Minister Oh Young-joo of the Ministry of SMEs and Startups (hereinafter referred to as the MSS) visited Ulsan Metropolitan City on the 11th, participated in the Ulsan Startup Hub opening ceremony, and then held a meeting with startup representatives from the Ulsan region, including companies that have moved into the hub.
Minister Oh Young-joo's field trip to Ulsan this time was designed to emphasize the virtuous cycle between senior and junior companies and discuss ways to revitalize the local startup ecosystem.
The Ulsan Startup Hub is a startup space built on the 4th to 6th floors of the Jongha Innovation Center. A total budget of 3.15 billion won was invested, and the Jongha Innovation Center building was built with a total budget of 53.2 billion won, including a 33 billion won donation from KCC Information and Communication Chairman Lee Ju-yong, a successful senior entrepreneur.
On this day, approximately 150 people, including Minister Oh Young-joo, Ulsan Mayor Kim Du-gyeom, Ulsan Metropolitan City Council Acting Chairman Kim Jong-seop, KCC Information and Communication Vice Chairman Lee Sang-hyun, HD Hyundai Heavy Industries President Noh Jin-yool, and officials from related organizations, attended the event to celebrate the opening of the Ulsan Startup Hub.
Minister Oh Young-joo said, “The Ulsan Startup Hub is even more meaningful in that it is a public-private cooperative innovative startup space created by successful senior entrepreneurs in the region to nurture junior entrepreneurs, along with government support,” emphasizing that “a virtuous cycle structure in which senior entrepreneurs’ experiences and assets are passed on to junior entrepreneurs can further solidify the regional startup ecosystem.”
Afterwards, Minister Oh held a meeting with Ulsan City, HD Hyundai Heavy Industries, regional AC, and six Ulsan-based startups, and discussed ways to expand collaboration with regional demand companies and difficulties faced by non-metropolitan companies.
The representatives of the six startup companies that attended the meeting that day are companies with experience in collaboration with large corporations and public institutions, and demonstrated the characteristics of Ulsan's startup ecosystem based on an industrial cluster centered on large corporations.
Participants mentioned the need to expand practical cooperation with large and medium-sized companies, improve the system to create a fair trading environment, and strengthen collaboration with public institutions to support startups in the B2G sector.
* B2G (Business-to-Government): Transactions between businesses and government/public institutions
Accordingly, Minister Oh Young-joo said, “Ulsan is a representative industrial city of the Republic of Korea, and has the optimal environment for startups and venture companies to grow through collaboration with local demand companies,” and added, “We will actively support the expansion of collaboration between SMEs and startups and resolve difficulties faced by local startups in terms of regulations, funding, and sales channels.”
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