Application Deadline for Nationwide Social Venture Companies by the 21st
Total of 125 Million KRW for Business Development, 15 Companies Selected in 2 Categories, Up to 20 Million KRW Support
Competition to Foster Promising Social Ventures and Lead Ecosystem Expansion
Seongdong-gu, Seoul (Mayor Jung Won-oh) is recruiting participating companies for the "8th Seoul Forest Social Venture Innovation Competition" (hereinafter referred to as the Innovation Competition) until August 21.
Since 2017, the district has annually hosted the nationwide largest social venture festivals, the ‘Seoul Forest Social Venture EXPO’ and the ‘Social Venture Innovation Competition.’ Through these events, it has been discovering promising companies and supporting the growth of social ventures and the expansion of the ecosystem by providing business development funds and investment linkage.
This competition is open to social venture companies nationwide that have been established within the last 7 years and have creative and innovative business models.
The participation categories are divided by business age into ▲Start category (within 3 years of establishment) and ▲Scale-up category (within 3 to 7 years of establishment). Fifteen companies selected through the first preliminary screening will receive various rewards, including business development funds, one-on-one mentoring per company, and opportunities for investment review from the Seongdong ESG Fund.
Especially this year, the support scale is expanded through cooperation with leading innovative companies such as KT&G, Musinsa, Sampyo, and Socar in the ‘Seoul Forest Social Venture Innovation Competition.’
According to the competition results, at the awards ceremony of the ‘Seoul Forest Social Venture EXPO’ held in October, awards will be given not only for the Grand Prize, Excellence Award, and Merit Award but also for special awards (sponsor awards).
Winning companies will receive business development funds of up to 20 million KRW. For more details, please refer to the announcement on the Seongdong-gu Office website and the K-Startup Startup Support Portal.
Jung Won-oh, Mayor of Seongdong-gu, said, “Our district has taken the lead in supporting the growth and investment activation of social venture companies in various fields, including the enactment of the first social venture support ordinance nationwide and the establishment of an impact fund. We will continue to support the activation of the startup ecosystem in various ways to enhance startup capabilities and cheer on social ventures that change the world with sustainable business models.”
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