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Ulsan city adds more local startup accelerators to help entrepreneurs

According to Yonhap News,

It is highly expected that adding a few more startup accelerators (which now totals five), can raise more funds to help local SMEs and startups. Ulsan Creative Economy Innovation Center (CEIC) announced on Feb 1 that the local authority signed a memorandum of understanding for having ‘Facemakers’ and ‘Space Jump’, local cohort-based accelerator programs to support investment activities for entrepreneurs in the city of Ulsan. The accelerators are part of programs that support early stage, growth driven companies through education, mentorship and financing.

The number of accelerators the city now has become five, one inside the Ulsan CEIC and the rest four driven by private entities. Since its inauguration in 2015, Ulsan CEIC has been taking the lead in enhancing entrepreneurship.

However, it still has a long way to go in its quality and quantity, particularly compared to other cities. When it comes to the infrastructure or investment ecosystem, the city still falls short of resources to help local startups and improve environments.

The very first accelerator was born in November 2018. Ever since the launch of the service, Ulsan CEIC has been working hard on attracting accelerators native to neighboring cities. A city official left a comment after the MOU signing ceremony adding that “The contract appears to become a remarkable moment to make investment ecosystem vigorous, helping a lot more entrepreneurs start and run business.”

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Source: Yonhap News (Feb.1 , 2020)

*This article was translated from Korean.