Daegu is the fourth largest city in South Korea, although the third most populous in the country, with over 2.5 million residents. It’s considered to be a manufacturing industry city and major industries are textiles, metals and machinery, although there is a significant and important fruit industry too. In recent years, the textile industry, in particular, has declined and the city’s economic importance has also declined. To this end, Daegu City employees are working hard on changing the economic focus of the city and have announced a number of initiatives designed to develop human innovation and creativity. As part of this, the Samsung Group is helping by donating almost forty thousand patents to the cause. Samsung’s major subsidies, Samsung Electronics, Samsung Display, Samsung SDI, and Samsung Electro-Mechanics, own approximately thirty eight thousand registered patents. Of these, three thousand, four hundred are in the mobile devices, display, communications, semiconductor, energy and medical devices sectors. And the Samsung Group is planning on opening up this patent collection at the Creative Economy Innovation Center in Daegu, offering them free of charge. There are other projects going on that include Samsung, such as the expansion of the Samsung educational software support program to local schools and universities. Samsung are also opening a program designed to Daegu inside the Samsung Electronics Future Technology Development Center.
The late Hoam Lee Byung-chul, founder of the Samsung Group, developed Samsung into a top global company in the city of Daegu. Samsung Sanghoe, the parent (usually called the mother) of the current Samsung was established in 1938. Mayor Kwon Young-jin said on the matter: “I and 10,000 Daegu city employees will render our full support for the venture businessmen in Daegu to learn the management philosophy of Lee so that a second Samsung or Google can be born in Daegu. Using the signing of the MOU with Samsung as momentum, I will try to make Daegu a ‘pioneer city in creative economy formation’ by forming a global creative economy ecological system in the city and promoting fierce competition for innovation.” It’s great to see Samsung putting something back into the city.
Other support includes a 20 billion won venture business support fund, sponsored by Samsung and local financial institutions. The fund is designed to provide financial and business support for young people with imagination and creative start up business ideas. This element will be supported by Samsung Venture Investment, which will also run a booth inside the Daegu Creative Economy Innovation Center. Samsung are also founding a Creative Laboratory inside the Daegu Creative Economy Innovation Center to help businesses test and certify their information, communication and technology in conjunction with providing mentorship.