Development of 89 Products Including Eco-Friendly Shampoo Bars from Naju and Organic Meal Kits from Hongseong with 16 Technology Patents
Crowdfunding Exceeds Target by Up to 6002%, 35 Local Residents Hired as Full-Time Employees
[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 15th that it will hold an 'Online Performance Sharing Meeting' on the 23rd at the DDP video studio 'Seoul-On' to conclude the activities of the Next Local 2nd cohort, which achieved remarkable results. The event will be attended by 46 participating teams from the 2nd cohort, startup and regional experts, and local partners to share achievements and startup know-how.
Next Local is a youth startup support project linked to local communities, serving as a win-win project that discovers new startup models in regions for Seoul youth to grow and revitalizes the local economy. When startups utilize and connect local resources from nationwide local governments, they receive business expenses support of up to 70 million KRW, including pilot operation costs.
The 2nd cohort project initially selected 201 participants at the end of June last year and conducted resource surveys targeting 13 local governments over two months. For the 46 teams and 98 members selected in the first round, six months of startup coaching and education were provided to support business model development. The types of startups among participating teams were classified into business types linking local human and material resources, regional settlement types through relocation of residence and business locations, and regional expansion types applicable to other areas.
The 2nd cohort developed a total of 89 products, including eco-friendly shampoo bars using Naju’s specialty indigo (Naju ‘Monomove’), black barley coffee substitute drinks from Gochang (Gochang ‘Dalcha Company’), and meal kits made with organic agricultural products from Hongseong (Hongseong ‘Green Elephant’).
Some companies succeeded in crowdfunding (16 rounds) with funding amounts dozens of times higher than their goals. ‘Monomove,’ a startup from Naju, achieved 6002% (30,014,000 KRW) of its goal with its Naju indigo shampoo bar and reopened funding due to encore requests. ‘Mars Planet,’ which developed caramelized onion products using Uiseong onions, and ‘Flymeal,’ which developed zero-calorie carbonated drinks using naturally fermented vinegar from Gochang, achieved 4237% and 4070%, respectively.
During the startup activities, a total of 16 technology transfers and patent applications were made, and 35 people, including 4 local residents, were hired as full-time employees. A total of 39 business agreements were signed with local institutions such as local governments and foundations, accelerating the project within the local community. Minimum Viable Product (MVP) tests to verify ideas were conducted 225 times.
The online performance sharing meeting consists of three parts: presentation of Next Local 2nd cohort project results, presentations of startup team items by field, and a youth startup talk concert sharing various effects through regional startups. Online booths for 25 finally selected teams will be open to introduce the startup teams’ products and services, strengths, main customer segments, as well as quantitative and qualitative achievements.
At the performance sharing meeting, certificates of completion signed by the Mayor of Seoul will be awarded to 46 youth startup teams who completed the program, and follow-up support will provide a total of 610 million KRW in startup funds, including up to 50 million KRW for 25 teams. Participation can be pre-registered through the '2nd Performance Sharing Meeting' application on the Next Local website by the 20th, and the event can be viewed on the Seoul City YouTube channel and the Next Local performance sharing site.
Meanwhile, ahead of the performance sharing meeting, a private investment competition involving venture capital (VC) and investment institutions will be held on the 21st at the 8th-floor multipurpose hall of Seoul City Hall to support the continuous growth and scale-up of Next Local 2nd cohort startup teams. Currently, Seoul City is recruiting the 3rd cohort of ‘Next Local,’ which supports Seoul youth (aged 19-39) who start businesses utilizing resources from 11 regions nationwide, until the 25th. Seoul youth interested in participating in Next Local can apply by searching for Next Local (NEXT LOCAL) on the Seoul City website or through the online website (www.seoulnextlocal.co.kr) by April 25 (Sunday).
Kim Eui-seung, Director of Seoul City Economic Policy Office, said, “Through the activities of the 2nd cohort, Seoul youth have brought vitality to local areas and achieved meaningful results by discovering local food sources together,” adding, “I hope Seoul youth entrepreneurs find business opportunities in the regions and that the regions also find growth opportunities through Next Local startup companies (teams).”
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