Wasn't it a bar exam village? The once-quiet Gwanak District has transformed… Here's why entrepreneurs are flocking there.

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For a long time, Seoul's Gwanak District was known as the symbol of a "bar exam village," but it is now being reborn as an "entrepreneurship village" where young founders gather. The area around Naksungdae and Shillim, once a mecca for bar exam takers, is rapidly transforming into a cradle for venture and startup companies under the name "Gwanak S-Valley."

Currently, shared offices and various startup support spaces are being built in Gwanak District, replacing traditional study rooms. As the district's entrepreneurship support project — launched to revitalize the stagnating bar exam village after the abolition of the judicial examination in 2017 — bears fruit, entrepreneurs and talents from their 20s and 30s are increasingly moving in.

Especially since the launch of "Gwanak Small and Medium Enterprise Venture Promotion Agency" (GSVA), Seoul's first specialized institutional investor for startup support among autonomous districts last July, Gwanak's startup ecosystem has gained a more distinct focal point. It is evaluated as shifting from one-off projects to a systematic framework with institutional foundations and sustainability.

Kim Jun-hak, Director of the Gwanak Small and Medium Enterprise Venture Promotion Agency, said, "There were limitations in building expertise for startup support within district office organizations that typically rotate positions on an annual basis." He added, "It is necessary to identify the subtle needs of companies and build continuous networks."

The agency was established to overcome administrative limitations and secure private-sector-level professionalism and policy consistency. Kim Jun-hak (Director) is a hands-on expert who handled open innovation at KT and earned a doctoral degree in entrepreneurship studies, having passed the rigorous personnel hearing of the district council to become the inaugural director.

Director Kim emphasized, "The startup policies that Gwanak District has consistently pursued over several years will now be elevated to a higher level within the professional framework of the promotion agency." He added, "We will create opportunities for startups from Gwanak to receive global spotlight beyond domestic markets."

The agency's key business areas this year include five major categories: △support for startup establishment and residency, △investment attraction support, △promotion of open innovation and startup culture, △global expansion support, and others.

In particular, the "Startup Technology Consulting Support Project" conducted through close cooperation with Seoul National University is a unique strength exclusive to Gwanak. This project matches startups facing technical development barriers one-on-one with Seoul National University Gong Dae (Prof.)s, providing in-depth technical analysis to help solve problems.

Director Kim explained, "We fully cover consulting costs up to 10 million won per company." He added, "Unlike general mentoring, this program identifies companies' actual technical needs and provides close support from Seoul National University professors for three months."

Additionally, the agency actively supports local companies in participating in major global events such as CES and MWC, helping them explore international markets. Director Kim noted, "This year, we selected three companies to attend MWC — an unprecedented move for a basic autonomous district nationwide."

He explained that beyond merely supporting participation, the agency maximizes corporate promotional effects through integrated booth operations at "Gwanak S-Valley," while also facilitating actual export contracts through pre-event training and buyer matching.

The agency is also dedicating efforts to support startup scaling up. Director Kim stated, "We provide customized support for prototype development, marketing strategy formulation, and acquisition of domestic and international certifications, enabling startups to successfully enter and expand in the market."

The agency is also focusing on connecting with the local economy. A representative example is "Gwanak S-Valley Mingling." Director Kim said, "We provide activity funds when startup members from different backgrounds form clubs." He added, "They are encouraged to use local restaurants and cafes and promote them on social media."

He further remarked, "As startups have moved in, the local commercial district is revitalizing, and vacancy issues are being resolved." He concluded, "We will create a culture where startups can stay in the region, consume locally, and communicate with residents."

In reality, various clubs such as bowling, knitting, and food tours are emerging, injecting vitality into the local economy. He stated, "When startups feel a sense of belonging as part of the community, and small business owners recognize that their commercial districts are revitalizing thanks to them, a truly meaningful startup ecosystem will be complete."

Director Kim envisions the agency not merely as an entity entrusted with district office projects, but as a "public accelerator (AC)" that cooperates on equal footing with the Ministry of SMEs and Startups or Seoul Business Agency (SBA).

He said, "Once the ongoing registration as a startup planner (AC) and qualification as a TIPS operator are finalized, the agency will directly operate government projects worth tens of billions of won, such as the Early-stage Startup Package and Startup Growth Package, acting as an institutional investor."

The agency aims to nurture 1,000 startups within the district. To achieve this, it is currently operating seven startup support facilities in the Naksungdae and Shillim-dong areas and is committed to expanding infrastructure to accommodate more companies.

Director Kim stated, "Just like Gangnam's 'Tipstown' or 'Maru 360,' we will make it so that simply being located in Gwanak S-Valley becomes a brand that proves a startup's capabilities." He added, "We will build an environment where investors can trust companies based in Gwanak S-Valley."

He also expressed strong determination to establish a dedicated fund exclusively for Gwanak District. Director Kim said, "We are establishing a fund of approximately 20 billion won to directly supply capital to local companies transitioning from the seed stage to the pre-Series A stage."

He continued, "It is my responsibility as director to ensure that startups feel proud, saying, 'I am a team that broke through a 10-to-1 competition rate to enter Gwanak.' During my term, I will do my utmost to strengthen the brand power of Gwanak S-Valley."

Director Kim's goal is to transform Gwanak S-Valley into not just a space provider, but a "powerhouse in the regional league" and a "nursery for star players," where the three key elements of entrepreneurship — talent, capital, and infrastructure — are perfectly addressed.

He emphasized, "There may be 100 Son Heung-mins in Yeoksam-dong, but perhaps none in Gwanak District yet. We will identify potential players, shine a spotlight on them, and provide the perfect training ground and opportunities for them to grow into stars like Son Heung-min."

[MoneyToday startup media platform 'Unicorn Factory']