Yeongdeungpo-gu, Fostering Social Venture Teams to Solve Local Issues

Support for startup spaces, education and mentoring, and funding, activities for 2 years... Recruitment from March 2 to 25... Also recruiting startup support organizations to nurture social venture teams, application period February 5 to 19

At the ‘Siywol-ui Seonyu’ event held last year, a recyclable design booth created by the social venture team ‘Seonyu A&P’ was installed. The team not only earned 16 million won from the booth production but was also selected as a development team by the Korea Social Enterprise Promotion Agency this year.

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (District Mayor Chae Hyun-il) is actively fostering the ‘Local Problem-Solving Social Venture Teams’ to solve regional issues through residents' creative ideas and realize social value together.

The main point is that residents who know the area best form social venture teams to promote regional development, and the district supports them to grow into excellent social economy models by generating profits and realizing social value.

First, the district systematically supports social venture teams with startup spaces, education, mentoring, and funding so they can focus on business idea development and commercialization.

The social venture teams will operate for two years starting in April, extending the previous one-year activity period to ensure business continuity. An incentive system has been introduced to encourage mutually beneficial competition.

Anyone with the will to solve local problems or those whose main activity area is Yeongdeungpo-gu can apply. Recruitment runs from March 2 to March 25.

Additionally, startup support organizations that assist and nurture social venture teams will be recruited from February 5 to 19. The district aims to provide more professional support for social venture teams by partnering with organizations rich in experience and infrastructure.

The evaluation criteria for startup support organizations include △business execution capability and infrastructure △qualifications and abilities △understanding of social enterprise systems △experience in implementation. This year, a private investment organization connectivity item has been added to assess whether a strong private resource network is established.

For inquiries regarding the recruitment of social venture teams and startup support organizations, contact the Social Economy Division (☎2670-1660).

Last year, the district was recognized for its efforts by receiving the Ministry of Employment and Labor’s ‘Best Minister’s Award for Social Enterprise Promotion’ and the Ministry of Health and Welfare’s ‘Excellence Award for Social Economy Activation in Regional Welfare Project Evaluation.’

In fact, the number of social enterprises in the region increased by 34.8% from 43 at the beginning of last year to 58.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, said, “Social venture teams provide a great opportunity for residents to solve local problems themselves and create a positive virtuous cycle.” He added, “Yeongdeungpo-gu will do its best to ensure residents deeply experience social economy in their daily lives.” Social Economy Division (☎2670-1660)

This content was produced with the assistance of AI translation services.