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North Port to anchor national startup ecosystem
City officials will turn a warehouse at North Port Pier 1 into Global Startup Hub Busan.
Busan North Port, the largest port redevelopment project in the nation, will feature a world-class startup incubator called Global Startup Hub Busan. The new facility will be established at Pier 1.
On July 25, the Ministry of SMEs and Startups selected Busan North Port and the Hongdae area of Seoul as the future sites of Korea's global startup hubs. Collectively billed as "Twin Hub," the two sites will function as interconnected centers and provide mutual access through joint membership and shared programs.
The Ministry selected Busan over six other municipal areas outside of the capital. Officials see Busan as a city with significant potential for growth in the startup ecosystem due to its location, logistics infrastructure and business-friendly environment.
City officials will repurpose a former warehouse to accomodate Global Startup Hub Busan. The facility is expected to open in 2026.
Busan's ambition is to create the best startup incubator in the world, where entrepreneurs can find everything they need to launch and grow their businesses. Its plans are inspired by innovative spaces worldwide, notably Station F in Paris, the world's largest startup campus.
The project will cost an estimated 31.8 billion won. The central government will cover 12.6 billion won.
A CEO at the 18th Busan Future Innovation Conference.
The local business community is abuzz with anticipation. On Aug. 1, Busan Mayor Park Heong-joon hosted the 18th Busan Future Innovation Conference at the Busan Port International Exhibition & Convention Center in Dong-gu District.
Participants included Kang Seog Hoon, the chairman of the Korea Development Bank; Bang Seong Bin, the president of Busan Bank; Park Young-hoon, CEO of the Banks Foundation for Young Entrepreneurs (D-Camp); Youngmin Jeon, CEO of Lotte Ventures; and representatives of local startups including Public Plan, Marina Chain and Dive In.
During the conference, participants discussed how to foster Busan as the best destination for global startups. Strategies included emphasizing the city's "Work, Live, Play" ethos and promoting the "worktainment" (work + entertainment) spaces citywide. Attendees also noted the importance of public and private sector cooperation to maximize the potential of Global Startup Hub Busan.
The conference provided a basic outline of the planned benefits members will receive. The facility will offer work and meeting spaces. Entrepreneurs will also have digital access to resources at the startup hub in Hongdae. The North Port center will also feature cultural attractions for all citizens to enjoy.
The Twin Hub structure will give entrepreneurs in Busan and Seoul access to a nationwide investment network and support programs to enter the global market.
There are many benefits to having Korea's startup incubator established in two locations. Busan-based businesses can leverage the infrastructure and investment opportunities in the capital, while Seoul-based businesses can confidently consider relocating to Busan to take advantage of the city's business-friendly environment.
Fly Asia 2024 will be held at BEXCO.
In other startup news, Fly Asia 2024 will take place on Oct. 1 and 2 at BEXCO in Haeundae-gu District. Established in 2022, Fly Asia is an annual event that brings together innovative startups from the region.
Last year, Fly Asia companies received 200 billion won in investment from investors and venture capitalists worldwide. For more information, visit (fly-asia.org).