Ministry of SMEs Launches 'Global Startup Hub TF'

The Ministry of SMEs and Startups (MSS) is accelerating its efforts for the successful establishment of the '(tentative name) Global Startup Hub,' which is set to open early next year. Chaired by MSS Vice Minister Noh Yong-seok, the first meeting of the 'Global Startup Hub TF' was held on November 27th at Junggimaru, MSS Sejong, marking the commencement of full-scale preparatory work. The Global Startup Hub is a large-scale startup infrastructure with a total floor area of 13,275㎡, located near Hongik University in Mapo-gu, Seoul. It will provide customized programs for approximately 250 domestic and international startups, including global expansion, open innovation (OI), investment attraction, and university linkages, actively supporting the overseas expansion of domestic companies and the successful entry of foreign companies into the Korean market. The TF, directly headed by the Vice Minister, is subdivided into five specialized teams—General Management, Global, OI Support, Investment/Funding, and University Cooperation—and an Executive Support Team to assist with practical operations, all for the successful operation of the hub. In particular, the Executive Support Team will be handled by the Korea Institute of Startup & Entrepreneurship Development (KISED) and a private operating agency to be selected in December, with the plan to maximize on-site execution capabilities. Vice Minister Noh Yong-seok urged, "Please ensure all preparations are meticulous so that the Global Startup Hub can stand tall as a representative startup base for the Republic of Korea worldwide," and expressed his anticipation that the hub would become a key driving force leading the global leap of the Korean startup ecosystem.