KT&G signs MOU with Seongdong-gu to foster youth entrepreneurs, social ventures

KT&G signed an MOU with the Seongdong-gu office of the Seoul Metropolitan Government on Tuesday to boost the youth startup and social innovation enterprise ecosystem, the company said.

The agreement builds on a youth startup support MOU the two sides first signed in 2018. Under the new terms, KT&G will help operate Seongdong-gu's social venture innovation competition, while the district will support companies based at KT&G's youth startup support platform "KT&G Sangsang Planet" in participating in a social venture expo and developing new markets.

The two sides will also jointly work to strengthen the capabilities of entrepreneurs at KT&G Sangsang Planet and three Seongdong-gu facilities — the Seongdong Youth Startup Center, the Social Venture Hub Center and the Social Economy Support Center — through business education and program exchanges.

"KT&G will continue to nurture young entrepreneurs and pursue a wide range of activities to invigorate the local startup and social venture ecosystem," said Bae Su-min, head of KT&G's sustainability management division.

Meanwhile, KT&G Sangsang Planet is a youth startup support platform KT&G opened in 2020 in the "Social Venture Valley" of Seongsu-dong to cultivate social innovation entrepreneurs and create jobs for young people. It offers growth support programs to build practical skills through education and mentoring, as well as programs to promote networking among resident companies.