Jeju, Proving the Power of Potential

Concerns about the Jeju Creative Economy Innovation Center, which opened in 2015 with the ambition of becoming a 'Silicon Beach,' have now been allayed by 10 years of remarkable achievements. It's a period that not only proved innovation is possible in Jeju but also demonstrated that it was possible *because* it was Jeju. Over the past 10 years, the center has nurtured 416 companies, generating a total of 265.7 billion KRW in revenue and creating 1,645 new jobs. Notably, 5.26 billion KRW in direct investment led to 90.1 billion KRW in follow-up investments, demonstrating a leverage effect of over 17 times. CONTEC's listing on KOSDAQ was a symbolic event that showcased the potential of Jeju startups nationwide. The accuracy of its selections also stands out. A 100% selection rate for TIPS (Tech Incubator Program for Startup) recommended companies demonstrates the center's excellent insight and nurturing capabilities. The selection of space industry company SPECS for Deep-Tech TIPS showcases a creative vision that transcends Jeju's geographical limitations, while being recognized as the nation's best in the Local Creator category for two consecutive years presents a new paradigm where locality itself leads to national competitiveness. Now, the center embarks on a new challenge, declaring its evolution into a 'venture builder' that co-creates companies from the idea stage. This will be an innovative model for startup support, going beyond mere financial assistance. The true achievement beyond the numbers lies in the creation of an environment where one can pursue their dreams without leaving Jeju. It's a transformation into an island where young people can design their future with technology and creativity in Jeju, not Seoul, and explore diverse possibilities beyond the tourism industry. The essence of the initial 'Silicon Beach' vision remains valid, and the center is moving in the right direction: building an innovation ecosystem that leverages Jeju's strengths. If the past 10 years were a testament to possibility, the next 10 years will be a time to turn that possibility into reality. We sincerely congratulate the Jeju Creative Economy Innovation Center on its 10th anniversary and look forward to a future where innovation, born in Jeju, extends beyond Korea to the world.