"Songpa Youth, Start Your Business"... 20 Million Won Support

Applications Accepted via Email Until the 28th... 200 Million Won Secured, Support Recipients to Be Selected in May

[Asia Economy Reporter Jong-il Park] Songpa-gu (Mayor Park Seong-su) is recruiting young entrepreneurs to participate in the ‘2020 Songpa Youth Startup Challenge Project’ until the 28th.

Songpa-gu is conducting the Songpa Youth Startup Challenge Project to discover young people with promising business ideas and technologies and support their startups. Through screening, 10 companies will be selected, and each company will receive 20 million KRW in support.

In 2019, 4 companies each received support ranging from 10 million to 12 million KRW. Recently, due to COVID-19, young entrepreneurs have faced difficulties, leading to a significant expansion of the project scale through supplementary budgets.

Songpa-gu provides support such as mentoring along with financial assistance.

Youth who possess promising business ideas or technologies in fields such as Information and Communication Technology (ICT) or infectious disease prevention can apply. Required documents including the participation application form must be submitted via email (guns1031@songpa.go.kr) by 6 PM on the 28th. However, the company must be located in Songpa or planning to start a business in Songpa within 3 years of establishment. The representative’s age must be 39 or younger as of the announcement date (born on or after April 8, 1980).

Songpa-gu will conduct document screening and face-to-face interviews for applicants and select supported companies by May. Specific screening schedules will be separately notified only to the relevant applicants.

If selected as a supported young entrepreneur, they will sign an agreement with Songpa-gu and carry out the project until November. In December, a presentation sharing the results will also be held.

For inquiries, contact the Job Policy Officer at Songpa-gu Office.

The 2019 Songpa Youth Startup Challenge Project awardees, Sion, Chobless, Radruvitz International, Rentop, and 4 other companies, achieved various results. Each company showed outcomes such as job creation and sales increase, successful launch on Wadiz, residency at the Songpa ICT Youth Startup Support Center, and product exports to the U.S. and Chile.

Park Seong-su, Mayor of Songpa-gu, stated, “Many young entrepreneurs are facing great difficulties as consumption and investment shrink due to COVID-19. Songpa-gu will stand as a strong support and partner to help them overcome this crisis.”