KT&G, 'Sangsang Planet' 3rd Anniversary... Emerging as a Hub for Youth Startups

Youth Startup Support Platform Opened in 2020
Offers Rent at Half the Usual Rate and Various Infrastructure
Provides Customized Programs to Enhance Practical Skills

Marking its 3rd anniversary, KT&G's youth entrepreneurship support platform, ‘Sangsang Planet,’ is establishing itself as a hub for the growth of social ventures in South Korea.

Sanghak Lee, Head of KT&G Sustainability Management Division (second from right in the front row), and young entrepreneurs residing in Sangsang Planet are taking a commemorative photo at the 'Planet Day' event held on the 13th to celebrate the 3rd anniversary of the opening of KT&G Sangsang Planet.
[Photo by KT&G]

Sangsang Planet is a youth startup space opened by KT&G in July 2020 in ‘Social Venture Valley’ in Seongsu-dong, Seoul, to nurture social innovation entrepreneurs and support youth job creation. It offers rental fees at about half the price of nearby shared offices to reduce the burden on young entrepreneurs and provides customized programs to strengthen practical skills.

KT&G announced on the 21st that it held the ‘Planet Day’ event from the 13th to the 15th to commemorate the 3rd anniversary of the opening. The event featured various programs such as ‘Planet Talk,’ where senior young entrepreneurs share their know-how; ‘Connect Planet,’ a networking event among resident companies; ‘Planet Market,’ selling social venture products; and ‘Planet Popup,’ showcasing and demonstrating technologies.

Currently, more than 60 companies and over 200 people reside in Sangsang Planet, with an occupancy rate exceeding 90%. Over the past three years, more than 130 companies have expanded their businesses and hired additional staff based on Sangsang Planet, thereby establishing a virtuous cycle within the youth startup ecosystem.

Sangsang Planet aims to be more than just a shared office space. In addition to rental fees at about half the level of typical shared offices, it offers various large-corporation-level infrastructures for resident company members, including independent office spaces, studios, cafes, relaxation lounges, and shower facilities. It also features wellness programs for members’ mental and physical health management and community programs to facilitate smooth interaction among resident companies.

Above all, the resident companies consist of various social ventures aiming not only for profit but also to solve multiple social issues, which creates opportunities for business synergy. Furthermore, through support programs such as ‘Planet Campus’ that enhance the business capabilities of early-stage social innovation entrepreneurs, it provides learning courses on practical knowledge needed in areas like marketing, taxation, and legal matters during business expansion.

A KT&G official stated, “KT&G is continuously striving to build a virtuous cycle model for the youth startup ecosystem and create jobs for young people,” adding, “We will continue to provide diverse support for young people pursuing their entrepreneurial dreams through KT&G Sangsang Planet.”

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