Posco vows to foster startups, regional economies

Representatives from South Korean steel giant Posco on Wednesday met with government officials to explore ways to boost Korean startups and revitalize the regional economy, discussing the performance of its in-house venture development platform and its future outlook.

The meeting took place at Change Up Ground in Pohang, North Gyeongsang Province, one of its venture incubator facilities, with more than 40 people in attendance. It included Chairperson Woo Tong-ki of the Presidential Committee for Decentralization and Balanced Development, Minister of SMEs and Startups Lee Young, alongside those from 19 Creative Economy Innovation Centers among others.

During the meeting, Posco presented the current status of its unique venture infrastructure and successful stories of startups nurtured through its initiatives. It also discussed diverse ways to collaborate with Creative Economy Innovation Centers and major firms across the country to tackle pressing social issues such as the degeneration and extinction of local towns.

Posco's venture platform consists of Venture Valley and Venture Fund.

Venture Valley aims to nurture startups by providing support for groundbreaking research and development through its industrial-academic partnership in collaboration with renowned institutions such as Pohang University of Science and Technology, and the Research Institute of Industrial Science & Technology.

In particular, Change Up Ground, located in Pohang, Seoul, and Gwangyang, South Jeolla Province, offers office spaces and various facility support for some 161 startups. According to Posco, some of these companies have relocated their branches or manufacturing plants to Pohang, creating new job opportunities and spurring the local community.

Through Venture Fund, Posco has been investing in promising startups both at home and abroad as well as those fostered through Venture Valley. Since its establishment in 2019, it has raised funds worth about 2.7 trillion won ($2.08 billion).

"We will continue to seek ways to advance our startup infrastructure to foster innovative future business projects while promoting mutual prosperity with SMEs and the local community,” said Posco Holding's Chief of Industry-Academy-Research Cooperation Park Sung-jin.