Yeongdeungpo-gu Launches 'Y-VS Project' to Support Youth Startups

Launching Yeongdeungpo's exclusive 'Y-VS Support Project' brand to strengthen young (pre)entrepreneurs' capabilities... Four areas: promotional supporters, crowdfunding support, prototype production, accelerating... Open to Seoul residents aged youth or SMEs within 7 years of establishment, see district website for details

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (Mayor Chae Hyun-il) has launched the ‘Y-VS Support Project’ brand to help young people dreaming of successful startups, and has prepared support measures to strengthen the capabilities of young people from prototype production to funding support.

‘Y-VS’ is a unique Yeongdeungpo brand devised from Yeongdeungpo’s Y and VS (Venture Startup), meaning venture startups, aimed at helping realize young startup ideas.

This is noteworthy in that it has prepared concrete and practical support measures for young people, from crowdfunding and prototype production to funding support.

The ‘Y-VS Support Project’ consists of four programs: ▲Young Ventures: Promotion Supporters △Crowd Funding: Investment Fundraising Support ▲Accelerating: Startup Funding Support and Capability Enhancement ▲Prototype Production: Verification of Product Marketability and Performance.

First, ‘Young Ventures (Yeongdeungpo Venture Startup Supporters)’ is a program where young people directly promote the Y-VS Support Project online and offline, increasing residents’ interest and maximizing business effects. Through this, young people can also build experience in the promotion field.

‘Crowd Funding’ is a fundraising method that allows young people lacking funds to receive investments from the public. The district helps attract investors’ attention by producing promotional content such as videos and SNS banners. In addition to online marketing, in-depth education and consulting are also available.

‘Youth Enterprise Accelerating’ selects 10 startup teams and supports them with 10 million won in funding, providing opportunities to promote their products to investors.

It also helps cultivate expertise through education and one-on-one mentoring, selecting outstanding teams for follow-up support.

‘Prototype Production Support’ assists in producing prototypes to check customer reactions and verify performance before commercialization.

Along with this, it helps create online landing pages that induce product purchases to support successful market entry.

The ‘Y-VS Support Project’ is open to any (preliminary) young entrepreneurs residing in Seoul aged 39 or younger, or small and medium enterprises within 7 years of establishment.

Crowdfunding applications are accepted until June 28, accelerating until July 3, and prototype production support until July 19. ‘Young Ventures’ accepts applications from 20 young people until June 26.

For inquiries about the ‘Y-VS Support Project,’ please contact the Yeongdeungpo-gu Office website or the Social Economy Division.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, said, “Yeongdeungpo-gu can now support young startups more systematically through the ‘Y-VS Project,’” and added, “We will be a strong supporter for young people dreaming of successful startups.”

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