Internet and software firms and investors clustered around Teheran-ro in the late 1990s, inspiring the name Teheran Valley. Unlike Silicon Valley’s garage myth, Seoul founders faced large rental deposits, expensive offices, rapid hiring, and investor pressure. Innovation depended heavily on property and finance.
Many disappeared behind a few success stories
The boom and crash brought mergers, closures, and relocation. Celebrating a few founders hides employees, investors, and suppliers who absorbed failure.
Coworking lowers barriers and shares instability
Short contracts and shared facilities reduce initial costs, while rent increases, contract endings, and network dependence threaten continuity. A stylish lounge is not proof of innovation.
The cluster moved without vanishing
Pangyo and Guro–Gasan grew as technology hubs, while investment, legal, and sales networks remained in Yeoksam. Avoid claiming either that the center disappeared or that every startup is still in Gangnam.