The Next Challenge Foundation (CEO Kim Young-rok), marking the 7th anniversary of its establishment, declared a leap toward becoming a “global startup architect” that designs startup cities, global ecosystems, and future innovation education ecosystems, based on its achievements to date.


Founded in January 2019 in Seogwipo, Jeju—where there was virtually no foundation for a startup ecosystem—Next Challenge was established to revitalize the local startup ecosystem. Over the past seven years, instead of “settling,” it chose “mutation” and has built a public-private cooperative governance framework that connects the region with the rest of the world.

The challenge that began from a single hub has grown into an independent model called the “Seogwipo-type Micro Startup Valley” and is proving its effectiveness with tangible outcomes as it expands into major domestic cities such as Seoul and Incheon, as well as ASEAN markets including Vietnam and Singapore.

Over seven years, Next Challenge has operated support programs totaling KRW 110 billion and nurtured 1,350 startup companies. These companies have achieved cumulative sales of KRW 15,730 billion, attracted KRW 59.3 billion in investment, and 160 of them have successfully entered overseas markets. In addition, they have secured more than KRW 80 billion in government grants and built 43 global networks in 10 countries, solidifying the foundation’s position as a bona fide global accelerator.

In cooperation with Seogwipo City in Jeju and the Jeju Free International City Development Center (JDC), the foundation also established a sustainable startup ecosystem in Seogwipo, which had been a barren ground for entrepreneurship. Starting with STARTUPBAY Olle (Center 1) in 2019, it expanded to STARTUPBAY Global (Center 2) in 2023 and Seogwipo City Startup Town (Center 3) in 2025, completing a three-dimensional support system that covers prospective entrepreneurs through to startups in their scale-up phase (up to 7 years).

In particular, Startup Town is a model that combines startup infrastructure (office space and co-working spaces) with residential support, providing companies in their 3–7-year scale-up phase with cost savings, improved efficiency, and an environment that enables them to focus on their business. As a result, over the past six years, resident companies have generated visible outcomes, including KRW 105 billion in sales, KRW 18.8 billion in investments attracted, 226 new jobs created, selection in 145 government support projects, and the acquisition of 186 intellectual property rights, according to the foundation.

Meanwhile, Next Challenge’s accumulated execution capabilities have been recognized with its re-selection as the operating agency for Google Play’s “Changgu” program within the 2026–2028 Global Corporate Collaboration Program (Around X), promoted by the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development. As a result, it will operate the “Changgu” program for six consecutive years from 2023 to 2028 as the lead implementing agency.


In addition, the foundation has been gradually expanding global corporate partnerships through collaboration with Google Play (2023), Intel and Google Play (2024), and Intel, L’Oréal, Astellas, Thales, and Google Play (2025). The number of supported startups has also increased from 100 in 2023 to 110 in 2024 and 127 in 2025. A total of 337 companies have received KRW 33.05 billion in project funding, and the program has led to the attraction of KRW 59.3 billion in investment.

Another key achievement of Next Challenge is the operation of the Next Challenge School (NCS), a future-oriented innovative alternative school. NCS has established a collaborative system with universities and innovative schools in 20 countries worldwide and has expanded its business scope beyond startup support to the nurturing of future talents who will lead the AI era.

NCS operates a practical curriculum that moves away from the current entrance-exam-centered education system and is built around technology, global trends, and entrepreneurship as its core pillars. It is the only alternative education institution registered with the Seoul Metropolitan Office of Education that is preparing for the major transition to Agent AI and Physical AI in anticipation of the singularity era.

By a little over one year after its opening in 2025, NCS students (from 8th to 12th grade) had already delivered visible achievements. Students directly planned and carried out projects in five future core industrial sectors—aerospace, AI, fintech, bio, and robotics—and won the Entrepreneurship category of the Global Youth Award hosted by the World Smart Sustainable Cities Organization (WeGO), an international organization under the Seoul Metropolitan Government; the gold prize in the Future Innovators category at the World Robot Olympiad (WRO), the world’s largest youth robotics competition; second place (Atlantic Prize) and fourth place (Southern Ocean Prize) at the Youth Marine Olympiad; and the grand prize at the Gyeonggi-do Youth Debate Festival.

These results stem from a differentiated curriculum that includes guidance from a top-tier faculty composed of professors from Minerva University, Carnegie Mellon University, KAIST, and Seoul National University, as well as current employees at big tech companies and startup CEOs, along with close mentoring by teachers. Over three years, students visit six foreign countries, develop ideas to solve local problems, and gain experience in global team building.

Kim Young-rok, CEO of Next Challenge, expressed his ambition, saying, “From this year, our eighth year since establishment, we will achieve a quantum leap as a global anchor connecting global corporations, domestic startups, and future education.”

IT Donga reporter Moon-kyu Lee (munch@itdonga.com)

Popular News