Seoul City, 11 Local Governments, and Private Sector Collaborate to Recruit 200 Young Entrepreneurs in Seoul Linking Regional Resources

Applications open until the 25th of next month, up to 70 million KRW startup funding supported through 8 months of multifaceted verification

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 29th that it is recruiting the 3rd cohort of ‘Next Local,’ a program that supports Seoul youth (aged 19-39) with up to 70 million KRW in project funds, including pilot operation costs, when they start a business by linking and utilizing 11 regional resources nationwide. Applications are open until the 25th of next month, and approximately 200 participants will be selected.

The 200 Seoul youth selected for the Next Local project will be provided with opportunities to take on new challenges in their regions, including ▲startup education and dedicated coaching ▲support for regional resource surveys (2 months, transportation and accommodation expenses) to discover startup items ▲pilot operation of business models (6 months, up to 20 million KRW support). Teams with verified business models will be selected to receive up to 50 million KRW in project funds.

Anyone interested in local communities and preparing to start a business, including prospective entrepreneurs and existing entrepreneurs interested in regional activities, can participate either individually or in teams of up to three members.

After selecting the youth participants, a kickoff ceremony and orientation for the regional resource survey will be held to mark the new beginning. Prior to the regional survey activities, pre-education necessary for startup activities will be conducted, covering survey methodologies from a business perspective and preliminary analysis of stakeholders within the region. Following the camp, each region will have a two-month ‘regional resource survey’ period. This period is dedicated to discovering startup items, and Seoul City will cover actual expenses incurred for inter-regional transportation and accommodation during the two months of resource surveying.

Based on the results of the regional resource survey, approximately 50 teams out of around 100 will be selected for excellent startup items. These teams will receive feedback from startup expert coaches for about six months, mature their business models, and establish execution plans. The approximately 50 teams selected in the first stage will receive initial funding of up to 20 million KRW and conduct pilot operations of their business models over six months while receiving full-scale startup education.

Teams that complete all stages will be evaluated not only on their qualities as entrepreneurs but also on locality, business viability, sustainability, and participation attitude. Teams with verified business models will be selected to receive up to 50 million KRW in project funds. Those who complete the eight-month startup support program by January next year will be awarded a certificate of completion issued by the Mayor of Seoul. In particular, when ‘Seoul youth’ settle in the region or apply to local startup programs, local governments plan to provide preferential benefits to ensure the sustainability of the project.

Youth participants aged 19 to 39 who wish to join Next Local can apply through the Next Local website (www.seoulnextlocal.co.kr) over four weeks until the 25th of next month. Kim Ui-seung, Director of Economic Policy at Seoul City, said, “Following the experimental challenge of the 1st cohort and the stable operation of the 2nd, the Next Local project is creating meaningful outcomes together with the regions. We hope that the Next Local project will expand its scope as a startup support program and establish itself as a vibrant win-win project.”

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