Yeongdeungpo-gu Supports Youth Startups Through Crowdfunding

Published 28 Sep.2020 06:30(KST)

Collaboration Between Mullae-dong Metal Manufacturers and Young Startups for Startup Support... Funding Support via Crowdfunding... Apply on Wadiz and Tumblbug Websites by October 12

One of the Yeongdeungpo Idea Funding selected teams, 'Hongtool,' is discussing the product together with a skilled artisan from Mullae-dong.

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (Mayor Chae Hyun-il) is implementing the ‘Yeongdeungpo Idea Funding’ project, which helps expand marketing channels by launching products that combine the mechanical metal industry technology of Mullae-dong with the ideas of youth and startups, and by introducing a crowdfunding method.

The ‘crowdfunding’ method means raising funds from the crowd, securing resources by receiving financial support from an unspecified large number of people through online platforms such as web or mobile networks.

It is currently gaining attention as a way for startups to raise investment capital.

‘Yeongdeungpo Idea Funding’ was planned to help launch and promote products by collaborating between metal manufacturing artisans in Mullae-dong and young startups, showcasing prototypes utilizing Mullae-dong’s infrastructure, and receiving investment funds through crowdfunding.

Additionally, through this project, the district aims to strengthen the capabilities of the base industries within the urban regeneration activation area around Gyeongin-ro, and to promote sustainable and self-reliant industrial growth of Mullae’s mechanical metal manufacturing industry.

The idea funding, which started last year, recorded a great investment success by exceeding the target amount nearly 20 times. This year, to continue that success story, the scale of support targets and funding amounts has been expanded compared to last year.

In May, basic education for industrial productization was conducted for teams wishing to participate, and in June, four final teams were selected through document screening on business suitability, effectiveness, and feasibility to participate in crowdfunding.

The selected four teams receive consulting for planning and conducting crowdfunding, support for prototype production costs up to 3.5 million KRW per team, and partial support for design and marketing strategies to help successful startups and business stabilization.

Moreover, the district appointed artisans who have worked in the metal industry in Mullae-dong for decades as mentors, transferring their accumulated professional skills to young entrepreneurs and startups, and providing production advice and consultation.

The four teams selected for crowdfunding support are ▲‘HongTool’, which produces professional pottery tools ▲‘UglyCulture’, which produces tableware accessories ▲‘inside.B (InsideB)’, which produces detachable bicycle baskets ▲‘Editool’, which produces design trays. Funding will be conducted through the major crowdfunding platforms Wadiz and Tumblbug until October 12.

Those wishing to participate in funding can join through the Wadiz and Tumblbug websites, and inquiries related to funding can be made through the Yeongdeungpo Idea Funding operation team.

The prototypes produced through this funding will be manufactured as products for market launch depending on the funding results and presented to customers. The project is also expected to create an economic virtuous cycle of revitalizing local industries and fostering youth enterprises through ‘Yeongdeungpo Idea Funding.’

Chae Hyun-il, Mayor of Yeongdeungpo-gu, said, “Yeongdeungpo Idea Funding is a successful cooperation model created by the technology artisans who are the pillars of the Mullae-dong area and active administrative support,” adding, “We hope it will be a breakthrough for revitalizing the mechanical metal industry in the region, which is struggling due to COVID-19.”