Woowa Brothers to offer new headquarters rent-free for 10 years to foster startups

Woowa Brothers, the operator of Baemin (Baedal Minjok), is launching an exceptional support initiative to vitalize the domestic startup ecosystem. On the 14th, Woowa Brothers announced that it had signed a 'Joint Acceleration Business Partnership Agreement for Startup Investment and Nurturing' with 12 organizations, including the Gyeonggi Center for Creative Economy & Innovation and SparkLabs, and would discover promising startups and help them expand globally. This agreement is a core part of the startup nurturing business within Woowa Brothers' 200 billion won social investment, 'Baemin-like Promises for Sustainability (Commitment),' which was announced last year. In particular, the most notable support provided by this initiative, which will proceed under the name 'Startup Square,' is space. Woowa Brothers plans to provide a portion of its new office building, which will be constructed in Pangyo 2nd Techno Valley, to the organizations and approximately 70 resident startups entering Startup Square free of charge for 10 years. This is expected to lay a solid foundation for startups to grow stably. Woowa Brothers will exercise leadership by overseeing all aspects of the project's operation, including establishing business policies, planning programs, and selecting participating companies. The signatory organizations will comprehensively support startups' market entry and expansion through entrepreneurship training, management support, technical and managerial consulting, and hosting investment attraction events. In particular, this project plans to focus support on deep-tech fields that can expand into other industries, such as big data and blockchain, spearheaded by AI. This strategy aligns with the new government's 'AI Basic Society' policy direction while also considering business synergy with Baedal Minjok's services. Approximately 70 startups from various fields, including AI, delivery ecosystems, and social ventures, are expected to be selected. The final resident companies will be chosen after recruitment by each nurturing support organization and discussion with Woowa Brothers. Kim Joong-hyun, Head of Woowa Brothers' Value Management Office, stated, "From starting as a startup to growing into a leading domestic platform, we received advice and support from many organizations and the industry." He further expressed his ambition to "generously support the domestic startup ecosystem based on this experience, so that it can become even more vibrant." Woowa Brothers has already consistently made social investments, including designating 1.5 billion won to a social service investment fund and contributing 1.34 billion won to a deep-tech startup support fund. Through this agreement, it is expected that a strong foundation will be laid for South Korean startups to turn innovative ideas into reality and advance onto the global stage.