Seongdong-gu District Mayor Yu: Seongsu-dong Is Ready to Become a Global Innovation Hub

Seongdong-gu District Mayor Yu Bo-hwa attended a workshop of the 2026 Social Enterprise World Forum (SEWF) at the National Assembly Library Grand Hall on Tuesday, presenting the story of Seongsu-dong's social venture growth and outlining her vision to develop the neighborhood into a global innovation hub over the next decade.

The workshop is a key program of the SEWF, which runs from Monday through Friday. It was co-hosted by the National Assembly Social Innovation Forum and the National Local Government Council for Social Solidarity Economy, drawing domestic and international social economy practitioners and policy experts.

In her presentation, Yu traced how Seongsu-dong — once a manufacturing hub — transformed into an innovation cluster drawing young entrepreneurs and social ventures, and described the policy efforts Seongdong-gu put in place to sustain that growth.

Young entrepreneurs and social ventures were initially drawn to Seongsu-dong by its convenient transport links, relatively affordable rents and industrial zoning. The district then built a broad support framework — spanning policy, physical space and financing — to help them grow sustainably.

The groundwork began in 2013, when Seongdong-gu became the first district in Seoul to enact an ordinance supporting the social economy. It followed that in 2014 and 2017 with the country's first social economy revitalization fund and the first ordinance dedicated to nurturing social ventures.

Support has since expanded across multiple fronts: business growth assistance through a social economy support center and a social venture hub center; startup spaces including Understand Avenue and the Seongdong Youth Startup Center; and financial backing through low-interest loans and the 5 billion won ($3.74 million) Seongdong Impact Fund.

A social venture expo launched in 2017 has grown into an annual event drawing roughly 160 companies and more than 1,000 participants.

The combination of private-sector innovation and public policy support has driven the number of social ventures in Seongsu-dong from 242 in 2017 to 544 in 2025.

Yu said the transformation was not the work of local government alone. "The Seongsu-dong story cannot be explained by the success of a single local government," she said. "It shows how innovation created together by young people, businesses, the community and local government can change a neighborhood and a city."

She also laid out a path forward. "Seongsu-dong has gone from a manufacturing district to a mecca for social ventures, and it is now preparing for a new leap — becoming a global space for innovation where diverse technologies, industries, people and companies connect," Yu said. "We will keep creating opportunities for those starting new ventures, connections for growing companies, and new vitality for the community."

The district said it plans to continue supporting the sustained growth of social ventures by drawing on the area's industrial base and creative talent, while expanding exchanges and cooperation with domestic and international companies and entrepreneurs to further strengthen Seongsu-dong's capacity for innovation.