Seoul: The Seoul city government has unveiled a comprehensive five-year plan, committing 172.3 billion won (approximately US$126.4 million) to foster domestic design firms with the potential to rival global furniture giant IKEA. This initiative targets bolstering the capital’s design industry and enhancing the global presence of Seoul’s design innovations.
According to Yonhap News Agency, the program aims to establish a robust design ecosystem in Seoul by offering extensive support to local design firms and startups. Officials detailed that the project would include the creation of a specialized design school expected to begin offering classes both online and offline this year. The school will feature courses taught by high-profile designers and professors from around the world, aiming to cultivate a new generation of talented designers.
In addition to educational opportunities, the city government plans to introduce a unique insurance program that will cover 60 percent of manufacturing costs for design fir
ms adversely affected by product damages or abrupt closures of contract factories. This insurance is set to roll out in the first half of the next year and is expected to assist around 1,500 firms over the duration of the project.
Furthermore, Seoul will develop multiple venues throughout the city to showcase and sell products from participating design firms. These spaces are part of a broader strategy to help firms establish robust supply and sales channels. The initiative also aims to support approximately 20 startups, each achieving annual sales of at least 1 billion won.
This ambitious project not only seeks to transform Seoul into a global hub for design excellence but also aims to stimulate economic growth through the nurturing of high-potential design firms that can compete on an international stage.