

Source: Yonhap News (Mar. 12, 2018)

** This article was translated from the Korean.