North Gyeongsang Province Declares a Major Startup Transformation and Launches Startup City Promotion Task Force

【Financial News, Andong = Kim Jang-wook】"Now is the time to start businesses!"
North Gyeongsang Province has launched the Startup City Promotion Task Force by bringing together the capabilities of around 50 institutions to lead a major startup transformation. It also pledged full support to help Gyeongbuk-based unicorn companies emerge.
On the 29th, the province held a launch ceremony for the North Gyeongsang Province Startup City Promotion Task Force at Stanford Hotel Andong with key startup institutions from within and outside the province, including Pohang, Gumi and Gyeongsan-si. It also held a ceremony to declare its vision for a major startup transformation and announced “Startup Gyeongbuk 3·5·10.”
Governor Lee Cheol-woo said, "In the past, attracting a single large factory drove regional development, but going forward, successfully nurturing a single promising company will be directly tied to the future." He stressed, "The starting point of North Gyeongsang Province's policies should be entrepreneurs who take on challenges, not institutions or infrastructure."
The Startup City Promotion Task Force is a coalition of around 50 institutions that will lead regional startup support and innovation. North Gyeongsang Province, Pohang, Gumi and Gyeongsan-si, the Daegu-Gyeongbuk Regional Office of the Ministry of SMEs and Startups, and the Gyeongbuk Center for Creative Economy and Innovation will serve as the six operating institutions. Another 44 institutions responsible for talent development, research and technology, and investment and finance will participate as partner institutions.
The province will compete in the Ministry of SMEs and Startups' startup city project, which will select six non-metropolitan areas in December, with a "collaborative startup city" model. It plans to link the three cities and establish a support system for each stage of growth, from identifying startups to commercialization.
In particular, Startup Gyeongbuk 3·5·10 consists of three strategic axes, five-stage growth solutions and 10 key implementation tasks. Based on companies' growth stages, Gyeongsan-si will host the "Star" hub, Pohang the "Prove" hub and Gumi the "Make" hub. The system will connect each stage, from launching a startup through technology and market validation to product development and commercialization.
In Phase 1, from 2027 to 2028, the startup city engine will be launched around the three cities. During Phase 2, from 2029 to 2030, the startup network will expand to the northern region, the East Sea coast, the western region and the Daegu-Gyeongbuk New Airport area. In Phase 3, beginning in 2031, the province will continue fund exits and reinvestment even after government funding ends, creating a virtuous cycle.
Meanwhile, the province has set a goal of nurturing 1,000 startup companies and 100 deep-tech startups and creating 10,000 startup-related jobs by 2030. On this basis, it aims to establish a foundation for entering the world's top 100 startup ecosystems.

[email protected] Kim Jang-wook Reporter