Island's Decade-Long Dream

Jeju Center for Creative Economy & Innovation (hereinafter Jeju CCEI or the Center) announced remarkable achievements on its 10th anniversary, presenting a successful model for the regional startup ecosystem. Over the past decade, by dedicating itself to fostering technology-based startups and local creators, the Center achieved the remarkable feat of growing the total corporate value of its incubated companies from KRW 187.6 billion to KRW 613.4 billion, more than tripling it, through direct investments totaling KRW 5.2 billion. CEO Lee Byung-sun stated, "The total revenue of the 416 incubated companies registered with the Center amounts to KRW 265.7 billion, and they employ 1,645 people." Jeju CCEI's investments went beyond mere support, effectively acting as a powerful priming water for corporate growth. As a result of investing KRW 5.26 billion in 46 companies since 2018, the Center attracted an impressive KRW 90.1 billion in follow-on investments, proving its strength in drawing private capital. CEO Lee emphasized that the unprecedented direct investment by a public institution has been proven effective by six years of achievements, highlighting support for corporate growth through investment as a core value. In the field of technology startups, the Center demonstrated outstanding capabilities as a TIPS (Tech Incubator Program for Startup) operator. Since 2023, it has achieved a 100% selection rate for two consecutive years, with all 10 recommended companies being selected, securing a total of KRW 7.6 billion in government funds and providing essential growth momentum for early-stage technology startups. The Center also excelled in fostering local creators, earning the honor of being selected as the best institution nationwide for two consecutive years. By supporting startups that utilize unique local resources, it contributes to the discovery of distinct business models unique to Jeju and strives to build a harmonious ecosystem where technology-based startups and local creators coexist. However, behind these splendid achievements, realistic challenges remain to be addressed. Regarding the criticism that the revenue-to-investment-attracted ratio is around 70%, CEO Lee explained, citing examples of large startups, "For early-stage startups, corporate value and growth potential are more important indicators than revenue." He also frankly acknowledged the chronic shortage of technical talent in the Jeju region and emphasized the need to create an investment environment capable of attracting high-tech companies in fields such as space and energy. Jeju CCEI adheres to the principle of qualitative growth through 'investment' rather than simple support. It focuses on nurturing 'Jeju's representative companies' through a rigorous selection process, including direct investment in only 46 companies, a very small fraction of all program participants. The vision for the next 10 years is to establish 'Startup Island Jeju'. Under the three key strategies of 'Deeper', 'Broader', and 'Closer', the Center will pursue advanced investment functions, expanded global outreach, and strengthened locally tailored services. Particularly in the second half of this year, it plans to accelerate the strengthening of global competitiveness by creating a KRW 10 billion Korea-Japan Jeju startup investment fund and exploring expansion into developing countries through cooperation with the United Nations Industrial Development Organization (UNIDO). The past 10 years of the Jeju Center for Creative Economy & Innovation have clearly laid out the direction the regional startup ecosystem should take. The achievement of creating KRW 613.4 billion in corporate value with an investment of KRW 5.2 billion is undeniably significant. It remains to be seen whether the next 10 years will solve the challenges of securing technical talent and strengthening global competitiveness, thereby completing the true 'Startup Island' Jeju.