Seongdong District Signs Agreement with KT&G to Boost Youth Entrepreneurship and Social Venture Ecosystem

Collaboration on Social Venture Expo
Startup Education and Market Development

On July 29, Seongdong District in Seoul (Mayor Yubohwa) announced that it had signed a business agreement with KT&G on July 28 to revitalize the youth entrepreneurship and social innovation ecosystem, with Seongsu-dong—a hub for social ventures—at the center. This agreement is an expansion and development of the previous youth entrepreneurship support agreement established in 2018.

Seongdong District and KT&G have signed a business agreement to revitalize the youth startup and social innovation ecosystem. On the right, Yubo Hwa, Mayor of Seongdong District. Provided by Seongdong District.

According to the agreement, the two parties have agreed to cooperate in a variety of areas: participation and collaboration in the Seongdong District Social Venture Expo and Innovation Competition, mutual exchange in startup education and networking programs, and the joint implementation of projects to develop sales channels and build capacity for social economy enterprises.

KT&G has been operating support programs for young entrepreneurs—such as providing startup spaces, linking investments, and running networking programs—focusing on the 'KT&G Sangsang Planet' center opened in Seongsu-dong in 2020. In October this year, resident companies of KT&G Sangsang Planet are scheduled to participate in the 10th Social Venture Expo and Innovation Competition hosted by Seongdong District.

Seongsu-dong is known as the Social Venture Valley, home to about 500 social venture companies. Seongdong District stated that this agreement presents an opportunity to enhance the local startup ecosystem by combining private sector expertise with public sector support capabilities.

Mayor Yubohwa commented, "This agreement serves as a sustainable cooperative model that combines public and corporate capabilities, facilitating the growth of the social innovation ecosystem and driving the creation of local jobs. We will continue to provide active support, alongside excellent private partners such as KT&G, so that the Seongsu-dong Social Venture Valley can grow into a world-class social innovation cluster."

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