IFEZ Journal

 

Incheon Startup Park Helps K-Startups Scale Up Toward Unicorn Status

Incheon Startup Park has established itself as a hub where early-stage startups can verify technologies and bring their ideas to market. One such company is MOIDA, a resident at Incheon Startup Park I. CEO Choi Jin-myeong, with two decades of experience in managing fitness centers, developed “Allbody,” a tailored fitness solution that integrates AI motion-recognition technology with IoT devices. After pilot testing with apartment residents, the company confirmed both the reliability of its technology and its market potential. Recently, it was recognized as an innovative product by the Public Procurement Service, opening the door to the public sector market. The company is now expanding into Japan, Europe, and the Americas.

Building on last year’s achievements, the Incheon Free Economic Zone Authority (IFEZA) aims to strengthen the transition from demonstration to market entry in 2026. To achieve this, IFEZA plans to expand Incheon Startup Park III to attract and support more high-performing companies. The authority intends to revise the relevant ordinance in the first half of the year, increasing eligibility from startups founded within seven years to those founded within ten years, thus lowering the entry barrier for early-stage companies. Approximately 20 companies are expected to be newly selected across two rounds—one in the first half and another in the second half of the year.

The AI demonstration program, TRYOUT, will be officially launched. It will involve ten public institutions, including Incheon Urban Corporation and Incheon Port Authority, as well as fourteen private companies such as Celltrion, Kia, Kakao Mobility, and SK ecoplant. A total of 47 startups will be selected to participate, with an average demonstration funding of KRW 30 million and up to KRW 50 million per company.

Incheon Startup Park will also aim to lead a global AI project. Using the European Union’s International Urban and Regional Cooperation (IURC) program, it plans to create an international joint demonstration model for AI-based urban safety data in cooperation with cities like Barcelona, Hamburg, Osaka, and Kaohsiung. The project will unfold in phases: starting with an international agreement in November, followed by joint pilot planning in 2027, and establishing a global AI demonstration hub in 2028. This initiative is designed to help startups progress from testing and demonstration to attracting investment, expanding into new markets, and reaching a global audience.

2026 K-Bio Lab Hub Pilot Project Begins, Laying the Groundwork for a Stronger Startup Ecosystem

IFEZA has signed an MOU with the Incheon Center for Creative Economy & Innovation to officially launch the “2026 K-Bio Lab Hub Pilot Project.” This initiative precedes the main project, scheduled for completion in 2028, and support programs for a total of 50 member companies will be expanded.

The project aims to enhance business competitiveness by supporting early-stage startups and facilitating open innovation collaborations with anchor companies in Songdo. It also seeks to improve expertise through changes in the operational structure. A 1,072㎡ facility has been established at Yonsei University International Campus, equipped with laboratory and office spaces, currently hosting eight startups in the new drug development sector. The K-Bio Lab Hub is expected to serve as a key component of the Songdo bio cluster ecosystem and develop into a more organized and specialized support organization.

Solar Energy Support Expanded for Homes in Songdo, Yeongjong, and Cheongna to Save Energy and Promote Carbon Neutrality

IFEZA announced plans to implement a subsidy program to support renewable energy installations in private homes across Songdo, Yeongjong, and Cheongna. Approximately 62 households will benefit from installations of solar, solar thermal, and geothermal systems. Subsidies will be available up to KRW 1.2 million for a 3kW solar power system, KRW 840,000 for a 6㎡ solar thermal system, and KRW 3.01 million for geothermal systems of 17.5kW.

Applications will be accepted from April 14 to December 4, or until the budget is exhausted, whichever comes first. After the solar installations are completed, they are projected to produce 238MW of electricity annually and lower monthly household electricity costs by approximately KRW 90,000 to KRW 110,000. IFEZA anticipates that the program will strengthen citizen energy self-reliance and further promote the adoption of renewable energy in the region.

RC Track Completed at Songdo Moonlight Park, Expanding Leisure and Tourism Infrastructure

Incheon has finalized an RC sports track at Songdo Moonlight Park and held an opening ceremony. It is Korea’s first RC car track managed by a public institution and was constructed as an on-road circuit conforming to International Federation of Model Auto Racing (IFMAR) standards.

The site covers approximately 20,000㎡ and features main, auxiliary, and children’s tracks, along with spectator stands and driver platforms. It is designed to serve both public recreational use and international competitions. After a pilot run and the launch of an online reservation system, the track is slated to open officially in June or July. Developed as part of a citizen-initiated pledge, the project aims to enhance leisure infrastructure. Incheon also intends to activate Moonlight Park as a versatile leisure hub to attract visitors and stimulate regional interest.

Connected Car Certification Center Opens in Cheongna, Strengthening the Future Mobility Industry Base

‘Sweet Home Guide’ Service Launched to Help Foreign Residents Purchase Housing

IFEZA has launched the “Sweet Home Guide,” a land transaction permit consultation service aimed at enhancing convenience for foreigners buying homes in Songdo International City and fostering stable settlement conditions. Since proof of financing and other supporting documents became mandatory in February 2026, there has been increased demand for specialized administrative guidance.

In response, IFEZA will offer tailored assistance throughout the entire process, including personalized pre-consultations, support with document preparation, and guidance on post-purchase responsibilities. By examining financing options and clarifying mandatory requirements, the service aims to reduce speculative demand and promote transparency in transactions. IFEZA anticipates that this approach will improve settlement conditions for foreign residents and foster a more stable real estate market. Additionally, it is expected to ease the challenges faced by prospective foreign buyers in navigating complex administrative procedures.

Cheongna Lake Park and Canalway to Be Upgraded into Waterfront Cultural and Nightscape Attractions

IFEZA said it will redevelop Cheongna Lake Park and Canalway into integrated waterfront spaces. A total of KRW 2.1 billion will be invested in phases to create waterfront relaxation areas, experiential and cultural facilities, and nighttime landscape lighting.

At Cheongna Lake Park, a canal-style waterway and leisure facilities will be installed, featuring a curtain fountain and cooling fog to enhance comfort. At Canalway, an experiential waterfront cultural space will be developed, along with a waterside experience area and rest facilities around Changhae Culture Park. Additionally, nighttime landscape lighting improvements will be undertaken near Jeongseojin Park in the Canalway section. These projects are expected to be completed in May and June, respectively, reinforcing the area’s role as a daytime relaxation spot and a nighttime scenic destination. IFEZA aims to promote the use of urban waterfront areas and connect this growth to increased local commerce and tourism.

Toll Waiver for Cheongna Haneul Bridge Expanded to All Incheon Residents

The toll exemption for Cheongna Haneul Bridge will be extended to include all Incheon residents. From April 6, vehicles registered to residents in Incheon will be completely toll-free. Eligible users are required to pre-register their Hi-Pass card and vehicle details starting March 30.

IFEZA has integrated the program with the shared administrative information system to enable automatic verification of residency and real-time updates of discount eligibility, reducing inconvenience for residents moving out of the city. Cheongna Haneul Bridge serves as a vital transportation link between Cheongna and Yeongjong. Stretching 4.68 km with six lanes, it has supported an average of about 34,000 vehicles daily since its opening as of March 5. Previously, toll discounts were limited to residents of specific areas. IFEZA stated that the expanded exemption aims to lower transportation costs for Incheon residents and enhance connectivity between districts.

Incheon Startup Park Fund II Established with KRW 50 Billion to Begin Full-Scale Investment

The Incheon Free Economic Zone Authority (IFEZA) has established a KRW 50 billion fund to support promising SMEs and startups, primarily centered on Incheon Startup Park. The Incheon Startup Park Fund II, initially allocated at KRW 30 billion, was increased to KRW 50 billion through a public-private partnership. IFEZA contributed via Incheon Technopark, with private venture capital firms acting as general partners. The fund will prioritize artificial intelligence (AI) and will broaden its investments into related sectors such as mobility and robotics. Funding will be allocated through the “Capstone 2026 AI Innovation Fund.”

Eligible companies are those with headquarters, research centers, or manufacturing facilities located in IFEZ, primarily within the region’s four key industries. Firms up to seven years old are eligible, with extended eligibility of up to ten years for emerging industries. The fund will also be connected to the demonstration project (TRYOUT) at Incheon Startup Park, establishing a comprehensive investment cycle that links discovery, investment, and growth support. IFEZA aims to enhance stage-specific support for startups and foster a more integrated investment ecosystem beyond mere financial aid. 

Main Agreement Signed for Therme Incheon Project, Accelerating Golden Harbor as a Wellness Tourism Hub

IFEZA announced the signing of the primary agreement with global wellness leader Therme Group for the “Therme Korea Incheon” project, signaling its commitment to advancing the Golden Harbor development. The initiative involves creating a multi-purpose wellness resort on a 99,041㎡ site in Songdo Golden Harbor, with construction slated to begin in 2027 and the grand opening planned for 2031.

The development will introduce extensive tourism infrastructure at the Golden Harbor site, featuring an indoor dome spa, a water park, and cultural facilities with mixed-use purposes. It is projected to generate approximately KRW 2.8 trillion in economic benefits and create about 3,000 jobs. This facility aims to establish Songdo as a global tourism hub where marine tourism and wellness industries intersect, while also enhancing Incheon’s overall brand competitiveness.

Incheon Steps Up Efforts to Attract International Schools and Build a Global Education Environment

Incheon is intensifying its efforts to develop a robust international education environment and attract renowned global schools. As part of this initiative, Mayor Yoo Jeong-bok visited the UK campuses of Wycombe Abbey and Rugby School on February 24.

During the visit, Mayor Yoo met with officials from Wycombe Abbey, the preferred partner for the international school project in Yeongjong Midan City, and signed an MOU to ensure compliance with Korean regulations and define the roles of relevant institutions in establishing the campus. Wycombe Abbey, with almost 130 years of history, is working towards opening an international school in Midan City. Currently in preliminary negotiations, a business agreement is expected in the first half of this year, with an opening planned for the second half of 2028.

Incheon is exploring the potential establishment of a Songdo campus in partnership with Rugby School, a longstanding institution with a 450-year history, as part of its broader efforts to enhance global education infrastructure. These initiatives aim to improve living conditions for international residents and boost the city’s competitiveness on the global stage.