○ Gyeonggi Venture Business Center in Anyang City renovated as startup incubation hub for all development stages
○ Full development support from pre-opening, first stage of entrepreneurship (1-3 years), and growth stage (3-7 years)
○ Affordable office support and operation of tailored entrepreneurship support programs
○ “Maker’s Space” for producing prototypes of outstanding ideas

The Gyeonggi Provincial Government and the Gyeonggi Business and Science Accelerator (GBSA) announced on October 21 that they have renovated the Gyeonggi Venture Business Center (GVBC) in Anyang City as a comprehensive startup incubation hub that supports all stages of startup development.

GVBC, opened in Manan-gu, Anyang City, in 2005, provided office spaces and consulting services to startups in their third to seventh years of development.

However, since there are no facilities in the southwest region of Gyeonggi Province that support all stages of startup development, there have been suggestions that GVBC should support pre-startups and startups in their first stages of development (1-3 years).

Therefore, according to a pledge made by the current provincial administration for the realization of a fair entrepreneurship ecosystem, the provincial government decided to refurbish one floor (869.52㎡) among the three in the center to support and incubate aspiring and new entrepreneurs.

The space that has become a startup incubation hub for all development stages will now feature diverse support programs for startups in the southwest region of Gyeonggi Province.

Sixteen offices that can be used by two to six people each are supported with monthly rent of KRW 20,000 to 60,000, and other facilities including an open conference room that can accommodate up to 18 people and a collaboration area are provided for free.

Customized support programs for each development stage will include activities ranging from establishing a business model to accelerating, investing, and overseas marketing, considering startup levels and features.

Also, to quickly resolve various technical and management difficulties, supported programs include: one-on-one mentoring by experts in the fields of entrepreneurship, finance, personnel/labor, marketing/export, investment; corporate competency enhancement training; and brown bag meetings.

Of particular note, a “Maker Space” equipped with 3D printers, plotters, and other tools for creating prototypes will be all provided for free, as well as a photo studio, conference room, and resting/networking lounge.

Aspiring entrepreneurs and startups with three or less years of experience are eligible to apply for office space. They will be selected based on their technologies and marketability. The support programs will be provided for a maximum of two years. The open space is supported for use at any time upon request.

Business Incubation Support Division Director Park Sang-deok said, “Through systematic support for SMEs and startups, we plan to discover and incubate new business models to revitalize the local economy and create more jobs. We plan to expand the foundation for fostering future growth industries and advancement of regional industries by creating a technology-intensive startup ecosystem.”

The Gyeonggi Provincial Government is currently operating 17 GVBCs in Anyang, Goyang, Guri, Namyangju, Yangju, Uijeongbu (1 and 2), Paju, Pocheon, Gimpo, Bucheon, Seongnam, Suwon, Anseong, Uiwang, Pangyo, and Pyeongtaek.