- Selected as the global hub center among the nation’s 19 Centers for Creative Economy & Innovation, serving as a key hub for global inbound and outbound activities
- Through the Early-Stage Startup Package, including deep tech in 2025, a total of 33 startups were supported. As of 2025 in the general sector, these startups achieved KRW 43.7 billion in revenue, created 64 jobs, and secured KRW 1.8 billion in investment
- Through collaboration with Lotte Group, its dedicated corporate partner, the Center provides support for technology proof-of-concept (PoC) projects and market access development
Yong-woo Kim (Dennis Kim), CEO of the Busan Center for Creative Economy & Innovation
CEO, Busan Center for Creative Economy & Innovation (Nov. 2023 – Present)
Startup Policy Lead, Task Force for the Establishment of the Busan Startup Agency (Aug. 2022 – Oct. 2023)
Research Professor, Drone Center, Dong-A University (May 2021 – Jul. 2022)
Research Professor, ERC Research Institute, Pusan National University (Dec. 2013 – Oct. 2018)
What are the key programs that the Busan Center for Creative Economy & Innovation is currently running?
“We operate lifecycle-based support programs covering all stages of startup growth, from pre-startup and early-stage ventures to scale-ups, spanning initiatives such as fostering an entrepreneurial culture, accelerating promising companies, open innovation, global expansion, and investment. In particular, we are working to expand open innovation by building partnerships with a range of large and mid-sized enterprises, including our dedicated corporate partner, Lotte Group, and connecting them with startups. In early 2025, we were also selected as the global hub center among the nation’s 19 Centers for Creative Economy & Innovation and are currently serving as a global inbound and outbound hub. The Center currently manages startup investment funds totaling KRW 12 billion and was recently selected as an operator of the private investment–led technology startup support program, ‘TIPS’, run by the Ministry of SMEs and Startups. In addition, as part of efforts to address regional population decline, the Center is also implementing a workation program aimed at increasing the living population. In this regard, the Center is contributing to the revitalization of the regional startup ecosystem through initiatives such as attracting overseas digital nomads and supporting the relocation of out-of-region companies to Busan.”
How would you assess the performance of the Early-Stage Startup Package in 2025? How many companies are being supported, and what results have they achieved?
“In 2025, we are supporting a total of 33 companies, including 23 in the general sector and 10 in the deep-tech sector. Based on the general sector in 2025, these companies achieved KRW 43.7 billion in revenue, created 64 jobs, and attracted KRW 1.8 billion in investment.”
“The biggest challenge in 2025 was the contraction of investment sentiment due to the global economic slowdown and a prolonged high-interest-rate environment, which in turn made investment linkage more difficult. As investment trends have rapidly shifted from growth-oriented company evaluations to a stronger focus on profitability validation, fundraising for early-stage startups with limited revenue has been delayed compared to initial plans. However, rather than viewing this solely as a crisis, the Center is strengthening its direct investment capabilities by forming a parent fund and being selected as a TIPS operator.”
“There is strong support for proof-of-concept (PoC) and market access linkage through our partner, ‘Lotte Group.’ Other managing institutions are strong in R&D and mentoring, but they have limitations when it comes to opening up ‘market channels’ for actual market entry. The Busan Center for Creative Economy & Innovation can actively leverage the distribution and service infrastructure of its dedicated corporate partner, Lotte Group. This enables optimized market access support for B2C and consumer goods startups. There are programs that facilitate placement in the online and offline distribution channels of Lotte affiliates, including Lotte Mart, Lotte Department Store, Lotte Home Shopping, and Seven-Eleven, providing early-stage startups with opportunities to enter large-scale distribution networks that are difficult to access independently. Furthermore, startups that offer technologies or services needed by Lotte affiliates are more likely to gain opportunities for proof-of-concept (PoC) through the Busan Center for Creative Economy & Innovation, with strong potential to progress to actual supply contracts. This provides ‘references’ that go beyond mere financial support.
Another key strength is an investment network centered on the southeastern region, supported by direct investment capabilities. To overcome the regional disadvantage of having a weaker investment ecosystem compared to the Seoul metropolitan area, our Center is building an investment network specialized in the southeastern region (Busan, Ulsan, and Gyeongnam). We provide IR opportunities designed to draw concentrated interest from ACs and VCs focused on the southeastern region. In addition, we either utilize our own investment resources or work closely with leading regional investors to actively consider direct investment in outstanding graduating startups or recommendations for the TIPS (a private-led tech startup support program) program.
Finally, we provide excellent location advantages along with follow-up incubation space support. In terms of startup infrastructure, the Center is also located in Centum, one of the most pivotal areas in Busan. Located in Haeundae Centum City, Busan’s hub for information and communications, media, and knowledge-based service industries, the Center benefits from excellent accessibility and strong connectivity with nearby startup support organizations. Beyond the implementation period of the Early-Stage Startup Package, we strive to provide a stable business environment by linking graduating companies to incubation spaces within the Center or to other startup facilities operated by the City of Busan.”
“The Early-Stage Startup Package (hereinafter referred to as the ‘Early Startup Package’) is a highly popular and competitive program. The evaluation for the Early Startup Package is conducted in two main stages—document review and presentation evaluation—and both stages are fundamentally assessed based on the logical flow of the PSST framework (Problem·Solution·Scale·Team). First is ‘P’, which refers to problem identification (Problem). Evaluators are fundamentally skeptical by nature. When asked, ‘Is there really such a problem in the market?’, it is not enough to answer simply, ‘Because it’s inconvenient.’ Applicants must demonstrate how serious and concrete the problem is by presenting data or real customer cases. Second is ‘S’, which stands for the solution (Solution). The core considerations are ‘whether your solution offers a clear competitive edge over competitors’ and ‘whether you genuinely have the capability to deliver it within the program period.’ Rather than pursuing infeasible technology, what matters is having a clearly differentiated solution and a concrete plan. Third is ‘S’, which refers to the growth strategy (Scale-up). Instead of simply claiming that the market is huge without any basis, it is more persuasive to present a concrete business model and market entry strategy that clearly explains ‘who you will sell to first (your initial target customers), how you will generate revenue, and how you plan to scale the market.’ Finally, ‘T’ stands for team capability (Team). In particular, the founder’s expertise is critically important. You must demonstrate why you are the right person to solve this problem by drawing on your past experience and expertise. Having a team in place that can carry out key functions is far more credible than working alone. Selected startups receive up to KRW 100 million in commercialization funding (with an average of approximately KRW 70 million), along with specialized programs offered by each managing institution.”
Are there any success stories among startups from the Early-Stage Startup Package?
“I would like to introduce team reboott (CEO Sung Cheol Choi), a company that has grown together with the Center, ‘sharing both challenges and successes.’ We first connected through the Pre-Startup Package, and by continuing through the ‘Early-Stage Startup Package’ in 2024, we were able to witness up close the process by which the idea was solidified into a real business. The reasons why we consider team reboott a success story can be explained from three main perspectives. First, they fully progressed through the Center’s step-by-step growth ladder, moving from the pre-startup stage to the early-stage phase. At the Pre-Startup Package stage, team reboott was full of passion and ideas, but was still at a stage that required ‘market validation (PMF).’ During this period, the Center focused on providing intensive support to refine the idea and further develop the prototype. Through the pre-startup stage, the business model became clearer, and during the Early-Stage Startup Package period, the team focused on full-scale commercialization, securing market channels for revenue generation, and further advancing the product. Through the Center’s support programs, meetings were facilitated with a range of investors and partner companies.
Second, the Center made a direct investment. Rather than simply providing financial support, the Center also plays the role of a public accelerator by making direct investments in high-potential startups. The Center highly evaluated team reboott’s execution capabilities demonstrated over the past two years, the founder’s competence, and the product’s market potential, and made a direct investment of KRW 200 million.
Third, it has established itself as one of Busan’s leading high-potential startups. Building on the Center’s systematic incubation and direct investment, team reboott has grown into one of Busan’s leading technology-based startups. In addition to creating jobs within the region, it also serves as a strong role model for aspiring entrepreneurs.
In short, team reboott exemplifies the success of the Center’s fully integrated support system, spanning ‘pre-startup discovery’, ‘early-stage incubation’, and ‘direct investment.’ Going forward, we will continue to be a partner that discovers promising local startups and takes responsibility for nurturing them through to the very end.”
“Launched in 2021 and now in its fifth cohort as of 2025, the ‘B Startup PIE (Potential Investment for Early-stage Startups)’ program is a highly competitive investment placement program at the selection stage. By selecting high-potential early-stage startups, the program offers investment mentoring and review support in partnership with over 20 private investment partners. In its fourth cohort in 2024, 10 startups collectively raised KRW 19 billion in investment, achieving a record-high outcome. The program also enables startups selected under the Center’s Early-Stage Startup Package to scale up, while allowing the Center to conduct direct investment reviews.”
How are you supporting companies in attracting investment?
“For many startup founders, the most difficult and most sought-after element is ‘funding’ for sustainable growth, in other words, attracting investment. The Busan Center for Creative Economy & Innovation goes beyond the role of a conventional startup support institution, serving as a reliable direct investor and a strong investment partner for startups in Busan and the southeastern region.
First, as an accelerator (AC), the Center makes ‘direct investments’ in promising companies. The Center is a public accelerator registered with the Ministry of SMEs and Startups. Through angel investment association funds directly established and managed by the Center, direct capital is invested in early-stage startups with strong technological capabilities and market potential. This plays a crucial role as a catalyst in drawing investment from private VCs.
Second, the Center operates the TIPS program, widely considered the flagship initiative for technology startups. In its role as a TIPS operator, the Center identifies high-performing startups from its direct investment portfolio and recommends them for participation in the TIPS program. Once selected for TIPS, startups can receive additional government R&D funding of up to KRW 500 million (a larger amount in the case of Deep Tech TIPS), on top of private investment, providing a decisive springboard for company growth.
In short, the Center operates a ‘full-cycle investment support system’ that spans direct early-stage investment, TIPS-linked R&D funding, and connections to VC networks for subsequent financing. If you are a promising startup in need of investment, we encourage you to knock on the Center’s door at any time, and we will work together to find ways to grow.”
What are your goals for 2026?
“As a regional public accelerator, the Busan Center for Creative Economy & Innovation will continue to go beyond simple startup support and work toward addressing polarization in the startup ecosystem between the capital region and local areas. Going forward, the Center will concentrate on advancing AX in regional strategic industries via startups, activating the TIPS program using fund resources, and scaling up global and open innovation through nationwide Centers for Creative Economy & Innovation and regional networks.”
reporter jinho lee
jinho2323@hankyung.com
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