Minister Lee Soyoung: "Ulsan Is an Ideal Place for Technology Startups, With Outstanding Research Talent and an Industrial Base"

Engages with young entrepreneurs in Ulsan
Promotes youth tech startups through university-corporate collaboration

The Ministry of SMEs and Startups said on the 30th that it held a meeting on promoting youth entrepreneurship in partnership with local communities at the Ulsan National Institute of Science and Technology (UNIST), together with Ulsan City, HD Hyundai Heavy Industries, the Ulsan Center for Creative Economy & Innovation, young entrepreneurs and others. The meeting was the first event in Minister Lee Soyoung's two-day visit to the field in the Gyeongsang region (Ulsan and North Gyeongsang Province), which begins on the 30th, and her second regional visit following her previous trip to the Chungcheong region.

Ulsan is an industrial city with a concentration of leading universities and research institutions, including UNIST, and global conglomerates such as Hyundai Motor and HD Hyundai Heavy Industries. It has the potential to spur technology-based startups by linking universities' innovative technologies and talent with key industries such as automobiles and shipbuilding.

Minister of SMEs and Startups Lee Soyoung speaks at a meeting with small and medium-sized enterprises to promote the achievements of mega-projects, held at Korea Enterprise Data in Yeouido, Seoul, on October 21. 2026.10.21 Photo by Jo Yongjun

Minister Lee first toured UNIST's research infrastructure and examined the university's strong research capabilities and foundation for technology-based startups. At the meeting that followed, participants shared updates on UNIST's efforts to become a deep-tech-focused startup university and HD Hyundai Heavy Industries' initiatives to support youth entrepreneurship and promote open innovation. This year, the Ministry of SMEs and Startups is implementing a deep-tech-focused startup university program for four major institutes of science and technology, including UNIST, investing a total of 28 billion won to support the commercialization and growth of 160 startups. The program is identifying and nurturing youth-led startups with strong technological capabilities and growth potential, and young people's innovative technologies and entrepreneurial ambitions are expected to bring new vitality to local industries.

In the ensuing discussion, participants heard about young entrepreneurs' experiences and challenges, and discussed ways to turn universities' outstanding research outcomes into startups, as well as ways for large companies and startups to work together on technology demonstrations, commercialization and expanding sales channels. In April this year, the Ministry of SMEs and Startups designated Ulsan a "startup city" and began working to establish a "Manufacturing AI Startup City" by fostering cooperation among local innovation stakeholders, including universities, large companies and startups, and leveraging the manufacturing infrastructure and demonstration data of large and midsize companies.

Minister Lee said, "Ulsan is an ideal place for technology-based startups, with outstanding research talent and an industrial base built around world-class companies," adding, "It is important to create an environment where young people's ideas and university research lead to startups that grow through collaboration with large companies." She added, "The Ministry of SMEs and Startups will also actively support young people's entrepreneurial ambitions and the growth of local startups through the 'Deep-Tech-Focused Startup University' program and the 'Startup City Project.'"

This content was produced with the assistance of AI translation services.