Incheon City Supports Youth Startups in Population Declining Areas such as Ganghwa and Ongjin Counties

36 Teams Selected... Up to 50 Million KRW in Commercialization Funding

Incheon City announced on the 24th that it has selected 36 teams of young local creators to support youth startups in areas experiencing population decline.

The Young Local Creator Development Project is a program that nurtures young entrepreneurs who create new business value based on the natural and cultural characteristics of regions with population decline or special interest.

Through a public contest last month, the city selected a total of 36 teams, with 12 teams each from Ganghwa-gun, Ongjin-gun, and Dong-gu districts as support targets.

The 36 selected teams will receive up to 50 million KRW in commercialization funds per team. Starting with an orientation at the end of this month, support will also include startup education, expert mentoring, local resource surveys linked with regional activists, networking, and advanced site visits.

In particular, essential local resource surveys for startups will be supported for up to 1.5 million KRW per team over three months.

Teams will have opportunities to meet various stakeholders related to their startup ideas to assess the feasibility and potential of their businesses, and to understand regional characteristics and business know-how through local creators (mentors) active in the area.

At the end of the year, a performance sharing event will be held to introduce the information and experiences gained throughout the project, sharing excellent results with local residents, local entrepreneurs, and stakeholders to support the iLocal teams in establishing business plans and growing further.

Incheon City Hall

Even after the support project ends, graduates can receive professional consulting in areas such as patents, finance, and accounting through the education alumni community program.

Additionally, by registering as an incubated company at the Incheon Center for Creative Economy and Innovation, teams will receive preferential treatment when applying for center support projects, recommendations for excellent companies in startup support programs, free use of prototype production facilities, and more. Selected teams can also use office space at the Incheon Center for Creative Economy and Innovation free of charge for up to two years.

Kim Ji-young, Director of the Women and Family Bureau of Incheon City, said, "We expect young entrepreneurs who produce unique content connected to regional characteristics based on the rich historical and cultural resources of Ganghwa-gun, Ongjin-gun, and Dong-gu to be nurtured," adding, "We will spare no support to help revitalize local commercial districts and attract young populations."