Seoul City Launches 4-Stage Development Program to Discover and Support Preliminary Urban Regeneration Enterprises

[Asia Economy Reporter Donghyun Choi] Seoul City announced on the 2nd that it will officially launch the '2020 Seoul Urban Regeneration Company 4-Stage Discovery and Nurturing Program,' which comprehensively supports preliminary urban regeneration companies (CRC) from corporate establishment to business model creation.

Urban regeneration companies are a type of urban regeneration village enterprise. They are community-based companies that combine and utilize various local resources to solve regional problems and establish a virtuous economic ecosystem in the area.

The city will operate support programs for nurturing these urban regeneration companies in stages. The first stage involves visiting resident groups or organizations of five or more people who want to become urban regeneration companies to provide education. In the second stage, various practical supports necessary for corporate establishment are provided along with discovering local agendas. The third stage assists in designing business models and establishing business plans to ensure sustainable company operation and competitiveness. In the fourth stage, pilot projects for outstanding companies are supported.

Since last year, the city has selected urban regeneration companies and supported project development costs and operating expenses. In addition, through support for preliminary urban regeneration companies before corporate establishment, the city plans to help them grow into capable companies that can lead sustainable urban regeneration.

In this regard, the city selected nine preliminary urban regeneration companies to participate in this nurturing program through a public contest. The nine selected teams will participate in a program composed of four stages from this month to August: ▲CRC Information Center ▲CRC Preparation Center ▲CRC Workshop ▲CRC Power Plant. The content of each stage will be applied according to the region's readiness. After a preliminary diagnosis process, the program will be promoted focusing on collective education and team-customized programs. Based on this year's program results, the city plans to expand the urban regeneration company discovery and nurturing program in the future.

Yang Yongtaek, Director of Regeneration Policy Planning at Seoul City, said, "We expect this program to be a starting point where many concerns and agendas faced by the region can be solved by the power of the community," adding, "We will continue to do our best to discover and nurture urban regeneration companies to establish a sustainable urban regeneration foundation centered on local communities."

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