District to offer stage-by-stage startup support and expand public procurement of startup products
'Yeongdeungpo-style Everyone's Startup' program and mutual-aid fund among key initiatives for small businesses
Yeongdeungpo-gu has established a legal framework to support entrepreneurs at every stage — from preparation and launch through growth.
The district plans to build a startup ecosystem covering prospective entrepreneur outreach, expanded public procurement of startup products, and financing and market-access support for small businesses.
Yeongdeungpo-gu announced Wednesday that it will enact and promulgate the Yeongdeungpo-gu Startup Support Ordinance on Thursday.
The ordinance reflects policy demand from the field and provides a legal basis for supporting the entire startup process. It was designed to consolidate previously fragmented support systems and build a startup ecosystem suited to the district's characteristics.
Building on the ordinance, the district plans to establish annual startup promotion plans and form a specialist advisory committee to strengthen administrative and fiscal support. It will offer business plan development, mentoring and practical training at each stage of the startup process, and expand preferential purchasing of startup products to help early-stage companies secure sales channels and enter the market.
The flagship initiative is the "Yeongdeungpo-style Everyone's Startup" program, modeled on the central government's "Everyone's Startup" scheme. It will select 25 prospective startup teams with promising ideas and provide each team with 2 million won ($1,490) in startup activity funding, along with business planning assistance, specialist training and consulting.
Of those, the top five teams will each receive 10 million won in commercialization funding as well as dedicated startup workspace, helping turn their ideas into actual businesses.
Support for small businesses will also be strengthened. The district plans to establish a "Yeongdeungpo mutual-aid fund tailored for small businesses" using ESG funding from commercial banks and financial institutions, easing the burden of raising capital. It will also help businesses expand into online and overseas markets through live-commerce support, digital transformation training and assistance with participation in domestic and international exhibitions.
"This startup support ordinance is the institutional starting point that will provide real support to entrepreneurs and small business owners," Yeongdeungpo-gu District Mayor Jo Yu-jin said. "We will do our utmost to help local small businesses by pursuing systematic startup support and policies tailored to their needs."
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