The Gyeonggi-do Business and Science Accelerator (GBSA)'s strategy to expand startup hubs across the province is delivering tangible results. Despite a prolonged downturn in venture investment, firms housed in Gyeonggi Startup Innovation Spaces posted strong growth in both revenue and employment.
According to the results of the "Second-Half 2025 Startup Space Survey" released by GBSA on July 1, a total of 502 companies across 11 locations — eight Gyeonggi Startup Innovation Spaces and three startup incubation facilities — generated combined revenue of 233.4 billion won ($170 million). That represents an approximately 144% increase year-on-year.
Average revenue per company reached 465 million won, more than double the national average of 230 million won for startup firms. Employment gains were also notable. The total workforce stood at 2,015, up 19.7% from 1,684 in the first half of the same year, with 638 new jobs created.
A structural shift was also evident in industry composition. Companies in emerging sectors such as artificial intelligence, data and networking numbered 320, accounting for 63% of the total. Tenant firms secured 698 intellectual property rights and certifications, averaging 1.39 per company. Firms less than three years old made up 53.2% of tenants, indicating active technology development among early-stage companies.
The results are attributed to Gyeonggi Province's "Pangyo+20" strategy, which aims to expand startup infrastructure province-wide. GBSA has been broadening its startup base outward from Pangyo Techno Valley, linking the Second Pangyo Gyeonggi Startup Bridge with regional Startup Innovation Spaces to widen the foundation for entrepreneurship.
In March this year, GBSA opened the "Southern Region Gyeonggi Startup Innovation Space" in Suwon. The facility can accommodate up to 70 companies and offers commercialization support and networking programs. It also operates a 24-hour coworking space with capacity for more than 80 people.
"These survey results are an indicator that Startup Innovation Spaces are functioning as a growth platform for tenant companies," GBSA President Kim Hyun-gon said. "We will strengthen field-oriented support so that startups can establish themselves as a core growth engine of the Gyeonggi Province economy."