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KT&G, Seongdong District Forge Partnership to Boost Youth Startups and Social Innovation
🇰🇷 South Korea /Culture & Society

KT&G, Seongdong District Forge Partnership to Boost Youth Startups and Social Innovation

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • KT&G and the Seongdong District Office signed a business agreement to vitalize the youth startup and social innovation enterprise ecosystem.
  • The partnership strengthens a previous 2018 agreement, with KT&G supporting Seongdong's social venture competition and Seongdong assisting KT&G's startup incubator tenants.
  • Both organizations will collaborate on training and programs to enhance the capabilities of entrepreneurs in their respective startup support centers.

KT&G, a major Korean tobacco company, is partnering with the Seongdong District Office in Seoul to foster youth entrepreneurship and social innovation.

The two entities signed a business agreement on March 28, building upon a previous collaboration from 2018. The new pact aims to invigorate the startup and social venture ecosystem within the district.

Under the agreement, KT&G will support Seongdong District's social venture innovation competitions. In return, Seongdong District will facilitate participation in social venture expos and market access for companies housed in KT&G's "Sangsang Planet" startup support platform. Both organizations will also jointly offer business practical training and exchange programs to enhance the skills of entrepreneurs at KT&G Sangsang Planet, the Seongdong Youth Startup Irum Center, the Social Venture Hub Center, and the Social Economy Support Center.

Bae Soo-min, head of KT&G's Sustainability Management Group, expressed enthusiasm for the partnership, stating, "We signed this business agreement to join and further develop Seongdong District Office's sincere youth startup 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 2020 in Seongsu-dong's "Social Venture Valley," is KT&G's initiative to support social innovation entrepreneurs and create youth employment. It functions as a community space offering office space, a shared lounge, rental facilities, and educational programs, focusing on social ventures and early-stage startups that aim to solve social problems through business.

We signed this business agreement to join and further develop Seongdong District Office's sincere youth startup support activities. KT&G will continue to nurture young entrepreneurs and engage in various activities to vitalize the local startup and social venture ecosystem.

— Bae Soo-minHead of KT&G's Sustainability Management Group, explaining the motivation behind the partnership.
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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