Open to companies led by entrepreneurs aged 19 to 39; certified firms gain access to funding, office space, market channels, promotion and consulting support
Program accepts applications year-round, aiming to foster youth business growth and drive local job creation and economic vitality
Seoul's Nowon-gu is launching its first Youth Startup Certification Program, designed to help young entrepreneurs enter the market and grow their businesses. The district aims to identify promising youth-led companies and build a virtuous cycle linking business growth to job creation.
The program goes beyond simply verifying a company's youth-led status. Its core feature is connecting certified firms to a range of district-run business support policies, including funding, startup office space, market access, promotion and expert consulting.
The district plans to support early-stage youth companies that have strong ideas and growth potential but struggle to enter the market due to limited capital and experience. Through this support, the district aims to create a self-reinforcing cycle in which business growth generates new jobs and revitalizes the local economy.
Eligible applicants are small and medium-sized enterprises based in Nowon-gu whose representative is between 19 and 39 years old. Companies in industries that conflict with public health or sound cultural values, or that promote extravagance or speculation, are excluded, as are firms with unpaid national or local taxes and those that have suspended or ceased operations.
Certified companies will receive a range of linked support. In the area of funding, youth-led firms will receive bonus points when being considered for loans from Nowon-gu's small and medium-sized enterprise development fund. The district also plans to develop additional financial support measures to ease the burden of early-stage costs.
Support for startup space will also be strengthened. The district will make use of existing facilities — including the Nowon Youth Shared Office and youth store spaces — while also pursuing preferential selection of certified firms when filling spots in future youth support facilities the district develops.
The program places particular emphasis on market access and promotion, areas where youth companies tend to face the greatest difficulties. Certified firms will have expanded opportunities to participate in local festivals and events to showcase their products and services and broaden their sales channels. Expert consulting in law, management, taxation and labor affairs, as well as startup education, will also be made available.
Applications are accepted on a rolling basis throughout the year. Applicants can download the application form from the notice and announcement board on the Nowon-gu website and submit it along with supporting documents in person or by mail to the Youth Policy Division. The district will issue certificates to companies that meet the requirements after a document review and on-site inspection. Certification is valid for three years; a representative who exceeds the age of 39 during that period retains certified status until the term expires.
The district will maintain a list of certified companies and publish it on its website. It also plans to develop additional support measures to link certified firms to the various projects the district pursues going forward.
"I expect the Youth Startup Certification Program to serve as the starting point of a virtuous cycle — one where young people's ambitions grow into thriving businesses, and those businesses in turn create new jobs," Nowon-gu District Mayor Seo Jun-o said. "We will build Nowon into a future economic city where young people can start businesses, work and settle into a stable life — a place that brings together work, home and leisure."
seouldream01@heraldcorp.com
