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Teheran Valley
"Home of Korean startups! Dreaming of Silicon Valley in the States, Teheran Valley is challenging to the World."
Teheranno is a street that traverses the center of Gangnam region east and west. In 1976, Seoul Metropolitan Government suggested that the city of Seoul and Teheran exchange the names of streets on the visiting Korea of the mayor of Teheran, Iran. In the following year, Samneungno was renamed into Teheranno. And the existing Teheranno in Yeoeuido changed its name.
Since the late 1990's, Information Communication startups related to software business, mobile communications, networks started moving in this area, Teheranno. The primary reason they did was that they could communicate and share information easily here. There are about 1,500 startups regarding Internet or Information Communication business including Hangul and Computer Co. Ltd., www.naver.com, Daum Communications Corp, Dream Wiz Inc., Netro21, Sewon Telecom, and Auction in Teheran Valley that reaches 10 kilometers from Samseong to Seocho station of Line 2. They took the leading part in creating the Teheran Valley.
Venture Capitals that support these startups are also counted for forty or so. There are many Venture Capital Corporations concentrated in such as Korea Technology Investment, TG Venture, LG Investment, Woori Technology Investment, Aju Capital Co. Ltd., and Terasource Venture Capital. Most of recently built Venture Capitals such as Stick eighty Venture Investment, Wise nail Investment, and Cowell Investment Capital are also here. About two hundred billion won that is more than half of the whole Venture capitals in Korea is concentrated in Teheran Valley.
The startups in Teheran Valley show a different corporate culture from existing corporations. A lot of high quality human resources who are in their thirties including people having studied abroad are becoming CEO, CFO, CTO, or COO. Teheran Valley is the most developed area for the meeting of startups' managers in Korea. Social meetings where they can exchange the technical trend and business information are increasing. There are mainly young generation in their twenties or thirties and rarely in their forties or above. Teheran Valley is a nightless zone. Every night the building was brilliantly illuminated by the startups.
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