South Korea's Fastfive Offers 3 Months of Free Office Space to Early

Fastfive, a shared office operator in South Korea, is recruiting participants for the second cohort of its office space support program that fully waives rent and management fees for three months for early-stage artificial intelligence (AI) startups. The application deadline is October 11 at 6 p.m.

The program targets startups within three years of founding with 10 or fewer employees that possess AI technology or services. There are no restrictions based on existing revenue or prior investment history. The company plans to select approximately 10 startups, providing each with independent office space for up to 10 people, with total support capacity of up to 100 seats.

Selected companies first go through the "Base Camp" phase, receiving full support for rent and management fees for the first three months. After passing a performance review and extension evaluation, they can transition to the "Startup Step-Up" program, where they pay only management fees and can use the space for an additional three months.

The first cohort, which began in June, included nine startups. According to Fastfive, all nine companies continued using the space through the follow-up Startup Step-Up program after the initial three-month support period ended. One company is reportedly considering additional office space as its headcount grew with business expansion.