Final 30 teams… Total 465 million won in startup funding support
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(Seoul = Newsis)
(Seoul = Newsis) Reporter Jae-eun Lee = The Seoul Metropolitan Government announced on the 17th that it held the ‘1st Youth Alley Startup Competition’ in the form of an audition from the 8th to the 9th and selected 40 teams of young entrepreneurs.
As a result of recruiting young entrepreneurs to participate in the competition that began on May 13th and lasted for four weeks, a total of 330 teams applied for the final 30 teams, resulting in a competition rate of 11 to 1.
The first competition was held in the form of 60 teams of prospective and early-stage young entrepreneurs directly presenting their business plans and items. 40 teams (20 prospective and early-stage entrepreneurs each) were selected through a comprehensive evaluation of passion for entrepreneurship, preparedness, growth potential, and understanding of the commercial area.
The city plans to ▲provide startup funds (1st and 2nd rounds) to the 40 teams (53 people) selected in the first competition, ▲promote high-density startup capacity strengthening incubation, and ▲support long-term, low-interest loans to strengthen stable business capacity and support the creation of an environment for youth startups.
In particular, this year, we improved the educational content to minimize lectures and provide customized and intensive incubation centered on consulting. In addition, we improved the system to enhance the effectiveness of entrepreneurship capacity education and the development potential of business models (BMs) by strengthening the evaluation system, such as introducing qualitative (content) evaluation in the mid-term evaluation before the second competition.
The total startup capital of 465 million won will be paid out differentially in two installments in July and November, respectively, based on the grades (S, A, B) of the evaluation results from the 1st and 2nd competitions.
The business expenses received can only be used in areas directly related to the business, such as material costs, product development costs, publicity, and marketing costs. The use of the expenses for purchasing goods for the purpose of building personal assets, food, refreshments, clothing costs, etc. unrelated to business activities is strictly prohibited.
In addition, to enhance business models and strengthen entrepreneurial capabilities, an incubation course consisting of a ‘business workshop’ and an ‘on-site workshop’ will be offered for three months from August to October. Considering the diversity of entrepreneurial stages, industries, and items, the program was designed to solve practical problems by team and be applied directly to the field.
The young entrepreneurial teams that have completed the incubation program to strengthen their entrepreneurial capabilities will compete in the second round scheduled for late October. Based on more advanced business plans, the final 30 teams will be selected by evaluating the growth of products and services, sustainability, and ideas for cooperation with local businesses compared to the first round.
In addition to business expenses support, the 30 teams finally selected in the second competition will be provided with additional long-term low-interest loan support benefits of up to 70 million won in cooperation with the Seoul Credit Guarantee Foundation.
Song Ho-jae, director of the Seoul Metropolitan Government’s Bureau of Public Livelihood and Labor, said, “We will continue to think about effective support and administration to foster innovative young small business owners and revitalize commercial districts by increasing the appeal of alleyways.”
◎ Sympathetic Media Newsis (email protected)
Source: www.newsis.com
