Promoting Innovation and the Creative Economy in the Republic of Korea

Focus

Finance Zones

At the innovation centers, there will be “finance zones” where officials from five state-run public finance institutions permanently reside to offer government loans for start-ups.

Start-up Campus

In Yeoksam-dong, southern Seoul, the government will create a so-called High-tech Start-up Campus on a 10,000 square meters (2.5 acres) of land where as many as 160 teams can launch start-ups, which the government wants to develop as Seoul’s flagship Start-up Valley that can rival Silicon Valley.

Support for R&D

The government also will work with private businesses and angel investors to support research and development (R&D) by start-ups at the campus and provide up to 1 billion won for a maximum of three years.

Background

What exactly "creative economy" means, from a policy perspective in Korea, remains a topic of discussion. Korean President Park Geun-hye herself defined "creative economy" in her inauguration speech as the idea of creating new engines of growth and employment through "the convergence of science and technology with industry, the fusion of culture and industry, and the blossoming of creativity in the very borders that were once permeated by barriers."

This focus on new forms of convergence of information and communications technologies (ICT) with traditional industries, as well as culture and content, has been a recurring theme in her statements on the creative economy agenda. What is not ambiguous is the desired outcome: job creation. From the beginning, Park has articulated the creative economy agenda as a means to achieve the goal of economic democratization and creating new employment opportunities she pledged to pursue, including raising Korea’s employment rate to 70 percent.

Client Client Client Client Client Client Client Client Client Client Client Client Client

Stakeholders

An international network of supporters
Alan Cho
Founder
An Asian South African science graduate striving to connect the world through research and innovation, and who actively focuses on innovation technology, startups, financial markets, sport media, natural health and MOOC education.
Founded in South Korea
Partner
Part of the Founded X global community, it is a promotion initiative showcasing innovative startups. This East Asian region has become one of the hottest startup hubs with a dynamic and flourishing startup ecosystem.
Live Songdo
Partner
Showcasing sustainable living in Korea’s futuristic SMART city, Live Songdo seeks to invite the world to visit and experience this phenomenal 21st century city.
Mapme
Partner
An innovative Israeli startup, Mapme is the first platform that empowers any organization or leader to leverage crowdsourcing to visualize all the interconnected layers of a community.

South Korean Creative Economy Ecosystem

Find the exact location of all South Korean innovation and economic entities.

Policy Research and Analysis

Latest Activities

Get in touch

Want to partner us and add value? Feel free to send us a message.