Busan Takes on the 'Startup City' Challenge, Building a Locally Tailored Startup Ecosystem

[Financial News] Busan City is taking part in the Ministry of SMEs and Startups' Startup City Development Project competition. The project aims to create at least five global startup cities ranked among the world's top 100 by 2030. It seeks to bring together local innovation resources and build startup ecosystems based on regional characteristics.
Busan City announced that it would form the Busan Startup City Development Project Task Force in response to the competition and hold its first meeting, or kickoff meeting, in a City Hall conference room on the afternoon of the 21st.
The task force will be headed by the city's administrative vice mayor, with the director of financial startup policy serving as deputy head. The city will oversee the initiative, while the Busan Center for Creative Economy and Innovation (BCCEI) will serve as the operating institution. Key stakeholders in the local startup ecosystem—including universities, research institutes, public institutions, investment institutions, and companies—will also participate.
Based on the resources and expertise held by each institution, the task force will establish a support system for each stage of growth, from startup discovery to acceleration and scale-up. It will also identify key tasks for each sector through collaboration among the participating institutions.
The first meeting will address the government's direction for the Startup City Development Project, Busan's specialized strategy, the resources and linked projects held by each institution, and plans to build a pool of technology talent and outstanding startups.
Starting with the discussions at the meeting, the city plans to specify collaborative tasks for each institution and accelerate the establishment of a Busan-specific startup city in response to the Ministry of SMEs and Startups' competition.
Busan has already laid the groundwork for becoming a global startup city by breaking into the world's top 70 emerging startup cities, establishing the Busan Technology Startup Investment Agency, and creating a startup fund worth 1.5 trillion won.
Through this project, the city plans to combine its accumulated startup capabilities with Busan's strategic industries and further develop them into a Busan-specific startup city model.
To that end, Busan has incorporated the city's industrial strengths and policy direction into its startup ecosystem and designated maritime affairs, logistics, and finance as the key specialized sectors of its startup city.
The city plans to identify specialized projects that add financial and investment capabilities to industrial, technological, and demonstration infrastructure in the maritime and logistics sectors across Busan, linking the city's industrial strengths to the growth of startups.
It will also develop a spatial strategy encompassing startup hubs and resources throughout Busan, centered on the Busan North Port area.
Kim Kyung-duk, Busan's administrative vice mayor, said, "Through this project, we will organically link the region's talent and technology with its industrial and investment capabilities to create an environment where companies can grow in Busan and take the leap into global markets."
[email protected] Kwon Byung-seok Reporter