Seongdong-gu Global ESG Startup Valley Development

Social Venture Hub Center’s 23 Resident Companies Achieve 13.2 Billion KRW in Sales and Create 163 Jobs Last Year with Innovative Business Models

Seongdong-gu’s Customized Support Policies Yield Results in Attracting Investments, Winning Competitions, and Overseas Expansion of Local Social Venture Companies

Exterior view of Seongdong Safe Shopping Center, home to Seongdong-gu 'Social Venture Hub Center'

[Asia Economy Reporter Park Jong-il] Seongdong-gu (Mayor Jung Won-oh) is leveraging the ‘Social Venture Hub Center’ located in Seongsu-dong as a stepping stone to create a global ESG startup valley.

Despite the economic downturn, the 23 resident companies at the Social Venture Hub Center achieved sales of 13.2 billion KRW over the past year, created 163 jobs, and attracted 4.1 billion KRW in private investments.

Over 520 social venture companies, intermediary support organizations, and impact investors have gathered in Seongsu to form an independent social venture valley. As the area with the highest concentration of social venture companies nationwide, Seongdong-gu operates the Social Venture Hub Center and is committed to fostering the growth of social venture companies through efficient integration of local resources, sustainable social venture ecosystem development, and support for global market advancement.

Since September last year, using the Seongdong-type ESG indicators established for the first time nationwide, the district has been expanding the social venture ecosystem and promoting tailored support policies for global market entry through collaboration with global partner organizations and large corporations.

As part of these efforts, the district has supported social venture companies’ growth by operating an open office within the Social Venture Hub Center, providing consulting services such as ▲ R&D and technology, AI, patent analysis ▲ global marketing support ▲ government project proposals and business plan writing.

Through this, Opatech Co., Ltd. has been actively exporting globally after being selected for multiple public projects including those by the Ministry of Science and Technology for manufacturing braille learning devices for the visually impaired. Overflow has also shown remarkable performance by being selected for KOICA public projects for producing assistive devices for the visually impaired and expanding global sales channels through establishing a local corporation in Hanoi, Vietnam.

Additionally, Deepvisions Co., Ltd., a preliminary social enterprise participating in the social venture scale-up program operated by the district, develops fine dust measurement software. It has achieved awards such as the grand prize at the ‘Cultural Data Utilization Competition’ hosted by the Ministry of Culture, Sports and Tourism and the excellence award at KT’s ‘Warm Technology Plus Challenge,’ and plans to expand its services to Southeast Asia for global advancement.

The district seeks to explore directions for social ventures preparing to leap into the global market by highlighting the social value and global achievements of local social ventures in the global ESG era. To revitalize the global ESG startup valley, it will strive to discover various support measures including financial and consulting support, in addition to providing office space at the hub center and comprehensive growth support for startups.

To this end, Seongdong-gu is implementing a two-track strategy. It discovers outstanding companies through the Social Venture Innovation Competition, supports office space at the Social Venture Hub Center, and operates a scale-up program. Furthermore, it has made initial investments through the Seongdong Impact Fund and is conducting follow-up investments through the 5 billion KRW scale Seongdong ESG Fund. Seongdong-gu has also established a dedicated social venture team to secure professional expertise.

Jung Won-oh, Mayor of Seongdong-gu, said, “We will contemplate the role and direction of social venture companies in the global ESG era together,” adding, “We will continue to spare no support so that the Social Venture Hub Center can be a growth platform for social venture companies preparing to leap into the global market.”

Gangseo-gu Launches District News Text Alert Service

Delivering Latest District News on Emergency Disasters, Welfare, Education, Culture & Sports Events

Seoul’s Gangseo-gu (Mayor Kim Tae-woo) is launching the ‘District News Text Alert Service’ to quickly and conveniently deliver the latest district news.

This service was established to promptly inform residents of district news, enhancing accessibility and participation in administration and providing accurate information.

Currently, the district delivers news through various SNS channels such as KakaoTalk Channel, Facebook, Instagram, and YouTube, but this service was planned to provide diverse information to more residents in an easier way.

The text alert service will be provided about twice a month and will offer useful district information including emergency disasters, welfare, education, and culture & sports events.

In particular, the direct links in the messages allow recipients to access the district website, KakaoTalk Channel, and more to check detailed information conveniently.

Any resident who wishes to receive the text alert service can apply online via ‘Gangseo-gu Website - Gangseo News - District News Alert Application’ or visit their local community center to apply in person.

Mayor Kim Tae-woo said, “No matter how good an administrative service is, it is of no help if it is not properly delivered to residents,” adding, “We will continue to strengthen communication with residents by delivering useful and accurate news through diverse and rich district promotional content.”

For more details, inquiries can be made to the Gangseo-gu Public Relations Policy Division.