Table of Contents
- Launch of the Busan Technology Startup Investment Agency (BSIA), Full Scale Development of Busan as a Global Startup City!
- Launch of BSIA – Full Operation of the Startup Command Center
- One-stop Startup Support – From Discovery to Global Expansion
- Venture Investment and Technology Guarantee Fund Loans – Systematization of Funding Strategies
- Space Innovation – Creating Startup Infrastructure that Rivals the Capital Region
- The Impact of BSIA on Busan's Startup Environment
Launch of the Busan Technology Startup Investment Agency (BSIA), Full Scale Development of Busan as a Global Startup City!
Busan City has newly established the 'Busan Technology Startup Investment Agency (BSIA)', which is expected to be the first step towards development as a global startup city.
This agency will prepare a one-stop startup support system that encompasses the discovery, incubation, investment, and overseas expansion of technology startup companies, planning to perform a key role in the startup ecosystem.
This article will summarize the reasons for the establishment of BSIA, its main roles, customized support policies for startup companies, and strategies linking venture investment and guaranteed loans. Through this, we will take a moment to examine the importance and functions of BSIA.
Launch of BSIA – Full Operation of the Startup Command Center
On April 9, at Centum in Haeundae, the 'Launch Ceremony of the Busan Technology Startup Investment Agency' was attended by Mayor Park Hyung-joon and 11 major institutions and private associations related to startups. They announced a new beginning by signing a 'Joint Cooperation Agreement for Creating a Global Startup City'.
The Busan Technology Startup Investment Agency holds significant meaning as the nation’s first dedicated institution for technology startup investment. This agency is organized into five teams: ▲Innovative Startup ▲Growth Base ▲Fund Investment ▲Global Investment ▲Management Support, taking on the role of a professional administrative control tower that systematically supports the stage-wise growth of startup companies. With this support, Busan is expected to leap into a center of startups.
One-stop Startup Support – From Discovery to Global Expansion
BSIA has introduced an overall support system known as the MATRIX model for startup companies. This model begins with providing diagnostic and consulting programs needed by prospective and early-stage entrepreneurs.
It encompasses infrastructure support, attracting investment, and connecting with global networks, serving as a comprehensive support for all processes required by the entrepreneurs.
During the startup diagnostic process, services tailored to the needs of the clients are provided through surveys, SWOT analysis, 5C analysis, and business model reviews.
Additionally, customized support is provided through organized startup spaces according to growth stages: ultra-early (Dream of Entrepreneurs), early (Tium, Green Startup Town), and growth stage (Centap, etc.).
Lastly, we are expanding global exchanges by cooperating with overseas expansion networks such as FLY ASIA and KOTRA.
Venture Investment and Technology Guarantee Fund Loans – Systematization of Funding Strategies
BSIA supports the major challenge of fundraising faced by startup companies in various ways.
Busan City aims to establish a venture fund worth 1 trillion won over the next five years, planning to provide an annual new fund of 200 billion won with a focus on key local industries. Particularly, through collaboration with the Technology Guarantee Fund, we plan to increase guaranteed loans to timely provide the required funds for equipment, personnel, and marketing to startup companies.
By expanding the venture fund, we aim to raise the venture investment ratio compared to GRDP from the current 2.3% to 4.9%, and strengthen the linkage of Technology Guarantee Fund loans based on the participation of financial institutions through cooperation with Kibo and Shinhan. Throughout this process, a virtuous cycle structure of funds supply and demand will be established, enabling stable fundraising through the linkage between funds, guarantees, and investments.
Space Innovation – Creating Startup Infrastructure that Rivals the Capital Region
Busan plans to increase its public startup spaces to 500, which is currently half that of the capital region, aiming to create a startup environment comparable to that of the capital area. These spaces will serve as a hub for organic connections involving discovery, incubation, investment, and overseas expansion for the startup ecosystem.
The goal is to efficiently connect spaces from the initial stages to the growth phase centered around the global startup hub through the 'Hub & Spot Connect' strategy. In particular, promising startups will receive concentrated support for up to 10 years to help the growth of resident companies.
The Impact of BSIA on Busan's Startup Environment
The Busan Technology Startup Investment Agency plays a role beyond that of a simple institution. It serves as a core of the startup ecosystem that integrates private, government, financial, and investment networks, and is expected to be a significant driving force in developing Busan into a representative startup city in Asia.
At the launch ceremony, Mayor Park Hyung-joon emphasized, “The investment agency will become the center of local startups and will work to provide full support and improve the environment so that startups can grow into unicorn companies.” This determination will contribute to further revitalizing Busan's startup ecosystem.
If you are a startup company, now is the time!
Make your dream of growing into a global company in Busan a reality by actively utilizing BSIA's integrated support system.
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