Jeju Creative Economy Innovation Center (hereinafter referred to as Jeju Center) received the highest grade, ‘Excellent Grade’, among 17 centers nationwide in the 2024 Creative Economy Innovation Center Operation Performance Evaluation hosted by the Ministry of SMEs and Startups (hereinafter referred to as MSS).
This evaluation was based on various indicators such as the performance of the Creative Economy Innovation Center's incubation companies, investment attraction performance, innovation, and excellence in institutional management, and the Jeju Center received high scores in most categories, earning an overall 'best' rating.
Last year, Jeju Center established Jeju's first mother fund project, 'Jeju Early Startup Incubation Fund' with a scale of 3.5 billion won to expand the investment base in the region, and the center's total assets under management (AUM) increased to 8.01 billion won. In addition, it contributed to the creation of a startup investment ecosystem in Jeju by executing investments of more than 2 billion won in 2023 alone.
In the startup incubation sector, it recorded a 100% selection rate for two consecutive years through the TIPS program recommendation, and secured a total of 7.8 billion won in research and development (R&D) funds as a result. It also stands out in the local startup sector, carrying out a linked project worth 13.5 billion won in national funds and producing the best local creator in the country for two consecutive years.
In addition, Jeju Center has established a foundation for collaboration between various startups and large corporations through a regional customized open innovation strategy. A representative example is the 'Used Blanket Circular Economy Project' promoted by Evezary and textile recycling startup Jecklin, and the project was evaluated as presenting a circular economy model with participation from the Korea Environment Corporation and Jeju City Recycling Center.
Based on the collaboration with Kakao, we are operating a program in conjunction with 11 Creative Economy Innovation Centers across the country, supporting the development of online sales channels for 2,467 small business teams across the country and recording sales performance of 2.4 billion won.
In terms of overseas expansion support, we signed business agreements with local organizations in Japan, Hong Kong, and Indonesia, and supported startups’ overseas expansion through follow-up programs such as participation in global expos and networking with local investors.
Meanwhile, Jeju Center is analyzed to have received high scores in this evaluation for its contribution to the expansion of the local startup ecosystem through numerous exchange events and investment attraction activities such as JOIN 2024 and J-CONNECT DAY, despite its inferior infrastructure compared to the metropolitan area.
Based on the evaluation results, Jeju Center will receive incentives such as additional support necessary for the operation of the organization from the Ministry of SMEs and Startups.
Jeju Center CEO Lee Byeong-seon said, “Overcoming the regional limitations of Jeju and receiving the highest rating is the result of real achievements and challenges,” and added, “We will continue to strengthen customized startup support that leverages Jeju’s unique strengths to foster startups that are competitive in the global market.”
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