Producing 3D videos, creating performances by using LEDs or holograms: these are some examples of creative cultural contents that are currently being developed by venture start-ups with unique ideas in Korea.
Some of these promising start-ups in the culture content industry will now be working near each other in one large workplace in central Seoul, thanks to the newly opened Culture Creation Venture Complex, which opened Dec. 23.
The complex was established by the government in order to foster start-ups in the cultural content sector. A total of 93 selected start-ups will move into the complex by the end of this year. The complex will offer free office space and other facilities to these enterprises for two years. It will then conduct an evaluation of all companies and provide them with discounts in office rental fees and other benefit by means of a business support fund for up to four years.
At the opening ceremony, which took place in Jung-gu District, Seoul, President Park Geun-hye said, “I hope the Culture Creation Venture Complex can lead a great development in the cultural content sector, further develop this new industry and become the heart of Korea’s economic revitalization, growing continuously in the coming years.”
“The cultural content industry creates more than twice as many jobs as the manufacturing industry does. Also, more than half of the employees in the sector are less than 34 years old. It is therefore an industry for youth which guarantees sustainable growth. The newly opened complex is your future and the future of the country,” President Park emphasized.
“What we need now is a new future growth engine which will outstrip existing growth paradigms,” said the president, expressing her hope that the newly built complex can serve as a locomotive that will lead Korea to the goal of realizing the creative economy vision that she has described numerous times in the past.
President Park also vowed to provide active support for the complex so that the country can have more talented human resources who will lead the culture industry in the world, and so that excellent firms can be born continuously.
The Culture Creation Venture Complex has been established jointly by the government and the private sector in order to create a virtuous circle in the ecosystem of start-ups in the cultural content sector. The complex is the first step of what is being called the Culture Creation and Convergence Belt, which the government plans to build by the end of 2017 in order to realize two of its policy priorities -- cultural enrichment and the creative economy. The Culture Creation and Convergence Belt consists of the Cultural Convergence Center, Culture Creation Venture Complex, Creative Economy Leaders Academy, and K-Culture Valley.
