The CCEI of Korea celebrates 10th anniversary, "We will lead the diversification and globalization of the Korean startup ecosystem"

The Center for Creative Economy Innovation (CCEI), which has been leading the creation and development of venture companies and startups in line with the Korean government's startup policy, has celebrated its 10th anniversary. CCEI, which held a ceremony at the Daegu Joongang Convention Center on the 21st of last month, has been building the local startup ecosystem, revitalizing the economy, and collaborating and growing together with startups and large/medium-sized companies. CCEI plans to lead the diversification and globalization of the startup ecosystem of Korea for the next 10 years.

10^th anniversary of The CCEI (source=CCEI Council)

CCEI operates in 19 locations across the Korea, including Seoul, Gyeonggi, Incheon, Gangwon, Sejong, Chungcheongbuk-do, Chungnam, Chungcheongnam-do, Daejeon, Jeonbuk, Jeonbuk, Gwangju, Jeonnam, BitGaram(Naju), Gyeongbuk, Daegu, Pohang, Ulsan, Gyeongnam, Busan, and Jeju. To promote the creation of technology companies that will serve as sustainable growth engines for Korea, the center operates various programs to support commercialization and sales, attract investment funds, and arrange global expansion.

19 CCEI locations has had a positive impact on the startup ecosystem in Korea. It has helped budding entrepreneurs fulfill their dreams and promising startups go global markets.

By 2023, 23,430 companies in Korea will have been started with the help of CCEI. It will have attracted KRW 4.1575 trillion worth of investment and created 64,426 jobs. There were also 56 M&As, and IPOs. In the process, CCEI provided 143,660 consultations related to legal, financial, and intellectual property rights.

Achievements of 2024 are even more remarkable. Seoul and Gyeonggi CCEI participated in the Edison Awards in the U.S., the country's top invention award and the Oscars of innovation, and placed 10 startups, including ‘Korea Deep Learning’, on the list of winners. Gyeonggi and Gyeongbuk CCEI have partnered with the Dubai Integrated Economic Zones Authority(DIEZA) to establish a partnership between the Korean and Middle Eastern startup ecosystems.

CCEI plans to build on the achievements of the past 10 years and strive for globalization and diversification of open innovation in the next 10 years. To this end, the CCEI will establish startup support programs that reflect regional characteristics. The Jeju CCEI offers workcation(work + vacation) programs, while the Chungbuk CCEI promotes a project to support open innovation platforms for pharmaceutical companies. Together with 59 domestic pharmaceutical and biotech companies and KIMCO, a non-profit foundation created by the KPBMA(Korea Pharmaceutical and Bio-Pharma Manufacturers Association), CCEI plans to discover pharmaceutical startups and conduct joint research and development.

CCEI will also strengthen the Deep Tech Valuation-Up program, led by the CCEI, to connect large companies and top startups to achieve results. While open innovation is a program where large companies and startups work together to validate new business concepts, the Deep Tech Valuation-Up program promotes joint technology development, contracts, and joint entry into the global market. It is a program that directly affects the growth of large companies and startups.

"The CCEI will do its best to increase corporate value through expanded startup investment and deep tech-based growth support programs, and to activate startup networks as a dedicated regional entrepreneurship institution," said Deuk-chang Oh, chairman of the CCEI Council.

Minister of SMEs and Startups, Young-joo Oh said, "CCEI has elevated the local startup ecosystem, which has been barren for the past decade, to the next level with large companies, local governments, and related organizations.", "I will promote startup support projects in the ‘3 policy directions’ of 'deeper, wider and closer’ to the region to resolve the polarization of the local startup ecosystem."

By Won-hong Lee (bluesky@donga.com)