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Mapo Innovation Town to be Established, Financial Support and Consulting Services to be Provided

According to Yonhap News,

(SEOUL=Yonhap News) Mapo Innovation Town, the largest town in Korea for supporting young startups, will be built in Mapo, Seoul.

About 300 businesses that are less than 7 years old will be provided with one-stop support from the Town in the field of finance, consulting and overseas expansion.

Financial Services Commission, Ministry of Economy and Finance, Ministry of Science and ICT, Ministry of SMEs and Startups and Soeul City presented a detailed a plan including contents metioned above to create Mapo Innovation Town on August 8.

In April, Mapo Innovation Town Creation Plan was innitially announced at the ministerial meeting related to economy.

The government decided to create the Innovation Town in the building of Korea Credit Guarantee Fund near Gongdeok Station in Mapo-gu, Seoul. The 20-story building's total ground area is 10,980 pyeong, which is about the same size as Station F (France), the biggest startup campus in the world, and is the largest in Korea.

Its purpose is to prepare an incubating space for young business starters who have innovative ideas and wills, but not enough funding sources.

An innovative startup triangle cluster that connects Shinchon (University), Mapo (startup space) and Yeouido (finacial corporation) was established to build stronger ties with related organizations.

A startup lecture was opened in neighboring universities, and FinTech Center moved its head office to this building. It also plans to make the Innovation Town a hub for FinTech Industry through strengthened coopeartion with FinTech Lab (Seoul).

It is also drawing up a blueprint of establishing a startup triangle with Gangnam Teheran Valley and Pangyo Techno Valley.

The government will providee a support package inclduing finance, network, education, consulting and overseas expansion for maximum three years to 300 young startups.

The support will be provided to startups less than 7 years old with representatives with the age under 39. The selection of the businesses may vary from open selection to competition through self section of private operator and Demoday.

Since it is led by the Financial Services Commission, it has the advantage of special product for startups from financial policy organizations.

Investment, loan and guarantee will be provided by phase of prep, startup and scale-up. It will also invest a 10 trillion won venture capital in occupying businesses.

The Innovation Town has both open space and business space. The business space for startups will be located on 11th to 19th floors, and rooms for lecture and seminar, and space for experience and production will be located on 1st to 10th floors.

The government will make decision on space organization of the Town within the month and start opening of the building within the forth quarter next year.

Son Ju-hyeong, Director of Industrial Finance Division, Financial Services Commission, said, "We will provide support to young business starters using technology from the 4th Industrial Revolution including FinTech, AI and Blockchain."

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Reprint or redistribution without permission is prohibited.

Source Text

** This article was translated from Korean.

Source: Yonhap News (August 8, 2018)

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