South Korea-based conglomerate Hanjin, accelerator SparkLabs and the municipal government of South Korean city Incheon have launched an innovation centre in Incheon, Tech in Asia has reported.
The centre will contain a co-working space that will be managed by Hanjin, as well as an accelerator programme with the assistance of SparkLabs. The government is providing the centre with an operational budget.
The accelerator will initially welcome four to six startups focused on internet of things technology, with the number of companies expected to eventually rise to 10. Participating startups will receive $50,000 in seed funding in return for up to 6% in equity.
SparkLabs will offer startups access to mentors in Silicon Valley and may also provide follow-on investment from its seed fund.
The innovation centre is the last of 17 such facilities to be established across South Korea. They are the result of a $3.7bn three year plan for economic innovation announced by president Park Geun-hye in February 2014.
The Incheon-based centre is the only facility joining forces with an accelerator. Corporates backing some of the other centres include consumer electronics companies Samsung and LG, car maker Hyundai and conglomerate Lotte.