An incubator of start-ups and warm home for IT business. Creation, Development, Innovation is easy with the support of Pangyo Techno Valley.
Inspired by Silicon Valley,
other industrial centers have also grown. One example is Silicon Alley in New York City. Silicon Alley is a
center for online industry and new media. Similarly, Korea has its own techno
valley. In Gyeonggi Province, Pangyo Techno Valley is Korea’s leading hub of advanced
innovation for IT companies; it actively supports start-up development and
overseas expansion.
Introduction to Pangyo Techno Valley in Gyeonggi-do
Completed in 2016 in
Seongnam City, Gyeonggi-do, Pangyo Techno Valley is a global hub of research
and development centered on IT, BT, CT, and NT that integrates research,
people, information, and commerce. Pangyo Techno Valley also represents
Gyeonggi-do as an innovation cluster and fosters technological innovation,
human resources, and competitiveness in the global arena. With initial
development costs of KRW 5.27 trillion, there are now approximately 1,400
companies operating in Pangyo Techno Valley, generating a combined total revenue of KRW 52.9 trillion.
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| Hundreds of global companies benefit from the techno valley's consortium |
Introduction to the 2nd Techno Valley in Pangyo, Gyeonggi-do
Building upon the
success of Pangyo Techno Valley, a 2nd Pangyo Techno Valley was
launched in 2014. As of 2020, it has become a mecca of promising IT companies
and overseas expansion.
Government authorities
lifted restrictions on land resale in some parts of the Pangyo area in January of
this year, resulting in active investments by companies and institutions.
Support Facilities
The influx of
companies to Silicon Valley is an undeniable fact. Silicon Valley’s renown as a
start-up heaven through its location and entrepreneurial, deregulated
environment has fostered networks of people who join together in learning,
innovation, and collaboration.
Similarly, Pangyo Techno
Valley in Gyeonggi-do also fosters such an environment. The 2nd
Pangyo Techno Valley offers an avenue for start-ups and other business ventures
that lead future technologies. Its public-led space provides various supports
to companies that just recently moved in. Pangyo specifically supports tenant
companies in six categories: creative space, growth space, venture space,
innovative enterprise space, global space, communication, and exchange space.
There are also various facilities supporting entrepreneurs including a corporate
support hub, a corporate growth center, housing support amenities, global Biz
centers, and a knowledge industry center.
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| Pangyo Techno Valley provides optimum use of facilities |
Supporting Projects
Gyeonggi Province is
also pursuing various support projects for the growth of Pangyo Techno Valley and
the surrounding areas.
The Gyeonggi Center
for Creative Economy & Innovation hosts the “Pangyo Startup Zone,” a nexus for
startups in the 2nd Pangyo Techno Valley. The project caters to 400
companies that seek to move into the zone. From the high number of applicants,
only 53 accepted companies will receive benefits such as low office space rent,
support networks, and various other programs for the next three years.
The project
organizers plan to focus efforts on the expansion and creation of public
knowledge industry platforms and support for youth start-up activities with 200
start-up houses, cafes, and support facilities in Pangyo.
Gyeonggi Province has pledged
its commitment to the “Pangyo Global Startup Promotion Project” from January
2020 to December 2022. This project entails a budget of KRW 1 billion, with KRW
50 million for 20 companies that have high potential to enter overseas markets.
Accordingly, it fosters an active community of Korean start-ups in the global
market. Global companies such as Techstars, SOSA, andGongbao are some distinguished companies that moved into Pangyo 2nd
Techno Valley.
Project organizers have
also launched a special cultural zone for games and content in Pangyo, which also
became the home of a start-up support center in January 2020.
Through the
concerted efforts of occupant companies, Pangyo Techno Valley has become a hub
of Korean start-ups pursuing advancement into global markets. It is fostering
an ecosystem of innovation that can compete globally.
Moreover, research and
development (R&D) centers are also located in Pangyo. R&D drives the
growth of companies, and among the R&D centers operating in Pangyo are those
of NHN, NCsoft, Nexon, Neowiz, Kakao, Samsung Heavy Industries, Samyang Group, and
more. R&D centers for the KT Group and Hyundai Heavy Industry are also currently
being constructed in the 2nd Pangyo Techno Valley and will soon
begin full-fledged operations.
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| With fintech and blockchain technology, Pangyo Techno Valley will lead the industry |
Development of a 3rdPangyo Techno Valley began in 2020 with completion slated for 2023. It will consist
of three clusters: an innovative cluster that houses the financial industry
through fintech and blockchain initiatives; a convergence cluster for high-tech
industries; and a neighborhood cluster that caters to cultural and neighborhood
living facilities.
By fostering globally
competitive companies through Pangyo Techno Valley, Gyeonggi-do has become the
home of the “Silicon Valley of Korea” in a diverse range of future-leading
industries.
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