The Korea Times
The government will designate 10 cities to serve as major hubs for startup ecosystems by next year in a bid to promote balanced regional growth and create more jobs for young people, the finance ministry said Friday. It will first designate four cities that house the country's major science institutes — Daejeon, Daegu, Gwangju and UIsan — as startup hubs this year, and name six more cities outside of the greater Seoul area with such potential next year, according to the Ministry of Finance and Economy. The ministry said the initiative aims to help promote balanced regional growth as the country's startup infrastructure is mainly focused in Seoul, while other regions are suffering an outflow of population due to the lack of industrial infrastructure. Korea ranks No. 20 across the world in terms of startup ecosystem competitiveness, with massive investment in research and development (R&D) projects and active patent applications, but only has three cities listed in top 500 startup cities, the ministry said, citing data from global startup ecosystem research platform StartupBlink. The U
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