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Writer Invest Seoul Day18-04-26 16:42 View497

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Seoul Business Foundation Hub will support the growth of 485 companies, as the largest startup incubation organization in Korea

 

With the establishment of its ‘Commercialization Support Center’ to support the commercialization of products and the Seoul Business Support Center which helps new companies to solve their problems, the Seoul Business Foundation Hub is now able to provide a one-stop, total support system for the production of small quantities of test products, as well as helping companies find solutions to their difficulties. The foundation for the growth of 485 companies and teams has been laid with the completion of the main building and the annexed building.

 

The Seoul Business Foundation Hub has been in operation since the opening of the main building in June of last year, and has been working to piece together policies and information on business foundation throughout Seoul as a control tower of the infrastructure for business foundation, supporting companies in each stage of growth from the preliminary stage and the early stage to the growth stage. The recently-opened annexed building of the Seoul Business Foundation Hub will be a space for the intensive incubation of companies in the growth stage that have been established for more than 3 years, as well as a space for the production of test products to support the commercialization of the ideas of new companies. There is a separate space for the foundation of Fintech companies, and the Seoul Business Support Center will start working to solve and help companies solve their difficulties in personnel and legal affairs.

 

 

Providing intensive support for companies in the growth stage with more than 3 years of history, as well as support for overseas markets exploration


Up to 35 companies in the growth stage that were established more than 3 years ago will move into the 3rd floor and 4th floor of the annexed building each year. Companies moving in will be given individual office space and a subsidy for business foundation, as well as intensive customized support for overseas markets exploration. Also, leading global accelerators have been hired for global investment and global market exploration to lay the foundation for competitive companies to advance into overseas markets. The global accelerators will link the companies incubated by the city of Seoul with efforts to attract overseas investment, help them advance into the global market, and reinforce Seoul’s global competitiveness in business foundation.

 

 

Supporting the commercialization of new-concept products by new companies, using metal and non-metal materials


Located on the 2nd floor of the annexed building, the ‘Commercialization Support Center’ helps new companies to materialize their business ideas and produce test products. Equipped with 32 sets of 24 kinds of tools, including metal processing tools such as a CNC router and milling machine and non-metal processing tools such as an industrial SLS 3D printer and grinder, the center helps in the production of up to 100 pieces of finished products before mass production. 
Unlike previous programs to support the production of test products, the Commercialization Support Center’ provides services that span the whole process – from conceptualization and production to marketing and crowd funding –to provide real support for new companies looking to take a leap forward.


Operating the Seoul Business Support Center to provide consulting on the difficulties of companies, from funding to marketing


The Seoul Business Support Center provides professional consulting on the difficulties experienced by companies, including funding, getting loans, business foundation, management, marketing, exporting and government regulation at the site of business incubation.  


Tae-woong Kang, head of the Economic Planning Headquarters of Seoul Metropolitan Government, says, A range of customized services will be provided under the auspices of the Seoul Business Foundation Hub for each stage of growth experienced by new companies – from getting an idea and making products, to marketing and advancing into global markets. We will realize a Seoul that is friendly to innovative business foundation by providing various services for new businesses that meet the needs of the companies being founded in Seoul today.”


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