Seoul City Invests 4.2 Billion KRW to Support Small Businesses and Design Companies

Expanded Significantly to Over 300 Companies

[Asia Economy Reporter Kiho Sung] The Seoul Metropolitan Government and the Seoul Design Foundation announced on the 21st that they will officially launch the ‘Design Industry Promotion Support’ project from February to enable small and medium-sized enterprises (SMEs) with excellent technology and quality to demonstrate differentiated competitiveness through creative design.

In Korea, the utilization rate of design across all industries is 18.8% (as of 2020), which is about one-third of that of the design-advanced country, the United Kingdom. Considering the recent consumer patterns that prioritize emotions and values, the design industry offers high efficiency relative to investment, excellent employment growth effects, and the possibility of innovative collaboration with other industries.

This year marks the inaugural year for fostering the design industry in Seoul, with a total budget of 4.2 billion KRW allocated to six projects including industrial design development for SMEs.

First, for small business owners and SMEs with weak design capabilities, design companies will provide customized design development based on consulting at the forefront. Through this, SMEs can enhance product competitiveness through design, and design companies can strengthen their diverse design skills and experience.

The main projects include ▲ industrial design development for SMEs in future growth industries and lifestyle sectors ▲ matching and collaborative new product development between small business owners and designers ▲ development of ‘DDP brand products’ utilizing fresh ideas from young designers ▲ startup cultivation to support the growth of design companies (We Up Project) ▲ marketing support for sustainable design products to spread value consumption ▲ fostering design studios for the successful launch of new design products , among others.

Detailed information such as participation criteria and support details for each project can be found on the Seoul Design Foundation website’s notice board.

Going forward, Seoul plans to focus on strengthening the competitiveness of SMEs and broadly discover and implement policies that practically help create a design industry ecosystem in Seoul. As part of systematic implementation, the city is promoting the enactment of the ‘Design Industry Promotion Ordinance’ and is also establishing a mid- to long-term strategy for the design industry, which will become a new growth engine for Seoul.

Choi In-gyu, Director of Design Policy at Seoul City, stated, “Seoul’s design competitiveness is determined by two pillars: the public design sector that enhances the quality of urban life and the design industry sector that can boost corporate competitiveness.” He added, “We are preparing sustainable policies for the development of the design industry that can become Seoul’s unique competitiveness through cooperation between designers, design companies, and SMEs.” He expressed his commitment to revitalizing Seoul’s design industry by expanding necessary support on the ground in the future.