Yeongdeungpo-gu Nurtures Youth Entrepreneurship Dreams Through Crowdfunding

Establishing Yeongdeungpo-style Startup Model through Collaboration between Mullae-dong Metal Artisans and Young Entrepreneurs... Boosting Youth Influx into Yeongdeungpo's Mechanical Metal Industry for Self-sustaining Product Manufacturing Hub... Selection of Four Teams of Entrepreneurs and Startups under 39, Crowdfunding Support... Applications Open until May 10

[Asia Economy Reporter Jong-il Park] Yeongdeungpo-gu (Mayor Chae Hyun-il) is promoting the Yeongdeungpo-style crowdfunding project "2020 Yeongdeungpo Idea Funding," which attracts citizen investments in prototypes collaboratively created by metal manufacturing artisans in Mullae-dong and young entrepreneurs, to commercialize the products.

Through this project, the district solicits product ideas utilizing the base industries and infrastructure within the urban regeneration activation area along Gyeongin-ro. Additional points are awarded for collaboration with local industries such as Mullae machine metal manufacturing and artists.

Eligibility for participation is limited to youth aged 39 or younger, who can form teams of up to five members, with the option for individuals to participate as a single-person team. Startups within three years of establishment may also participate, and having a business registration certificate is not required.

After the application deadline, the district will select up to 10 teams for the first round of education through document screening. Basic product development education will then be provided, and finally, four teams will be selected as crowdfunding candidates.

The four selected teams will receive expert consulting and conduct funding through domestic crowdfunding platforms, receiving up to 3.5 million KRW per team for prototype production costs without any self-funding requirements.

Some support will also be provided for prototype promotion and marketing, and if the funding is successful, the proceeds will be allocated as business funds for the respective teams.

Applications can be submitted by May 10 through the "2020 Yeongdeungpo Idea Funding" website (www.cwu.co.kr/yif) or by filling out the application form and required documents posted in the "Notices and Announcements" section on the district website and emailing them to yif@cwu.co.kr.

Launched in 2019, Yeongdeungpo Idea Funding saw remarkable success with the youth startup team "meho" achieving an investment rate of 2241%, reaching 23 times their target amount. The "SK Aero" team, composed of local artisans, also overcame the limitations of functional products and achieved a 227% investment rate.

This time, the district limited idea submission eligibility to youth, involving local artisans in mentoring and production, thereby dividing roles between youth and artisans.

This approach aims to increase the success of funding and encourage greater participation from young startup teams.

The district plans to publicly recruit and appoint mentors from artisans who have worked in the metal industry in Mullae-dong for decades, build a collaborative infrastructure between them and young people, and develop this into a new manufacturing startup model.

The "Made in Mullae" products to be showcased at the second Yeongdeungpo Idea Funding event this year are expected to further change public perception of the Mullae-dong metal industry, following last year’s success.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, said, "Yeongdeungpo Idea Funding is a new collaboration model where the creative ideas of long-established local artisans and youth meet to create synergy. We will nurture Mullae-dong to become a genuine engine of urban regeneration along Gyeongin-ro that attracts youth and startups."

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