Fostering creativity

President Park Geun-hye, right, being briefed by Omicsis CEO Woo Tae-ha at the launch ceremony of TIPS (Tech Incubator Program for Start-up) Town in Gangnam District, southern Seoul, on Tuesday. TIPS Town has been dubbed Korea’s third Silicon Valley, after the Digital Valley in Guro District, southwestern Seoul, and Creative Economy Valley in Pangyo, Gyeonggi.

TIPS Town is built on 10,000 square-meters (2.5 acres) of land with four major buildings constructed by the Small and Medium Business Administration (SMBA). According to the agency, 40 companies, including Stratio Korea, which attracted 2.4 billion won ($2.1 million) of investment from investors, as well as Parking Square, which attracted 1.5 billion won worth of investment, are settling in at the newly opened town. In two years the SMBA expects 160 companies, including venture capitalists, to be occupants. [Joint Press Corp.]