“Wait a minute. I have a question. What is in it for the big companies? What do they get from this collaboration? Do they participate in this for CSR (corporate social responsibility)?”

The session was not meant to be a debate, and yet it happened to become one in a very spontaneous manner. A minister of a country said he would stay in our center for 40 minutes, but he stayed for 1 hour and 40 minutes. It was not because the schedule was mixed up, but because he simply had many questions to ask about the Gyeonggi Center for Creative Economy and Innovation. And this is not unusual.

Such situations are frequently witnessed among visiting high-ranking officials from different countries.

More than 870 high-ranking officials and public figures from over 100 countries have visited the center in the last six months. And many more are calling in to make an appointment for the visit. This small 1,256-square-meter office space has attracted extensive number of important figures from abroad.

Many of the visitors come with ample questions in mind about GCCEI and 17 other such centers across the country.


Indeed, GCCEI has achieved significantly. A total of 12 innovative start-ups have been launched with the support of the center. Some 16 start-ups have induced $12 million so far. While the figure may fall short of being more than impressive, the center remains an attractive destination for dignitaries around the world.

Firstly, they are keenly interested in the collaboration between the central government, local governments and big companies. They say it is unheard of and it is almost impossible in their countries, no matter where they are from. Particularly, they don’t understand how it is even possible to involve big companies such as KT, Samsung, LG, etc. in the first place.

One high-ranking official from Canada said it would be impossible to establish an innovation center like GCCEI involving a big company. Governments get involved in acceleration of start-ups and big companies accelerate start-ups. But they work separately, not together. That is the very reason foreign government officials are stunned to see what is happening at GCCEI. Regardless of the results, they consider the joint efforts very positive and desirable.

Secondly, they are very impressed by the Korean government and the local governments actively uniting resources in accelerating start-ups and encouraging innovation and entrepreneurship.

One renowned foreign journalist asked, “Look at Silicon Valley in the USA. It grew organically and naturally. Now the Korean government is growing a Korean version of Silicon Valley in an unnatural way. Do you really believe it is going to work that way?”

This question may seem to cast some doubts about the effectiveness of the government’s participation. But at the same time, this question is raised purely out of curiosity. This is about how it is even possible for governments to play any role to help start-ups. Many high-ranking foreign visitors want to know what role the governments should play to boost entrepreneurship, to help innovative start-ups, and to have a positive influence on their own economy, other than just running a state-owned business center. In other words, they try to take our case into consideration, because, after all, it might be worth a try.

It is not about GCCEI being great or not. It is more about giving your best shot at something seemingly not easily achievable. They have a high opinion of GCCEI, not because of what we have achieved so far, but because of what we are going to achieve sooner or later.

Thirdly, they all share the same concern about economy, unemployment rates, preparation for the future, lagging behind the age of technology, etc. They are immensely curious about how innovative start-ups can make a big difference on the economy and the advancement of technology. They are mesmerized with nurturing a good ecosystem for start-ups, providing an open innovation platform for big companies, start-ups tapping into the huge resources of big companies and big companies collaborating with start-ups for innovation. This is not to say Korea is great. Far from it. We have a long way to go.

Last but not least, they are all in agreement about the need to incubate or accelerate start-ups. Start-ups are more likely to fail than succeed. Unfortunately, within 5 to 7 years, definitely more than 60 percent of them are doomed to fail. That’s why incubating or accelerating them can be of paramount importance.

After all, incubating start-ups at the early phase of growth and accelerating them at the later stage of growth can augment the success rate and help them to stand on their firm feet. Just like a human infant or adolescent, timely incubating or accelerating for start-ups can be of great value and help. For this reason, the central government, local governments and big companies gather together in Korea. And they all concur with the idea.

At GCCEI, we talk about a lot of diverse approaches on these issues with foreign high-ranking officials, executives and leaders constantly.

And they are more than willing to cooperate and collaborate to transform ideas into profit-making businesses and accelerate start-ups, believing that it will make all of us better prepared for the future.

Decision-makers may be faced with two options: wait for their own version of Silicon Valley to grow organically, or try every possible means to foster one.

The concept of Silicon Valley connotes entrepreneurship, trying something new, nurturing innovative ideas or businesses, thinking out of the box and finally making a huge progress in terms of well-being, wealth and many positive advancements for the next generation.

Now, all over the world, innovation is a buzzword, connected to the brighter and better future. Creative economy aims to bring creativity and innovative elements from the people, thereby resolving economic issues such as high unemployment rate and having successful start-ups become the essence of the economy.

That is why a number of foreign leaders, high-ranking officials, diplomats and business executives do not hesitate to come visit GCCEI for further discussion and debate, looking for solutions together. It all comes down to survival, after all. 

By David Sehyeon Baek


--------------------------------------------------------------------------------------