Daejeon, South Korea – The Korea Advanced Institute of Science and Technology (KAIST) and the city of Daejeon have signed a memorandum of understanding to establish a KAIST Innovation Park, aimed at fostering startups and attracting top talent.

The project, which is set to be completed by 2028, will see the construction of a public rental-type knowledge-based industrial complex within the KAIST campus. The city of Daejeon will provide funding and administrative support, while KAIST will oversee the construction and operate the center once it is completed.

A key feature of the park is its focus on local businesses. A certain percentage of tenants will be reserved for companies based in Daejeon, leveraging KAIST's extensive startup incubation infrastructure and expertise to support their growth.

Daejeon Mayor Lee Jang-woo expressed his enthusiasm for the project, stating, "We have already secured 160 billion won in government funding through the Ministry of SMEs and Startups' public rental-type knowledge-based industrial complex construction project. By adding another 198 billion won from the city budget, we will successfully establish a knowledge-based industrial complex for startups."

Mayor Lee further emphasized the city's commitment to creating a global innovation cluster by linking the new innovation park with the existing five regional startup towns. "We will support talented individuals so that they can grow and thrive in the region without having to leave," he said.

The KAIST Innovation Park is expected to play a pivotal role in strengthening Daejeon's position as a leading hub for technology and innovation in South Korea. By providing startups with access to world-class research facilities, mentorship, and funding, the park aims to foster a vibrant entrepreneurial ecosystem and attract top talent from around the globe.