Songpa-gu Recruiting Companies for 'Youth Startup Challenge Project' Participation

Last year, participating companies registered technology patents in five European countries, with sales increasing by 90% compared to the same month of the previous year.

Five youth startup teams will be selected, with up to 20 million KRW funding support per team... Applications open until March 3

Seok-Suk Seo, Mayor of Songpa District, met with young CEOs at the "Youth CEO Startup Forum" on December 9, 2022.

[Asia Economy Reporter Park Jong-il] Songpa-gu (Mayor Seo Gang-seok) announced that it is recruiting (preliminary) youth startup companies to participate in the ‘2023 Songpa Youth Startup Challenge Project’ until March 3.

Now in its fifth year, the ‘Songpa Youth Startup Challenge Project’ supports young people who have excellent ideas and technologies but find it difficult to realize their entrepreneurial dreams due to difficulties in securing initial funding. It has been praised as a differentiated youth policy unique to Songpa-gu.

One company that participated in last year’s project achieved the remarkable feat of being selected as a promising design innovation company after the agreement and registering technology patents in five European countries. Other companies also showed notable achievements such as a 90% increase in sales compared to the same month before and after the agreement, and additional hiring of full-time employees during the project period.

This year, the district will select five promising youth startup teams with business items and technologies and support up to 20 million KRW per team. Companies with business items in ICT, APP, platform development, mobile games, software, and metaverse are eligible for evaluation.

Applicants must be early-stage startups (companies) within three years of establishment located in Songpa-gu or preliminary startup teams planning to establish in Songpa-gu, with the representative’s age being 39 or younger.

Applicants can submit the relevant documents from February 13 to March 3 by checking the announcements on the Songpa-gu Office website.

The district will conduct a first-round document screening to evaluate the feasibility, validity, creativity, and employment effects of the business, and then select the final participating companies through a second-round face-to-face interview. Selected companies will sign an agreement with Songpa-gu and use the support funds to promote their business until November. In December, they will also have the opportunity to participate in a performance presentation meeting on the project results.

Seo Gang-seok, Mayor of Songpa-gu, said, “I hope the Youth Startup Challenge Project will be a solid stepping stone for overcoming the difficulties of early entrepreneurship and pioneering opportunities on their own,” and added, “We will create Songpa, a city where the dreams of youth shine.”