Nearly Double Last Year’s Figure...
A 13:1 Competition Ratio
The "2025 Youth Venture Promotion Project" initiated by Seodaemun District in Seoul (Mayor Seongheon Lee) has attracted significant attention from young entrepreneurs, resulting in a highly competitive application process. According to the district on May 2, a total of 134 teams applied for this year's startup recruitment, nearly doubling last year's figure of 74 teams, and resulting in a high competition ratio of 13:1.
Seongheon Lee, Mayor of Seodaemun District (fifth from the left in the front row), is taking a commemorative photo with young startup entrepreneurs at the "Final Performance Sharing Meeting for Youth Venture Promotion Project" last December. Provided by Seodaemun District.
This surge in applications reflects the determination of young people to take on challenges, even amid an economic downturn and a difficult startup environment. Applications were particularly concentrated in innovative fields such as artificial intelligence (AI)-based services and impact startups aimed at solving social issues.
The 20 teams that passed the first round of document screening will participate in a startup camp from May 7 to May 9, which includes business lectures, one-on-one mentoring, and presentation preparation. The mentoring sessions will be conducted online, while the remaining activities will take place at the Seodaemun Youth Startup Center.
The final in-person presentation evaluation will be held on May 12 at the Seodaemun Youth Startup Center. Teams will be assessed based on their motivation for applying, the competitiveness of their business ideas, and their growth strategies. Ten teams will ultimately be selected. The chosen teams will receive various forms of support?including capacity building, business development, incorporation, networking, and investment attraction?through an incubating program that runs for about six months from June to November. Each team will be provided with an average of 10 million won in business development funding and access to startup workspace.
At the end of the year, a performance sharing event will be held to select outstanding companies, which will be eligible for additional benefits such as direct investment opportunities, participation in CES, and access to startup residency spaces. Seodaemun District is working to expand the startup ecosystem in collaboration with local university startup support groups and campus town project teams. CNT Tech Co., Ltd., a startup incubator headquartered in the district, has been selected as the implementing agency for this year's project and will oversee the entire process.
Mayor Seongheon Lee stated, "Through this recruitment, we were once again able to confirm the high level of interest young people have in entrepreneurship," adding, "Seodaemun District will strive to become a hub for youth startups so that more young people can receive the support they need to start their own businesses."
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