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  • Korea’s largest incubator Seoul Startup Hub to foster the growth of 485 businesses

  • SMG 359
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    • –Seoul Startup Hub to serve as a growth platform for 485 businesses on a yearly basis, offering a wide range of services from manufacturing products in small quantity to solving business challenges
    • –Its residing startups to receive customized support such as helping to find business partnerships, having opportunities of overseas market entry through global partnerships

    SEOUL, SOUTH KOREA, March 28, 2018 – Korea’s largest public incubator Seoul Startup Hub will become a comprehensive one-stop support organization, offering a wide range of services from manufacturing business products in small quantity to solving business challenges.

    Following last year’s opening of the main building to the recent launch of the annex, Seoul Startup Hub will serve as a growth platform for 485 businesses on a yearly basis. The new opening of the annex will expand Seoul Startup Hub to total area of 23,659 square meters, allowing support for 62 additional startups.

    In order to become a residing startup at Seoul Startup Hub, it must be less than seven years since a startup was established. Also, startups must cover the future growth engine sector that is fitting to Seoul’s business ecosystem such as information service, bio, health, IoT and high-tech products.

    In May, Seoul Startup Hub will recruit tenants where about 130 startups across various business stages such as “pre-launch, launch, mature” will be selected and provided with a customized incubating program.

    At the annex, startups that have operated over three years will be incubated at a mature-stage level. Annually up to 35 startups will reside between third and fourth floor. Each startup will be provided with office space, subsidy of approximately 20 million won, and customized support such as setting up a roadmap for overseas market entry.

    As of March, about 26 startups have begun residing at Seoul Startup Hub. These startups will receive customized support such as helping to find business partnerships, having opportunities to enter the overseas market through global partnerships. Also, distinguished global accelerators have been invited to help obtain foreign investment and offer guidance regarding overseas market advancement. In addition, a separate space for fintech startups will be set up at the annex.

    On the second floor, a support center will be operated where startups can manufacture products based on their business ideas. The center will be equipped with 24 types of equipment including metalworking tools such as CNC router as well as non-metalworking tools such as 3D printer. At this center, startups can manufacture up to 100 finished products prior to mass production.

    Seoul Startup Hub aims to help startups kick-off by providing an overall service ranging from initial planning stage, marketing, crowd funding, product manufacturing, and market entry among others.

    In addition, Seoul Business Support Center will provide professional consulting dealing with business challenges such as management, export, regulation, funding, and financing among others.