CJ launches start-up incubation center in Seoul

“The Seoul center will help establish collaboration models between private firms and public institutes to promote entrepreneurship and support start-ups to tap into global markets,” the ministry said in a press release.

Seoul has around 115 venture capital firms, accounting for 92 percent of the nation’s total, and 6,650 ventures, or 22 percent of all venture firms in the nation, are based in the city.

CJ and the ICT Ministry are planning to make the most of the city’s potential to build a start-up ecosystem.

The center’s 964-square-meter main office, featuring work studios and conference rooms, will be located on the first floor of the headquarters of mobile carrier KT in Gwanghwamun. A second office, to house 40 start-ups, will be on the fifth floor of the Seoul main office of Korea Post, the national postal service, in Jongno-gu.

The creative economy center will serve as a venue for those aspiring to start businesses and private start-up nurturing organizations to network and share information on support programs for entrepreneurs, the ministry explained.

Fledgling entrepreneurs will have the chance to join a number of events, including a joint demonstration day where start-ups present their products and services, and meetings with other business operators and investors.

The center will also run programs to connect competent college students with entrepreneurs that seek young talented staff, and crowd-funding campaigns.

In order to encourage college students to jump into the start-up sector, the center will work with colleges and universities in the city to arrange start-up curriculums and hold contests in which students showcase their business ideas.

CJ Group will help promising entrepreneurs to make forays into global markets by helping them to attend global events held by the entertainment business wing of the conglomerate, and selling their products via the conglomerate’s e-commerce platforms.

CJ will also put a focus on nurturing food-tech start-ups, such as those for food delivery service apps and restaurant recommendation apps, and will offer marketing consultations for the businesses.

Working together with the Seoul city government, the company will nurture the local fashion business by supporting fashion designers and start-ups.

Designers who attend programs run at the creative economy center can have the chance to showcase their garments at the biannual Seoul Fashion Week.

By Kim Young-won   (wone0102@heraldcorp.com)