Yeongdeungpo-gu Gyeongin-ro Mullae-dong Industrial Revival!... Recruiting Companies for Idea Funding Participation

Support for Collaboration Between Mullae-dong Machine Metal Artisans and Young Entrepreneurs... Recruiting Companies for Idea Funding Participation... Expert Consulting, Prototype Production, Promotion and Marketing Strategy Support... Online Applications Accepted Until 5.2... 'Makers Market' Platform Opened to Develop Online Sales Channels... Dual Benefits of Promotion and Sales

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (Mayor Chae Hyun-il) is launching the ‘2021 Yeongdeungpo Idea Funding’ project to support collaboration between young entrepreneurs' innovative ideas and the skilled artisans of Mullae-dong.

The ‘2021 Yeongdeungpo Idea Funding’ is a new business model by Yeongdeungpo-gu where machine metal manufacturing artisans in Mullae-dong collaborate with young entrepreneurs to showcase prototypes they have directly produced to the public, and by adopting a crowdfunding method for raising investment funds, it helps expand marketing channels.

Since 2019, the Idea Funding project, held annually, has already demonstrated remarkable results by far exceeding its target funding amounts multiple times, proving the potential and market competitiveness of Mullae-dong’s machine metal manufacturing industry.

This year, to continue that success story, startups and (preliminary) entrepreneurs with product ideas utilizing the machine metal manufacturing industry infrastructure around Gyeongin-ro in Yeongdeungpo, with less than five years of business experience, are being recruited.

Selected teams (or individuals) for crowdfunding will receive benefits including ▲basic education for product commercialization ▲promotion and marketing support for product market launch ▲consulting for planning and conducting funding ▲up to 3.5 million KRW support for prototype production costs.

Moreover, support projects are also prepared for startup business operators who have already launched and are running workshops or small business sites.

For small business owners active in the urban regeneration area around Gyeongin-ro in Yeongdeungpo, the ‘Yeongdeungpo Makers Market’ platform will be launched to support product promotion and marketing for developing online sales channels.

On the ‘Yeongdeungpo Makers Market’ platform, local small business owners’ innovative products are introduced and sold, helping increase company sales and linking to their own stores, thereby reducing the burden of commission fees.

If selected as a participating business in the ‘Yeongdeungpo Makers Market,’ support includes ▲consulting to strengthen product competitiveness ▲consulting for entry into online commerce channels ▲support for regional branding and marketing of products, including design material production.

The application period for Yeongdeungpo Idea Funding and Makers Market is until May 2nd. After a fair evaluation based on the project’s potential, alignment with local industry and business purpose, and mutual growth possibilities, final selections will be made and results individually notified.

Detailed information regarding applications can be found on the Yeongdeungpo Makers Market website.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, stated, “If the excellent skills of Mullae-dong artisans combine with the creative ideas of young people, it will greatly contribute to revitalizing local industries struggling due to COVID-19 and fostering startup companies. We will spare no effort in building and supporting cooperative models such as Idea Funding and Makers Market to lead the development of local industries around Gyeongin-ro and become a hub for new growth engines.”

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