Gangdong-gu Reborn as a 'Startup Culture Mecca'

Selection of startups within 5 years of establishment, providing startup support funds and spaces... Opening of Youth Work-Play Town, a hub for youth entrepreneurship and culture, in April... Applications accepted Feb 19-26, open to sole proprietors and corporations

[Asia Economy Reporter Jong-il Park] Gangdong-gu (Mayor Lee Jeong-hoon) is fostering young entrepreneurs with excellent ideas, technological capabilities, and growth potential by implementing the ‘2020 Youth Startup Support Project’ for the third consecutive year, transforming the district into a hub of startup culture.

The ‘2020 Youth Startup Support Project’ is recruiting startups within five years of establishment until the 26th, providing up to 8 million KRW in startup support funds upon selection.

In particular, it also offers the opportunity to reside in the Youth work-play Town, opening this April, for up to three years (with possible extension).

Youth work-play Town is a community complex space encompassing startup and cultural activities, opened to promptly respond to the increasing demand for administrative services due to the expansion of the youth startup market.

Following the Gangdong-gu Youth Haenaem Center (Seoul Startup Cafe Cheonho Branch), which opened in Cheonho-dong in September 2018 to spread startup culture and activate youth startups in the southeastern Seoul area, the new facility will open near Amsa Station in Amsa-dong this April.

The newly opened Youth work-play Town has a dedicated area of 403.5㎡, featuring five independent startup office rooms of approximately 13㎡ each and six fixed seats for one-person companies in an open-plan layout.

Additionally, it includes coworking spaces, meeting rooms, conference rooms, and a shared OA room. This place will serve not only as an incubation space for promising young entrepreneurs within 3 to 5 years but also as a youth policy information hub where all youth policy information can be accessed, a comprehensive counseling and consultation center, and a youth comprehensive support center where local youth-specialized projects are promoted.

The selection process for the Youth Startup Support Project involves a first-round document screening and a second-round interview. The final selected companies will receive △ up to 8 million KRW in startup support funds usable for product manufacturing costs, market development expenses, remodeling construction costs, etc., and △ individual office spaces in Youth work-play Town.

Moreover, they will receive full support from growth programs such as tiered startup education, responsible mentoring systems, resident company meetings, youth entrepreneur networking gatherings provided by Gangdong-gu Youth Haenaem Center, as well as investment attraction capacity-building education and the Haenaem IR competition (investment attraction) linked with nearby universities.

Eligibility requires startups within five years of establishment registered in Seoul as of the announcement date, with the company representative residing in Seoul and aged between 19 and 39.

The recruitment fields are broadly divided into three categories: technology startups, knowledge startups, and other general startups. For manufacturing sectors, only startup funds are supported.

Lee Jeong-hoon, Mayor of Gangdong-gu, said, “Alongside the Youth Haenaem Center (Seoul Startup Cafe Cheonho Branch), which has established itself as the representative startup hub in the southeastern region, the expanded operation of Youth work-play Town opening in April 2020 will provide practical help to young entrepreneurs. We will continue to devise plans to build and revitalize startup infrastructure so that Gangdong-gu can become a mecca of startup culture.”

The application period is six days, from the 19th to the 26th.

For more details, visit the Gangdong-gu Office website or contact the Gangdong-gu Office Social Economy Division (☎3425-5062).