Seoul City to Recruit 10 Youth 'Social Venture Hub' Tenants... Free Use for Up to 12 Months

Various rooms from double to 10-person available for move-in in April this year
Close support for funding, product commercialization, and market access; social ventures in Seoul within 7 years of startup eligible to apply
Currently 14 companies residing

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 9th that it is recruiting 10 social venture companies to move into the ‘Social Venture Hub,’ which provides one-stop close support for young people dreaming of starting social ventures, including space provision, funding, consulting, investment linkage, and market development.

‘Social ventures’ refer to companies that solve social problems such as environment, care, jobs, and housing based on creativity and innovative technology, and generate profits through these efforts. The ‘Social Venture Hub’ is the first specialized social venture incubation institution in Korea, established in May 2019 by Seoul City, Korea Asset Management Corporation, Korea Student Aid Foundation, and the Public Mutual Growth Fund on two floors (3rd and 4th) of the ‘Narakium Youth Startup Hub’ in Yeoksam-dong.

Since its opening in October 2019, a total of 14 companies have moved in by the end of last year. As of early 2021, companies residing in the hub and those participating in the accelerating program achieved sales of 8.8 billion KRW, 113 new hires, and investment attraction of 7.88 billion KRW.

Seoul City provides selected companies with individual office spaces free of charge for up to 12 months. In addition to office space, shared meeting rooms, seminar rooms, lounges, and parking facilities are also available. Office spaces vary from 2-person rooms (9.6㎡) to 10-person rooms (29.75㎡), and basic office equipment such as desks, chairs, and drawers are provided. Maintenance fees range from 140,000 to 610,000 KRW per month.

Furthermore, customized services such as investment and loan linkage, technology development and product commercialization through accelerators specializing in startup and investment, field-specific consulting tailored to company characteristics, participation in IR, and securing sales channels are provided in a one-stop manner.

Applications for companies to move into the ‘Social Venture Hub’ are open until 6 p.m. on the 19th. Eligible applicants are corporate social ventures located in Seoul that contribute to solving social problems and have been established within 7 years (84 months) as of the announcement date. Expert judges evaluate applicants based on social value, business feasibility, execution capability, and expected effects, selecting companies with a total score of 70 or higher in order of highest scores.

Selected companies will be notified individually on the 5th of next month and will move in for 12 months from April to March of the following year after signing an agreement. Hong Nam-ki, Director of Social Economy at Seoul City, said, “Social ventures are business models that solve social problems through creativity and innovative technology. We will closely support social ventures facing difficulties such as lack of funds or technology commercialization despite having excellent business ideas, continuously discover companies with growth potential, and strive to pursue social value as well as create youth jobs.”