Seongdong-gu 'Social Venture Hub Center' Secret to Doubling Sales in One Year?

[Seoul District News] 24 Resident Companies Double Sales to 15 Billion KRW and Increase Jobs by 30% Year-on-Year with Innovative Business Models; Excellent Companies Like Wiehurdling and LAR Attract Attention from Large Corporations and VCs... Yeongdeungpo-gu Operates Youth Employment and Startup Capacity Building Program

Exterior view of Seongdong Safe Shopping Center, where Seongdong-gu 'Social Venture Hub Center' (4th to 6th floors) is located

[Asia Economy Reporter Park Jong-il] Seongdong-gu (Mayor Jung Won-oh) announced that 24 resident companies at the 'Social Venture Hub Center' located in Seongsu-dong achieved sales of 15 billion KRW over the past year, with employment increasing by 30% to 206 people compared to the previous year.

Despite the ongoing difficulties in business management due to the COVID-19 situation, most of the resident startup companies, which have fewer than 10 employees or have been established within 7 years, achieved remarkable results by more than doubling their sales from 7 billion KRW the previous year through creative ideas and technological capabilities.

Furthermore, excellent cases that have steadily grown at the Social Venture Hub Center and attracted attention from large corporations and venture capitalists (VCs) are emerging.

Wehurdling (CEO Bae Sang-gi), a food tech social venture collaborating with local chefs, was recognized for its growth potential by enhancing customer convenience and delivery infrastructure, securing a Series A investment worth 3 billion KRW last year.

LAR (CEO Gye Hyo-seok), an eco-friendly sneaker brand made from recycled PET bottles, gained attention when Shin Dong-bin, chairman of Lotte Group, wore their shoes. The company attracted investment from the Lotte Chemical ESG Fund and opened a pop-up store at Jamsil Lotte Department Store.

The growth of social ventures in Seongdong-gu is evaluated to have been supported by various programs over the past four years, including IR consulting and demo days for attracting private investment, government project applications and technology consulting programs, online mandatory legal education support, and the creation of video shooting spaces, following the enactment of the nation’s first support ordinance in 2017.

The 'Social Venture Hub Center' houses 24 social venture companies that contemplate and solve various social issues such as regional economic revitalization, climate and environmental improvement, youth career and childcare, and care problems.

Along with various programs to support growth, the district has been making significant efforts to reduce the economic burden on resident companies struggling due to COVID-19 by waiving basic management fees since 2020 and reducing rent by 50% for some small businesses.

Seongsu-dong, where companies selling products and services with social significance, growth support organizations assisting startups and management, and investment institutions come together to form an independent social innovation ecosystem, is already known as the nation’s largest 'Social Venture Valley.' The district plans to continue its unwavering efforts to support their growth.

Jung Won-oh, mayor of Seongdong-gu, said, “Fostering social venture companies is a field that should be continuously expanded in startup support policies in the ESG era. We will do our best to develop the Social Venture Hub Center into a comprehensive incubating space where social innovators can realize their ideas.”

Yeongdeungpo-gu (Mayor Chae Hyun-il) announced that it will operate the ‘Just! Job(JOB) Youth Employment and Startup Program’ to strengthen the capabilities of young people dreaming of employment and entrepreneurship.

Many young job seekers are facing difficulties due to the increasingly narrow job market caused by COVID-19. In response, the district planned a program that practically helps unemployed youth with employment and entrepreneurship to boost their motivation and support stable social entry.

The program runs from February to September and consists of valuable special lectures every month, including career consulting, job experience, and mentoring by current professionals to help local youth strengthen their employment and startup capabilities.

Career consulting supports various employment programs from the first step of job aptitude tests and resume writing to interview preparation consulting, and participants can also receive one-on-one career planning counseling with professional career counselors.

Job experience offers opportunities to communicate directly with current experts through online and offline job concerts. Experts in fields such as media content, digital marketing, IT, and office administration serve as instructors, providing customized job information and preparation guides for career planning, along with Q&A sessions to resolve job seekers’ questions. On the 28th, a special lecture on job experience in multimedia content design and SNS/digital marketing will be held.

Additionally, employment and startup mentoring allows participants to hear vivid experiences and know-how from field practitioners who have directly experienced both failure and success in social entry. They can receive more in-depth customized consulting from current professionals on employment career planning, startup ideas and items analysis, and concrete implementation plans.

Moreover, the district plans to open some seminar rooms and meeting rooms free of charge every Wednesday at the Zero Gravity Zone Yeongdeungpo for program participants to use as spaces for employment and startup preparation.

Youth wishing to participate in the program can check detailed schedules and contents of each special lecture on the Yeongdeungpo Youth Online Platform website notice board and apply through the posted link.

For more details about the program, contact the Social Economy Division of Yeongdeungpo-gu Office.

Chae Hyun-il, mayor of Yeongdeungpo-gu, said, “We will thoroughly prepare to operate the program safely by adjusting the balance between face-to-face and non-face-to-face programs while complying with COVID-19 quarantine guidelines. We hope this employment and startup program will be a practical stepping stone for young people heading toward tomorrow.”

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