Ulsan Startup Hub Launches with Public-Private Support for Growth

A new vitality has swept through Ulsan's startup ecosystem. This is because the 'Ulsan Startup Hub,' an innovative startup space created through the generous donation of a successful senior entrepreneur, has finally opened its doors. This hub is not just a simple office space, but a special place symbolizing a virtuous cycle of success. The birth of this hub, located on the 4th to 6th floors of the Jongha Innovation Center, was crucially driven by the extraordinary vision of Chairman Lee Ju-yong of KCC Information & Communication. This center, established with a total budget of 53.2 billion KRW, including an unprecedented donation of 33 billion KRW, demonstrates Chairman Lee's firm commitment to supporting the dreams of junior entrepreneurs. The Startup Hub, which saw an investment of 3.15 billion KRW, is poised to shape Ulsan's future based on this spirit. Minister Oh Young-ju of the Ministry of SMEs and Startups highly praised it at the opening ceremony as "an exemplary case of public-private cooperation combining the efforts of the government and successful local entrepreneurs," emphasizing that such a virtuous cycle structure will further strengthen the regional startup ecosystem. The message was that the core value lies beyond mere money, in the sharing of experience and wisdom. In the subsequent roundtable discussion after the opening ceremony, various stakeholders, including six Ulsan startups, Ulsan City, HD Hyundai Heavy Industries, and local accelerators, gathered together. Candid discussions took place regarding ways to expand cooperation between local large corporations and startups, as well as the practical difficulties faced by companies outside the Seoul metropolitan area. Attendees unanimously stressed the need for strengthening substantial cooperation with large and mid-sized enterprises, creating a fair trading environment, and actively linking with public institutions. Minister Oh reaffirmed that Ulsan possesses an optimal environment for startup growth, thanks to its rich industrial infrastructure and demand-side companies. She further promised that the Ministry of SMEs and Startups would provide full support not only for expanding startup collaborations but also for resolving difficulties faced by local startups, such as regulations, funding, and market access, thereby envisioning a bright future for Ulsan's startup ecosystem. Equipped with state-of-the-art facilities including 25 office spaces, a co-working zone, and an O.I. Station, the Ulsan Startup Hub will serve as a new springboard for regional entrepreneurship under the operation of the Ulsan Center for Creative Economy & Innovation. We anticipate that Ulsan's innovative ideas will fully blossom here, where the generous support of senior entrepreneurs and the strong assistance of the government are harmoniously combined.