SEOUL, November 15, 2017 – The first collective work house for youth startups has been opened in the neighborhood of Sinchon, where numerous universities are located, as of November 13, 2017.
The house, dubbed “Youth Startup Dream House,” was prepared by the Seoul Metropolitan Government who purchased one of the outdated motels in the area and remodeled it to open a place for youth-centric startups both to live and work.
The name of Youth Startup Dream House, selected through a citizen’s competition, contains its mission as “a place where youth startups are allowed to have a dream, take up the challenges for the future and communicate with each other.”
A total of twenty young business owners and workers from eight startups that came through a five to one competition held in August are qualified to reside and work at the house for up to two years. They do not have to pay for the space except utility fees.
Business items developed by them include document-reading and revising services for international students, deep learning eye examination solution, game-type smart recognition rehabilitation solution, and VR-3D scanners for interior spaces.
This 348.6 square-meter house has three floors above the ground and one floor under the ground. It consists of residential spaces and shared spaces: meeting rooms, a cafe and a consulting lounge in the basement; a community center and a laundry room on the first floor; an office automation (OA) zone, offices and residential rooms on the first, second, and third floors. In addition, a rooftop features a shared kitchen and a rest room. Residents are able to hold a networking party there.
Since all of the residing startups started their businesses within the last three years, they had received startup business education and consulting on, e.g. how to register a business or patent, before the official opening of the house. Now they are qualified to get one-stop services as to how to run a business, and have mentoring programs or internship programs linked to the local community as they requested.
Based on business plans, they will be also granted a support fund of 3 million won ($2,700).
Taking advantage of its location, they are expected to participate in various startup programs provided by Seoul Startup Hub located in nearby Gongdeok-dong, and get related information and consulting services offered by Seoul Startup Cafes.
The Seoul Metropolitan Government has a plan to let residing startups operate the house by themselves, and hold a monthly Networking Day program to encourage them to exchange expertise and collaborate with each other.
“The Youth Startup Dream House, the first of its kind implemented by the city government, is committed to supporting youth startups and also rejuvenating the Sinchon area. It is a new type of collaboration for urban regeneration and youth startups,” said the SMG. “We will support young business persons who have difficulties to find affordable working spaces and have burden of office rental fee, and give an opportunity for them to communicate with other startups.”