Seoul to create world’s largest unicorn incubator in Seongsu

Sampyo’s ready-mixed concrete plant site in Seongsu-dong, Seongdong District, Seoul [Photo by Lee Seung-hwan]

The Seoul Metropolitan Government unveiled plans Wednesday to make the capital city the world’s fifth-largest startup destination by building a unicorn incubator hub in Seongsu-dong and creating more overseas bases for startups.

During a press briefing, Seoul Mayor Oh Se-hoon pledged that the city will groom 50 global unicorn companies, which are unlisted startups with an enterprise value of more than 1 trillion won ($775 million), by 2030.

Under the plan, Seoul Unicorn Startup Hub with an area of 100,000 square meters will open by 2030 in a parking lot in Seoul Forest next to Sampyo’s ready-mixed concrete plant in Seongsu-dong in Seongdong District.

It will be larger than Station F in Paris (30,000 square meters) and JTC LaunchPad in Singapore (60,000 square meters), both of which are known for business incubation hubs.

Seoul’s Unicorn Startup Hub will house early-stage startups and prospective unicorns, and private organizations and companies will be responsible for selecting, nurturing, and investing in the startups.

The Seoul Metropolitan Government will create a dedicated fund of 100 billion won to support incubation startups and invest directly in them.