Yeongdeungpo-gu, 20 Million Won Support for Young Entrepreneurs

June 24?July 14: Youth Startup Idea Contest… Final Selection of 8 Teams

Up to 20 Million KRW in Business Funding, Youth Center Residency, Pitch Deck Design Production, and Other Benefits

Youth Are the Lifeblood and Driving Force of the Local Economy; Yeongdeungpo to Be Developed as a Startup and Venture Hub

Choi Ho-gwon, Mayor of Yeongdeungpo District

Yeongdeungpo-gu (District Mayor Choi Ho-kwon) is transforming into a youth startup city.

The district announced that it will hold the ‘2023 Yeongdeungpo Youth Startup Idea Contest’ to discover capable young entrepreneurs and provide business funding and other support.

Recently, the number of young people with fresh ideas and potential but lacking funds and falling behind in employment competitiveness has been increasing. In response, the district, together with Woori Bank Yeongdeungpo-gu Office Branch and the Seoul Center for Creative Economy and Innovation, has signed a business agreement to jointly promote and support youth startups.

This contest is part of the previously signed three-party agreement, where Woori Bank provides business funding, and the Seoul Center for Creative Economy and Innovation offers its years of experience and resources in nurturing youth enterprises to help startups successfully establish themselves.

The contest is held in two categories: Idea Planning and Upgrade, and Community Problem-Solving (Social Venture) types. The Idea Planning and Upgrade category accepts creative ideas from prospective or early-stage entrepreneurs, while the Community Problem-Solving (Social Venture) category seeks ideas addressing welfare, environment, education, space improvement and safety, social issues, or science and technology-based local problem solutions.

Prospective entrepreneurs aged 19 to 39 (as of the announcement date) residing in the district, or early-stage entrepreneurs within three years who have a business location in the district or plan to relocate there, are eligible to participate.

To participate, applicants must download the application form from the district website and submit it via email by 6 p.m. on July 14.

A judging panel composed of professors and experts will conduct a first-round document review and a second-round presentation (PT) evaluation, selecting the final 8 teams around July.

Selected teams will then prepare a pitch deck (a summarized business plan presentation) and participate in a mock investor relations (IR) session. One grand prize team, two excellence award teams, and five encouragement award teams will be chosen, receiving business funding ranging from 20 million KRW to 10 million KRW. The district expects this to greatly assist young entrepreneurs who face difficulties in asset formation.

Additionally, selected teams will receive practical training and tailored consulting from startup experts and professors to grow into venture companies. Pitch deck design production, pitching rehearsals, and various guidance will also be provided to increase investment attraction opportunities. Finally, teams can move into a dedicated youth enterprise space within the Seoul Youth Center Yeongdeungpo Orang, a youth-customized facility.

Choi Ho-kwon, Mayor of Yeongdeungpo-gu, stated, “Many young people with fresh ideas and capabilities give up on their startup dreams due to lack of funds and infrastructure. I hope many youths will participate in this contest without giving up their entrepreneurial dreams.” He added, “We will continue to solve various issues faced by youth, such as housing and jobs, and make Yeongdeungpo a better place for young people to live.”

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