Yeongdeungpo-gu Promulgates Startup Support Ordinance... 2 Million Won Each for 25 Aspiring Entrepreneur Teams

The five top-performing teams will receive 10 million won in commercialization funds
and startup workspace support.

Yeongdeungpo-gu, Seoul, announced on November 4 that it would enact and promulgate the “Ordinance on Startup Support in Yeongdeungpo-gu, Seoul” on November 5. The ordinance establishes a legal basis for supporting startups from preparation and commercialization through growth.

Digital transformation training for small business owners. Provided by Yeongdeungpo-gu.

Under the ordinance, the district will draw up annual plans to promote startups, form a specialized committee, and strengthen administrative and financial support. At each startup stage, it will provide support for improving business plans, mentoring, and practical startup training. It will also increase public-sector priority purchases of products from startup companies to help them secure sales channels in their early stages.

As its first initiative, the district will launch “Yeongdeungpo-Style Startup for Everyone,” modeled on the government’s “Startup for Everyone” project. It will select 25 teams of aspiring entrepreneurs with business ideas and provide each team with 2 million won in startup activity funds, along with support for business planning, specialized training, and consultations. The five top-performing teams will receive an additional 10 million won each in commercialization funds and startup workspace.

The district also announced support measures for small business owners. It will establish the “Yeongdeungpo Mutual Growth Fund for Small Business Owners,” using ESG (environmental, social, and governance) funds from commercial banks and financial institutions. It will also support live commerce to expand online sales channels, digital transformation training, and participation in domestic and international trade shows.

A district official said, “This startup support ordinance is an institutional starting point that will provide tangible support to entrepreneurs and small business owners. We will continue to do our utmost to help local small business owners by pursuing systematic startup support and policies tailored to their needs.”

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