[Interview] Lee Dong-han Director of DISTEP: Fostering Large Corporations in Daejeon

Daejeon has a golden opportunity to transform into an international city.

Lee Dong-han the director of the Daejeon Science and Technology Promotion Agency (DISTEP) stated This year alone around 10 companies in Daejeon are going public. This number is expected to increase in the future.

In particular the bio industry in Daejeon has suddenly gained attention. Notably Alteogen which has long focused on research and development saw its stock price soar from around 50000 won to 360000 won within a year reaching a market capitalization of 19 trillion won.

During an interview with Lee at the Daejeon Science and Technology Promotion Agency on September 19 he positively assessed that its not just the number of companies going public that is increasing but the quality and substance of these companies are also good. Despite strict regulations on IPOs for bio companies he noted that the technology and competitiveness of those that manage to go public are far superior to what they used to be.

The growing interest in startups among university students is also encouraging. Every year about 100 startups emerge from KAIST and around 20 from Chungnam National University. Unlike in the past students are now daring to take risks without fearing failure.

Lee emphasized It is crucial for students to experience entrepreneurship during their studies even if it leads to failure. Such experiences can become valuable assets for Daejeon.

Lee Dong-han was in charge of venture support in Daejeon during the venture boom in the early 2000s. He later served as deputy mayor in Daejeon’s Daedeok Yuseong and Jung districts giving him a keen understanding of how Daejeon’s venture landscape has evolved.

While Daejeon had previously focused on attracting large anchor companies it seems that strategy has shifted. Lee stated The times have changed; rather than bringing in large corporations like Samsung SK or LG we should create our own large companies in Daejeon.

Daejeon is fortunate in terms of scientific and technological resources. Most importantly it has a wealth of talent produced by 19 universities each year. When the technologies accumulated in research institutes combine with this talent the potential for synergy is explosive.

Lee remarked The Daedeok Research Complex was established in 1973. Over the past 50 years Daejeon has missed several opportunities to grow into an international city but now that opportunity has come again.

The first opportunity he mentioned was the 1993 Daejeon Expo. After the Expo plans were made for SK Hynix (then Hyundai Electronics) to settle in the Daedeok Technovalley but those plans fell through due to the IMF crisis.

As an alternative the focus shifted to attracting venture companies instead of large corporations. Lee analyzed that the venture companies that arrived during that period have steadily grown leading to the current outcomes.

The Daejeon Science and Technology Promotion Agency was established in 2020 to plan research and integrate how Daejeons R&D capabilities can be connected to industry in line with this trend.

After over a year of long-term policy discussions Daejeon Mayor Lee Jang-woo selected ABCD+QR as Daejeons strategic industries. These include four major strategic industries: aerospace bio semiconductors and defense along with quantum and robotics.

In this regard the role of the Daejeon Science and Technology Promotion Agency is expected to be even more significant. Daejeons strategic industries could become Koreas strategic industries driving new growth. To achieve this the vision for science and technology-based strategic industries must reach a global top tier beyond Daejeon and Korea.

It is now crucial for the Daejeon Science and Technology Promotion Agency to develop its capacity to devise a global strategic framework or to identify individuals who can create such strategies.

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