News
New organization tasked with fostering startups
Busan Startup Investment Agency
The Busan Startup Investment Agency, launched on April 9, serves as a control tower overseeing the city's startup ecosystem and provides critical resources to entrepreneurs. It was established to advance Busan's goal of becoming a global startup hub.
BSIA is organized into five teams: Innovation Startups, Growth Infrastructure, Fund Investment, Global Investment, and Operations Support. The agency's inaugural staff includes 35 full-time employees, including a director, and plans to expand to 55. Additional staff will be recruited from existing startup support organizations and recent graduates.
BSIA consolidates previously fragmented startup support functions across local organizations and strengthens links with financial institutions. Through a one-stop support system, it offers integrated, end-to-end assistance, from early-stage development to investment attraction.
Over the next five years, BSIA plans to create a 1 trillion won fund and expand access to startup-related loan programs. The agency is expected to play a pivotal role in revitalizing the local economy by advancing Busan's status as a financial center with expanded venture capital investment.
As an innovation-driven organization, BSIA will oversee the broader startup ecosystem across the southeastern region. Its responsibilities include developing startup support policies, evaluating related programs and managing investment funds. The initiative lays the groundwork for Busan to grow into a global startup hub.
The city government plans to support BSIA's efforts by integrating the Busan Financial Hub Policy and collaborating with the Busan International Finance Center and other partners. The goals are to strengthen the local capital market and build a network connecting domestic and international startups and investors.
In other startup news, Fly Asia 2025 will take place on Sept. 22 and 23. Now in its fourth year, Fly Asia has quickly grown into Asia's largest startup expo.
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