SK Materials Leads Regional Win-Win Development with 'Yeongju Economy Inside' Project

SK Materials Signs MOU with Gyeongsangbuk-do, Yeongju City, and Impact Square

[Asia Economy Reporter Hwang Yoon-joo] SK Materials, a semiconductor and display materials specialist, held a business agreement ceremony on the 23rd to collaborate on the ‘Into Yeongju Economy’ project together with social venture accelerator Impact Square, Gyeongsangbuk-do Province, and Yeongju City.

The ‘Into Yeongju Economy’ project aims to create an environment suitable for the growth of young entrepreneurs who will lead regional change based in Yeongju City and to foster local startup models that can coexist and prosper with the region.

SK Materials donated 5 billion KRW to this project and plans to use this donation as seed money to attract additional investments and businesses linked to the project, building a total project scale of over 10 billion KRW. Impact Square, which operates the project, is an accelerator certified by the Ministry of SMEs and Startups with high expertise in nurturing social ventures.

This project will be operated through four detailed initiatives: △ discovering and nurturing social ventures △ education to expand the startup ecosystem △ creating social venture work and exchange spaces △ establishing and managing an impact fund.

Starting from the first half of next year, more than 10 social ventures with business models linked to local resources and capable of settling in Yeongju will be recruited through both regular and occasional calls. Selected companies will receive support funds for stable regional settlement, physical support such as office space within exchange areas, and a close acceleration program for business advancement. Through this process, social ventures that prove growth potential will be offered investment opportunities through funds established by this project.

Additionally, SK Materials’ donation, along with investments from local governments and external organizations, will be used to form a youth impact investment fund exceeding 5 billion KRW. This fund, combined with investment-linked acceleration, will drive the rapid growth of regional social ventures that create social value and provide opportunities to develop into unicorn companies. It is expected to contribute to regional economic revitalization by not only fostering corporate growth but also attracting young populations through employment.

SK Materials will also actively promote the input of SK Group-level resources for the success of social ventures. Through SK Group’s representative distribution channels such as Haengboknarae, SK Stoa, and 11st, it will help solve one of the difficulties faced by social ventures?securing sales channels?and support promotional activities using group channels. Furthermore, it will assist in forming networks with investors within the group and other social ventures.

Meanwhile, under this agreement, Gyeongsangbuk-do Province and Yeongju City have also agreed to cooperate for the settlement and growth of social ventures. Selected social ventures will receive settlement funds of over 5 million KRW and administrative and infrastructure support such as simplified startup permits and various tax benefits.

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