Korean Version of Silicon Valley
The South Korean government announced its plan for the promotion of the Second Pangyo Techno Valley on December 11. According to the plan, the place is going to be home to the world’s best ecosystem for business startup and innovation comparable to the Silicon Valley in California and Zhongguancun in Beijing.
Spaces and support programs for startups are increased to a significant extent. Specifically, the spaces are increased from 500 in four buildings to 1,200 in nine while 30% of the total floor area is rented for free to 200 leading venture firms.
When it comes to the support programs, the government provides all-in-one solutions covering technical and financial consulting and overseas market penetration for any firm with a brilliant idea. The programs also cover information on government-led R&D and financing projects, crowd funding, investment attraction, patent application and registration, mediation of disputes, etc.
Open offices are built in the place as well along with spaces for one-person startups and a smart work center with 1,300 seats. 500 houses and 800 studio apartment units are provided for startup support, too.
In the Second Pangyo Techno Valley, the Ministry of SMEs and Startups provides expensive research equipment and software programs individual firms cannot afford to buy and R&D consulting is offered by the ministry’s personnel staying there.