Seoul Youth 42 Teams Engage in Local Collaboration for Startups... Seoul City Awards 70 Million KRW to Top Team

103 Teams Conducted Regional Survey Over 2 Months in 20 Areas... 42 Outstanding Teams Selected to Start Startup Activities
Agreement Ceremony and Preliminary Briefing Held on 28th... Support Provided for 6 Months Including Initial Business Expenses, Startup Education, and Expert Consultation

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 27th that it will officially launch the 4th phase of the ‘Next Local’ startup activities, which provide not only startup funding but also connections to local producers and expert consultations necessary for startups, enabling young residents of Seoul to start businesses utilizing local agricultural specialties and cultural-historical tourism resources.

This project involves approximately 100 teams and 200 young people from Seoul investigating potential startup fields within local areas over two months. Based on the evaluation of these activities, about 40 outstanding teams are selected to receive six months of startup education and business funding. Subsequently, around 20 verified teams are chosen to proceed with actual startups, receiving step-by-step support from product manufacturing and production to sales.

From July, over two months, 104 teams consisting of 203 young entrepreneurs surveyed 20 regions to identify feasible startup fields. Based on these results, 42 outstanding teams comprising 74 members were selected. In particular, during a 1-night, 2-day on-site immersive camp held in each region, local partners provided on-site support, facilitating visits to key institutions, meetings with young entrepreneurs, and business model verification by regional experts, refining the ‘startup ideas.’

To address the difficulties faced by Seoul young entrepreneurs who have no ties to the target regions and find it challenging to connect with local stakeholders, Seoul facilitated direct connections and guidance to various local producers and processing centers through collaboration with local governments and private experts, providing more stable opportunities for business expansion.

The 42 teams with 74 young members, who were finally selected through the startup competition, will verify the feasibility of their startups over six months and receive differentiated initial startup support funds of up to 20 million KRW, which they can use for raw material purchases, product creation, promotional branding development, and other startup activities.

Seoul supports the Next Local 4th phase teams by narrowing the gap between ideas and startup execution, helping them develop and complete their business models through common education, expert consultations, and customized one-on-one startup activities over the remaining six months. After these six months, in February next year, about 20 outstanding startup teams will be finally selected to receive assistance in attracting investment, connecting product sales channels, and promotion support to ensure sustainable and successful business operations.

Meanwhile, Seoul will gather the 42 teams with 74 young people selected in the Next Local 4th phase startup idea competition for a signing ceremony and pre-orientation on the 28th to support the realization of new dreams for outstanding startup teams. The ceremony will proceed in the order of ?a tripartite agreement signing among Seoul City, operating organizations, and participants ?detailed management standards and business fund execution guidance ?startup support program introduction ?and small group meetings.

Now in its fourth year, the Next Local project has seen senior startup teams from phases 1 to 3 achieve significant results, from product development and sales to securing investments worth hundreds of millions and expanding overseas, becoming a strong support and encouragement for their juniors. Jung Sang-hoon, Administrative Director, said, “I hope that young people in Seoul will discover various business possibilities targeting regions outside Seoul and translate fresh ideas into execution, leading to new mutual growth and vitality between Seoul and local areas.” He added, “We will actively support Next Local to intricately connect the future of youth and regions and grow into a startup model.”