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Deajeon & Cheonan city to form a Korean version of Silicon Valley
Date
2020.09.16
Views
143


According to Yonhap News,


A Korean version of Silicon Valley, named “Startup Park” is set to be formed within the city of Daejeon and nearby communities of Cheonan city, South Chungcheong Province. Both regions were finally selected on Sep 10 as the best possible candidates to accommodate the facilities by the Ministry of SMEs and startups.

The Silicon Valley like campus, Startup Park, is a place designed to serve as home to venture startup firms, facilitating an open ecosystem where investors, entrepreneurs and universities share insights and innovative business ideas to partner with.

The Daejoen campus is highly likely to be located near Gung-dong, Youseong-gu, in between Chungnam University and Korea Advanced Institute of Science and Technology (KAIST).

Pumping as much as KRW 12.6 billion budgets allocated into the campus building project, Daejeon city will establish a main center near Gung-dong by the end of the year 2022. The plan aims to attract and support locally based businesses, with KRW 60 billion worth of VC funds, financed largely by Shinhan Financial Group.

The best possible spot for Chungnam campus is known to be the surrounding neighborhood of Cheonan railway station, which is also a candidate for the city rehab program.

With KRW 83.3 billion, the city will develop research labs and startup facilities on a 17,369㎡ site near Wachon, close to the station until 2022. The provincial government is planning to help over 500 startups settle in, as part of unicorn making efforts to let them scale up.


Source Text


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youngs@yna.co.kr

Source: Yonhap News (Sep 10, 2020)


** This article was translated from Korean.