Seoul's Seongdong-gu district is accepting applications through Aug. 21 for the 10th Social Venture Innovation Competition, open to social venture companies nationwide.
The district has hosted the Social Venture EXPO and the Social Venture Innovation Competition every year since 2017, billing the event as the largest social venture festival in the country. Over the past nine years, it has identified 102 social ventures and provided a combined 960 million won ($674,000) in business development funding, helping drive growth and expand the social venture ecosystem. This year marks the competition's 10th edition.
The competition is open to social ventures nationwide that are within seven years of founding and are addressing social problems through creative and innovative business models.
Applicants compete in one of two categories based on their company's age: the Start division, for ventures founded within the past three years, and the Scale-Up division, for those between three and seven years old. Companies choose which category to enter when they apply.
Nine companies selected through the competition will receive business development funding totaling 75 million won, with individual awards of up to 15 million won.
Participants will also receive one-on-one mentoring, access to accelerator programs and opportunities for investment review. This year, the district has strengthened its expert mentoring benefits, allowing companies to choose tailored consultations in areas beyond IR — including branding, human resources, ESG and global expansion.
Selected companies will be invited to the 10th Social Venture EXPO, to be held in October at Understand Avenue in Seongsu-dong. The event will present grand prizes, top prizes and excellence awards by category, along with special sponsor awards from KT Corp, Sampyo and Musinsa.
Details on how to apply are available on the Seongdong-gu district office website and the K-Startup entrepreneurship support portal.
District Mayor Yoo Bo-hwa said the district has built a solid foundation for social ventures to turn ideas into businesses and potential into growth. "We will provide unwavering support so that this 10th Innovation Competition can serve as a springboard for social ventures across the country to reach new heights," she said.
seouldream01@heraldcorp.com
