"Youth Entrepreneurship, Survival Over Starting"... Siheung City Builds a 'Growth Ladder'

Siheung City Supports Every Stage of Youth Business Growth Tailored Assistance for Each Step: Pre-Start, Early, Leap, and Growth Phases Integrating Education, Workspace, Prototyping, and Investment Opportunities 87% of Youth Collaboration Village Graduates Remain in Business “We Don’t Stop at Launching Startups”—Full-Lifecycle Support System

The fresh ideas and enterprising spirit of young people are the foundation for creating new industries and jobs. However, according to practitioners in the field, it is even more challenging to scale a business stably after launching than it is to get a startup off the ground. Many companies close their doors in the early stages due to a lack of funds, insufficient experience, or an inability to secure sales channels.

Until now, youth entrepreneurship support from the government and local municipalities had focused mainly on the starting point—such as education, competitions, and initial business funding. Recently, however, policy has shifted its focus from merely increasing the number of startups to helping them survive and grow. There is now a recognized need for a support system that spans everything from developing sales channels and securing investment to building company networks and settling the company into the local community after founding.

Siheung City in Gyeonggi Province operates a "Youth Startup Roadmap" that divides the process into preliminary, early, leap, and growth stages. Their plan is to connect the entire entrepreneurial process—from idea discovery to commercialization, investment attraction, and digital transformation—into one integrated growth pathway, with the aim of improving the survival rate and competitiveness of youth-led businesses.

Siheung City is conducting expert mentoring to help prospective entrepreneurs concretize their business models and enter the market. Provided by Siheung City

Siheung City views youth entrepreneurship not just as a measure to address employment, but as an engine for future regional industry and job creation. Since 2022, the city has expanded startup education, expert consulting, networking, and business funding, establishing a stage-by-stage support system.

For aspiring entrepreneurs, the city provides basic education and expert mentoring on topics such as market analysis, business model design, and customer needs validation. The emphasis is on evolving an idea that may exist only in one's head into a viable business model that can compete in the market.

This year, the focus is on "lifestyle businesses"—that is, turning everyday inconveniences and challenges into business opportunities. After content-focused startup education, there will be a competition and further support for business development. Among graduates of the program, six outstanding teams will receive "seed grants," which can be used for prototype manufacturing and market validation. This grant is intended to cover initial business preparations such as prototype production and testing business viability in the market.

Siheung City is conducting startup education and consulting to enhance the practical skills and corporate competitiveness of young entrepreneurs. Photo by Siheung City

Early-stage startups receive support with workspace, equipment, prototype manufacturing, and practical training. The goal is to help young companies—often lacking funds and experience—reduce trial and error and successfully enter the market.

Youth Collaboration Village, located in Daeya-dong, Siheung City, is the city’s flagship hub for young entrepreneurs. With a total floor area of 3,687 square meters, it offers support for every stage, including pre-startup education, creative activities, consulting, and exchanges between businesses.

Youth Collaboration Village includes the Yeollim Building (with a play studio and digital education center), the Gachi Building (with photo/music studios and a content production lab), and a creative workshop where products can be made. The Youth Maker Space also provides access to specialized equipment such as laser cutters and 3D printers.

Resident companies can use office and workspaces at relatively low cost, participate in prototype production and expert consulting, and join networking programs. Through a joint investment pitch (IR) organized in partnership with Siheung Startup Center, tenants are given the chance to introduce their business models to outside investors.

Currently, 23 companies are operating in Youth Collaboration Village. Out of 90 companies that have graduated from this hub, 78 are still in business as of today. The business retention rate among these graduates is about 87%.

Young entrepreneurs in Siheung City are participating in a networking program to share their startup experiences and information while seeking opportunities for investment, sales channels, and collaboration between companies. Provided by Siheung City

Siheung City does not stop with startup education and providing space; it also supports entrepreneurs in gaining practical skills needed for business operations. Major training areas include securing funding, intellectual property management, patent utilization, digital marketing, customer data analysis, and content creation using generative artificial intelligence (AI).

From 2022 through last year, 760 companies participated in the city’s youth entrepreneur development program. To help companies overcome challenges throughout the growth process, the city also provided counseling by field experts and networking between entrepreneurs.

For businesses in their fourth year and beyond—the “leap” stage—Siheung City focuses heavily on supporting investment attraction. Startups receive training in how to present their business and business model from an investor’s perspective, strategies for raising capital, market analysis, one-on-one IR consulting tailored to each company, and rehearsal opportunities for investor presentations.

The city is also expanding its networking opportunities with experienced founders, investment experts, and support institutions. Events such as the “Entrepreneur Coffee Chat Day” encourage the sharing of experiences and information, and help participants explore opportunities for investment, sales channels, and inter-company collaboration. Siheung City is also planning to establish a robust online community for entrepreneurs to interact continuously.

A view of the Youth Collaboration Village, a youth startup hub located in Daeya-dong, Siheung City. This place supports pre-startup education, prototype production, expert consulting, and inter-company exchanges. Provided by Siheung City

The success of youth entrepreneurship policies cannot be measured solely by how many businesses are started. True effectiveness is only realized when startup companies survive in the market, grow, establish local roots, and create new jobs.

Siheung City’s policy is to connect every aspect of the entrepreneurial journey—from idea generation for would-be founders, to building survival infrastructure for early-stage firms, to securing investment and expanding markets for growth-stage companies—into a single, integrated framework. The city’s aim is to go beyond simply being a “startup-friendly city” to becoming a “city where businesses can grow and take root.”

Cho Hyunja, Director-General for Gender Equality and Family at Siheung City, stated, “We will strengthen our comprehensive support system that encompasses space, education, funding, networking, and investment connections,” and added, “We will build a youth startup ecosystem where young people can stay in the region, take on challenges, and grow.”

© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.