In a remarkable drive towards fostering innovation and economic growth, Gyeongsangnam-do province of South Korea is steering a transformative journey to create an exceptional startup environment in non-metropolitan areas. With a recent surge in initiatives, partnerships, and funding, the province rapidly emerges as a hub of entrepreneurial excellence.
Last March, the detailed action plan of the ‘2027 Gyeongnam Startup Ecosystem Innovation Strategy’ was unveiled. The province continues to innovate in all fields of entrepreneurship by increasing this year’s startup support budget to 12.7 billion won ($9.4million), more than doubling from last year’s 5.7 billion won ($4.2 million) to secure execution power.
The province’s creation of a nurturing ecosystem has yielded tangible results. Gyeongsangnam-do startups like Nexcera Co., Ltd., Mr. Daddy Co., Ltd., and Edenlux Co., Ltd. were selected for support under the ‘Baby Unicorn 200 Fostering Project‘ by the Ministry of SMEs and Startups. Notably, Gyeongsangnam-do fosters an environment where success stories like these are becoming the norm. Gyeongsangnam-do startup ‘Dream Farm’ recently made headlines by signing a $112 million (150 billion won) contract with Saudi Arabia’s Alpharis Starts. This substantial investment will pave the way for constructing a cutting-edge smart farm complex, showcasing the province’s technological prowess on the global stage.
One of the province’s most ambitious endeavors is the establishment of three major startup bases across Gyeongsangnam-do’s regions. This venture is set to catalyze local innovation and empower aspiring entrepreneurs. Among these, the ‘Dongbu Youth Entrepreneurship Academy’ is set to take root in the Future Design Convergence Center in Mulgeum-eup, Yangsan-si. The campus innovation park in the central region and the green startup town in the western region are also poised to create new frontiers of opportunity for startups.
At the end of May, Gyeongnam was selected for the ‘Green Startup Town’ contest by the Ministry of SMEs and Startups, government funding was provided for the three major startup bases. The green startup town in the western region aims to be completed in 2026, and the campus innovation park in the central region is targeted for completion in 2027.
Gyeongsangnam-do’s influence is not limited to its own borders. With the imminent opening of an investment attraction base in Seoul’s Gangnam district, the province is actively drawing investors to its vibrant ecosystem. The Gyeongnam metropolitan area investment attraction base will facilitate regular investment briefings, consultation with metropolitan-area investors, and provision of business space – all aimed at accelerating startup growth.
The province is also at the helm of the ‘Gyeongnam-type Super Gap 100+’ project, an ambitious initiative to foster more than 100 startups with exceptional technological capabilities by 2027. Through strategic partnerships with established startup planning companies, Gyeongsangnam-do drives innovation and propels startups towards uncharted heights.
Three startup planning companies located in the metropolitan area with nationwide recognition are participating in this project, and they are driving the actual growth of startup companies by attracting a total of over 400 million won ($298,000) of direct investment and linked investment. As part of its commitment to fostering innovation, the province is actively attracting private capital to create a startup investment fund worth 1 trillion won ($747 million) by 2027.
Collaborations with financial institutions like IBK Industrial Bank of Korea and NH Nonghyup Financial are set to catalyze this ambitious endeavor. In a pivotal move towards igniting a new startup culture, Gyeongsangnam-do is gearing up to host the ‘Global Entrepreneurship Festival’ in connection with the 50th anniversary of the Changwon National Industrial Complex designation. The festival promises to showcase the province’s commitment to innovation and entrepreneurship with diverse programs ranging from global conferences to open innovation exhibitions.
Lee Jae-hoon, head of the Startup Support Group in Gyeongsangnam-do Province, expressed his optimism, stating, “Our efforts to create an environment conducive to starting a business are yielding results. With a solid foundation in place, the upcoming year is poised to witnessGyeongsangnam-do the spreading of entrepreneurship culture and the realization of substantial outcomes.”
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- Ministry of SMEs & Startups unveils “Fostering Plans for Entrepreneurial Small Business Owners” to empower local brands
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