Seoul 'Social Venture Hub' 20 Months: Resident Companies' Sales 14.3 Billion KRW, Youth Employment 161 People
Opened in October 2019... Providing startup space for up to 12 months
[Asia Economy Reporter Lim Cheol-young] Despite the challenges posed by COVID-19, companies residing in the 'Social Venture Hub,' which provides one-stop support for young entrepreneurs dreaming of social venture startups?from founding to business operations?are continuing to achieve remarkable results.
According to Seoul City on the 24th, social venture hub resident companies have recorded cumulative sales of 14.3 billion KRW, investment attraction of 8.1 billion KRW, and 161 new hires over the past 20 months. At the time of the hub's opening, resident companies had sales of 1.4 billion KRW and 19 new employees.
To support the new paradigm of youth entrepreneurship, 'social ventures,' Seoul City opened the nation's first dedicated and hub space for social ventures, the 'Social Venture Hub,' near Seolleung Station in October 2019. Currently, 12 organizations are housed there.
Seoul City plans to continuously discover social ventures with high growth potential and facilitate investment attraction by building close networks with private specialized institutions (venture capital) and accelerators (ACs).
Meanwhile, with the enactment of the 'Special Measures Act on Fostering Venture Businesses,' which provides a systematic support basis, Seoul City will additionally prepare support measures for social ventures based on this and create a sustainable social venture ecosystem.
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Han Young-hee, Seoul City's Labor, Fairness, and Coexistence Policy Officer, stated, “Social ventures are innovative and cooperative business models that simultaneously solve social problems, generate profits, and create jobs. Despite the economic downturn and employment crisis, they have achieved high sales and created new jobs, proving the growth potential of 'social ventures.' We will actively support the discovery and nurturing of more social ventures pursuing social value so that they can be linked to youth job creation.”
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