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.
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.
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.
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South Korean Creative Economy Ecosystem
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