Seocho-gu Supports Young Entrepreneurs to Grow Businesses Along Yangjaecheon-gil

One-Stop Support from Youth Entrepreneur Training to Startup to Enhance Yangjaecheon-gil Commercial District Appeal: Operation of 'Local in Seoul, Yangjae'
...Education and financial support for youth aiming to start businesses like workshops, cafes, tea ceremonies in Yangjaecheon-gil commercial area...Next month 'Local Creator Training'...Education includes prototype presentations of startup items to build practical skills

Seocho-gu is set to nurture young entrepreneurs who will enhance the charm of 'Yangjaecheon-gil,' the only local brand development commercial district in the Gangnam area.

Seocho-gu, Seoul (Mayor Jeon Seong-su) will operate the ‘Local in Seoul, Yangjae’ project from next month, providing one-stop support from training to startup for young people who want to start businesses in the Yangjaecheon-gil commercial district.

The Yangjaecheon-gil commercial district is lined with over 140 wine bars, cafes, and more, creating an exotic appeal and developing into a salon culture-based commercial area that attracts many visitors. Last year, it was selected for Seoul’s ‘Local Brand Commercial District Development Project’ and has been receiving 3 billion KRW in city funds over three years to carry out various projects to revitalize the district.

This project aims to invigorate the local commercial district by offering unique products and services that reflect the characteristics of Yangjaecheon-gil through the creative ideas of young people. The target businesses include ▲crafts (workshops, galleries, accessory shops, etc.) ▲complex cultural spaces (independent bookstores, photo studios, coworking spaces, etc.) ▲F&B (restaurants, desserts, cafes, tea ceremonies, etc.).

Accordingly, the district will provide not only creator education but also financial support such as business funds through the ‘Local in Seoul, Yangjae’ project.

First, from November to January next year, ‘Local Creator Training’ will be held at the community room on the first floor of Yangjae Public Parking Lot. The program consists of theoretical education covering basic knowledge and startup know-how, as well as practical training to develop real-world skills after starting a business.

The curriculum includes ▲commercial district and startup item analysis ▲ways to utilize local resources ▲business success strategies ▲online and offline brand setting.

In particular, professional coaching such as reviewing and providing feedback on business plans will be conducted to help participants proceed to startup. In January next year, a performance sharing event will be held where participants will present their prepared startup items and showcase prototypes.

The program is operated by the branding consulting firm ‘ORB,’ with experts from startup education specialist company ‘Underdogs’ and others serving as instructors.

Additionally, if graduates of the training open stores in the Yangjaecheon-gil commercial district and meet certain conditions, they will be eligible for up to 20 million KRW in business funds and startup loans of up to 100 million KRW through the Seoul Credit Guarantee Foundation.

The application period is until the 12th of next month, and young people aged 19 to 39 residing in Seoul can apply individually or as a team of up to three members. Applications can be submitted by filling out the documents on the Seocho-gu Office or Seocho Women’s Job Corporation websites and sending them via email to the person in charge.

Going forward, the district plans to select six teams by the end of next month through a first round of document screening and a second round of interviews.

Meanwhile, the Yangjaecheon-gil commercial district was selected as the commercial district with the largest sales (58.3 billion KRW) from January to August this year in a report on seven Seoul alley commercial districts released earlier this month by fintech company ‘Finda.’

Jeon Seong-su, Mayor of Seocho-gu, said, “We will continue to strive to help revitalize the local economy by nurturing young entrepreneurs who enhance the charm of Seocho’s alley commercial districts through projects like ‘Local in Seoul, Yangjae.’”