All Foodtech Government Startup News in Korea (Korean Startup News)

Startups at ‘Youth Cook Business Center of Seoul’ Hit KRW 11 Billion in Sales

2024-02-23 2 min read


Startups at ‘Youth Cook Business Center of Seoul’ Hit KRW 11 Billion in Sales

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According to Seoul Metropolitan Government, 21 startups at the “Youth Cook Business Center,” which fosters young food manufacturing entrepreneurs through systematic incubation, generated KRW 11.08 billion in sales last year. They also attracted KRW 950 million in investments, registered 19 intellectual properties (IPs), and made 123 overseas expansions.

Opened in May 2022 near Konkuk University Station in Gwangjin-gu, a district bustling with young people, the “Seoul Youth Cook Business Center” supports young entrepreneurs in turning their food manufacturing and processing ideas, including meal kits, bakery products, jams, and sauces, into actual products, while also providing one-stop assistance with business registration and market access.

Currently, six companies are based at the center, equipped with coworking spaces, shared kitchens, cold storage rooms, and packaging/shipping areas for startups in food manufacturing. Fifteen additional companies operate separately but receive systematic incubation support.

The center offers crucial financial support for business launch, tailored expert mentoring in management, accounting, marketing, opportunities for collaboration, and connections with related organizations. It also facilitates participation in food fairs, pop-up store openings, and food factory visits, providing practical support to enhance company capabilities.

The Seoul Metropolitan Government hosted the final achievement sharing session for the “Youth Cook Business Center” on the 22nd, with participation from 10 of the 21 youth food manufacturing companies supported last year. The session, conducted as a mock investment competition, assessed the marketability and future investment potential of the participating companies, awarding a total of KRW 60 million in prize money to selected companies (KRW 10 million each to the top two companies and KRW 7 million each to three others). The awarded companies will serve as mentors for new resident/incubating companies in 2024.

[Korean Foodtech Startup News]

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  1. […] Startups at ‘Youth Cook Business Center of Seoul’ Hit KRW 11 Billion in Sales […]

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