Seoul Mayor unveils vision to foster learning hubs to lead innovation

Seoul Mayor Oh Se-hoon announces at the World Knowledge Forum held in Seoul on Sep 13. [Photo by Han Joo-hyung]

Seoul Metropolitan City’s mayor unveiled the city’s ambition to transform into a global venture hub by fostering educational grounds for innovation across the city.

“Cities where world-class startups are born tend to house prestigious universities. With 130,000 graduates from 54 universities every year in the city as resources, I would say that Seoul should and would become a base for entrepreneurship,” Mayor Oh Se-hoon said during his speech titled “Global Innovation Hub, Seoul” at the World Knowledge Forum in Seoul on Wednesday.

The mayor emphasized the city’s role in creating an environment for universities to enhance the utilization of their talents and resources while also providing them with the groundwork to facilitate startup activities.

Citing examples such as Silicon Valley and Stanford University, as well as China’s establishment of the high-tech industrial belt Zhongguancun near the nation’s top universities including Beijing University and Tsinghua University, Oh stated that Seoul is also implementing a project to create a “campus town.”

Under the project aimed at supporting local communities and expanding university startups, the city plans to provide up to 10 billion won ($7.5 million) over four years to universities planning business activities to enhance the vitality of local commercial areas, with 1,963 startup teams currently active in 54 universities across Seoul. During his speech, Mayor Oh shared the activities of startup teams from Sookmyung Women’s University and Sungshin Women’s University as examples.

Oh also highlighted the creation of an environment where startups can thrive at a startup event that took place on the same day.

“The employment growth rate at venture companies and startups is more than three times that of the overall employment growth rate in companies,” he said during an investor relations event for startups at Dongdaemun Design Plaza, promoting the recognition of startups’ potential and creative ideas among potential investors.