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KT&G partners with Seongdong District to foster young entrepreneurs
🇰🇷 South Korea /Culture & Society

KT&G partners with Seongdong District to foster young entrepreneurs

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • KT&G and the Seongdong District Office in Seoul have signed a memorandum of understanding to foster young entrepreneurs.
  • The partnership aims to boost the ecosystem for startups and social innovation companies, focusing on job creation and addressing social issues.
  • This collaboration expands on a previous agreement and will involve joint training programs and support for startups in both organizations' platforms.

Tobacco company KT&G is joining forces with the Seongdong District Office in Seoul to cultivate young entrepreneurs and invigorate the social innovation sector. The two entities signed a memorandum of understanding (MOU) on April 28 to enhance support for startups and social ventures.

The agreement focuses on fostering companies whose core business models address pressing social issues such as job creation, environmental pollution, and regional decline. This initiative builds upon a prior collaboration established in 2018 to support youth entrepreneurship. The partnership will see KT&G contributing to the operation of the Seongdong District's social venture innovation competition.

In return, the Seongdong District Office will facilitate participation in social venture expos and help open new sales channels for companies housed in KT&G's "KT&G Sangsang Planet" startup support platform. Both organizations also plan to jointly promote capacity building for entrepreneurs through business practical training and program exchanges.

We signed this MOU to collaborate with and further develop Seongdong District's sincere youth entrepreneurship support activities.

— Bae Soo-min, Head of KT&G Sustainable Management HeadquartersExplaining the motivation behind the partnership with Seongdong District Office.

Bae Soo-min, head of KT&G's Sustainable Management Headquarters, expressed enthusiasm for the partnership, stating, "We signed this MOU to collaborate with and further develop Seongdong District's sincere youth entrepreneurship support activities." He added, "KT&G will continue to nurture young entrepreneurs and engage in various activities to vitalize the local startup and social venture ecosystem."

KT&G Sangsang Planet, opened in Seoul's Seongsu-dong in 2020, is a startup support platform dedicated to nurturing social innovation entrepreneurs and creating youth employment. It currently offers practical skills training and networking programs for its resident companies.

KT&G will continue to nurture young entrepreneurs and engage in various activities to vitalize the local startup and social venture ecosystem.

— Bae Soo-min, Head of KT&G Sustainable Management HeadquartersHighlighting KT&G's ongoing commitment to supporting young entrepreneurs.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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