Busan City Directly Supports 'Youth Venture' Workforce

Recruitment Announcement for Companies and Youth Participating in the Youth Venture Investor Training Project
26 Selected for Employment in Regional Venture Industry ... Creating Local Jobs

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City and Busan Technopark will promote the ‘Youth Venture Investor Development Project’ starting next year to support the hiring of young talent by local venture investment-related companies. They are recruiting participating companies and youth until December 21.

Currently, 90% of venture investment-related companies investing in startups, such as accelerators and venture capital firms, are concentrated in the Seoul metropolitan area.

Busan City sees the urgent need to nurture investors to create a locally driven startup ecosystem.

Due to the concentration of venture investment-related companies in the Seoul metropolitan area, there are many restrictions on venture investors active in the region, and difficulties such as labor cost issues for individual project implementation are increasing. Therefore, Busan City is promoting support to strengthen investor capabilities.

Busan City has launched this project to resolve the manpower shortage of local venture investment-related companies and provide opportunities to enhance their capabilities. Busan plans to support the hiring of 26 young people and will invest 570 million KRW in project funds.

The support targets are investment companies and investment-related organizations with business registration addresses in Busan, and youth who are unemployed and under 39 years old as of January 1, 2021, residing in Busan.

Busan City will match selected companies and youth and support 2 million KRW per month per newly hired young employee, with the company bearing 20% of the cost.

Busan City aims to establish a virtuous cycle structure for the local venture industry through practical venture investment training and investor development.

Byun Sung-wan, Acting Mayor of Busan, said, “Although the economy is stagnant due to the COVID-19 crisis, the investment market is becoming more active,” adding, “We will create a foundation where professional investors who can catch up with the Seoul metropolitan area can continuously emerge in Busan by fostering the local venture investment ecosystem through venture job creation.”

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