The Korea Insurance Development Institute Shares Achievements of 'Startup Nest' Youth Support Program

[Asia Economy Reporter Oh Hyung-gil] The Social Contribution Council of Non-life Insurance announced on the 30th that it held a performance sharing meeting for the youth innovation startup support project, 'Startup Dungji,' at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul.

Startup Dungji is the nation's first startup support program that provides both residential and office spaces together to solve youth employment issues and support young entrepreneurs. It has been operated since September 2018 in collaboration with the Korea Youth Entrepreneurship Foundation.

The performance sharing meeting was organized to share the business achievements of 11 teams in Startup Dungji (3 teams in the Insurtech Lab and 8 teams in the Growth Track) and to promote their products and services.

The 20 youth companies from Startup Dungji's 1st and 2nd cohorts generated new sales of 3.6 billion KRW, attracted investments of 2.1 billion KRW, and created jobs for over 100 young people. In the 3rd cohort, the 'Insurtech Lab' section was newly established to incorporate young people's ideas into insurance, with three startup companies currently operating. In the 'Growth Track' section, which receives general startup support, innovative services related to daily life, including COVID-19 prevention, are being developed.