The first Center for Creative Economy & Innovation in South Korea was set up in Daegu City in September 2014. Ever since then, a total of 17 Centers for Creative Economy and Innovation have been established in cities and provinces all across Korea. This shows the Korean governments dedication for an innovative and creative economy. As of August, data shows that 1,175 startups have recorded an increase in sales revenue of over 160 billion won and have hired over 1,360 employees.
“The Centers for Creative Economy & Innovation should further accelerate their development based on their infrastructure and quantitative growth achieved so far so that they can ensure more sustainable outcomes,” said South Korean President Park Geun-hye
Startups at these centers hopefully can make a great contribution to the Korean economy by creating competitive products and services. With the support of the government, many startups now have a chance to not only succeed in Korea but globally as well. Recently there has been a rise in the number of South Korean startups creating partnerships with global startup incubators, VCs, and investors by the global networks of large corporations that are a part of the Centers for Creative Economy & Innovation.
The success of these centers was evident at this years festival which was held at Seoul Campus in Hanyang University this August. President Park was there as well as more than 1,900 people that worked at the centers shared their accomplishments and experiences at the festival. So far the Innovation Centers have fostered more than 2,800 startups and SME’s, attracted over $250 million of investments. and created over 1,300 new jobs! As Korea continues to nurture these startups, it will only be a matter of time before Korea becomes the tech startup hub in Asia.