Remodeled Old Goshiwon Opens Youth Startup Dream Center 2nd Branch Last Month with 13 Companies... Yonsei University Campus Town Startup Space (S-Cube) Remodeling Begins, Recruiting 60 Resident Companies... Startup Youth Rental Housing for 165 Single-Person Households to be Established by End of Next Year
[Asia Economy Reporter Jong-il Park] Seodaemun-gu (Mayor Moon Seok-jin) will actively promote the "Sinchon Venture Valley Development Project" starting in the second half of this year, connecting the Sinchon area, which is emerging as a hub for youth startups, with base spaces and resident facilities.
Specifically, the goal is to create a "Youth Startup Belt" by linking ▲ Youth Startup Dream Centers Branch 1 and 2 ▲ Yonsei University Campus Town Comprehensive Project ▲ Ewha Womans University Campus Town Unit Project ▲ Sinchon Startup Youth Rental Housing.
Additionally, synergy effects are expected with already established facilities such as ▲ Sinchon, Paranggorae ▲ Sinchon Boxquare ▲ Creative Play Center ▲ Sinchon Cultural Development Center.
On the 6th of last month, the district opened Youth Startup Dream Center Branch 2 (19 Yonsei-ro 2-da-gil), remodeled from an old gosiwon. Thirteen youth startup teams in IT and cultural arts fields have moved in, and through linkage with Youth Startup Dream Center Branch 1, new vitality is expected to be infused into Sinchon.
For reference, Branch 1, opened in 2017, houses eight companies and has recorded sales of up to 6.8 billion KRW by last year, proving the potential and support effects of youth startups.
In particular, "Starstech," which produces and sells eco-friendly de-icing agents made from "bulgasari" (starfish) ingredients, achieved sales of 3.5 billion KRW and has become a symbolic model here.
In February this year, the district remodeled one startup and residential space in Youth Startup Dream Center Branch 1 into a lounge to provide a more comfortable startup environment. Currently, a total of seven companies are housed in Branch 1, including two companies whose usage period was extended after performance evaluation and five newly selected companies.
Companies residing in Youth Startup Dream Centers Branch 1 and 2 are provided with ▲ independent office spaces suitable for residential use ▲ tiered capacity-building programs in startup fields ▲ business growth support programs free of charge.
The residency period is one year, with the possibility of a one-year extension through performance evaluation.
Seodaemun-gu supports young entrepreneurs facing difficulties in early startups through such projects, simultaneously addressing youth housing poverty and unemployment issues.
Yonsei University, selected as a "comprehensive" university in the 2020 Seoul Campus Town Project, is also aiming to open its startup base space "S-Cube" in September this year.
After remodeling the Changcheon Senior Welfare Center (61 Yonsei-ro 2-na-gil), an independent startup space will be prepared to house 60 teams. "S-Cube" aims to nurture "salmon-type" youth entrepreneurs based on the university's startup support model and Seodaemun-gu's urban regeneration know-how.
Ewha Womans University, selected as a "unit-type" university in the Campus Town Project, plans to open the Style Tech Lab (33 Ewha Womans University 1-gil) and Experience Studio (87 Ewha Womans University-gil) in July, with plans to house three teams selected through its own startup competition.
Campus Town resident teams will receive support including up to 5 million KRW in business funds, startup spaces, and startup education programs.
Furthermore, Seodaemun-gu is promoting the Sinchon Startup Youth Rental Housing (Changcheon-dong 20-81 and 8 other lots), a 13-story building above ground and 3 basement floors, capable of housing 165 single-person households, with completion targeted by the end of next year.
The district plans to consult with SH Corporation and the Bank권 Youth Startup Foundation (D.CAMP) to enable startup youth in the Sinchon area, including Campus Town, to move into this housing.
Mayor Moon Seok-jin stated, "We will actively promote the creation of 'Sinchon Venture Valley,' which will play a key role in youth startups in the Sinchon area," and added, "Seodaemun-gu will do its best to provide a new place of challenge for young people with dreams of entrepreneurship."
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