Gwangju Nam-gu Supports Young Entrepreneurs to Create a Successful Startup Ecosystem

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Nam-gu, Gwangju Metropolitan City, is promoting the ‘Successful Startup Ecosystem Creation Project’ to stabilize management through growth support for young entrepreneurs in the district and to induce additional employment creation for local youth.

Nam-gu announced on the 26th that it will invest 331 million KRW over two years from this year to next year to provide startup growth support funds and labor costs to young entrepreneurs who started businesses within the district.

The Successful Startup Ecosystem Creation Project, launched for the first time this year, was selected last year in the Ministry of the Interior and Safety’s ‘Region-led Youth Job Project’ contest. It is a project to support young entrepreneurs who started a business within Nam-gu within the last seven years as of January 1 and are under 39 years old.

The recruitment target is young entrepreneurs who have employed at least one young person in their workplace and have started a business in regionally specialized fields such as regional strategies and related industries, crafts and specialties, and fostering local artisans.

However, young entrepreneurs who are currently on leave, participating in other financial job support projects, or receiving support from the government or local governments for the same business content are excluded from the support target.

Nam-gu plans to receive applications until February 11, hold a presentation evaluation in mid-February, and comprehensively review the business items and execution capabilities of young entrepreneurs, the ripple effects and sustainability of business growth, and finalize seven support recipients.

In the first year of the project, 2022, 12.5 million KRW per person will be supported for indirect costs such as prototype production, financial consulting, and space rental fees for the settlement and growth of young startup companies, and personalized consulting will also be provided free of charge to strengthen startup capabilities.

Also, in 2023, if a young person is newly hired, labor costs for that youth will be supported within an annual limit of 24 million KRW.

A Nam-gu official said, “We plan to actively support young startup companies to continuously grow, create a foundation for sustainable youth jobs, and thereby further revitalize the local economy.”

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