"Youth startups are more beautiful in survival and growth than in challenge"... KT&G SangSang Planet presents a path to success

"Challenge is beautiful. Survival is more beautiful. Growth is even more beautiful."

KT&G SangSang Planet is emerging as a startup hub that shows young entrepreneurs the path to success.

On the 20th, the Ministry of SMEs and Startups held the first briefing session for the second round of "Everyone's Startup" at KT&G SangSang Planet.

The session was designed to introduce the direction of the second project and share the startup experiences of the first-round selected participants.

"Everyone's Startup" has drawn strong interest from young entrepreneurs. It has established itself as a major channel for expanding startup opportunities for younger generations.

According to the Ministry of SMEs and Startups, young people accounted for 68.4% of the 5,000 final winners in the first round.

Starting with KT&G SangSang Planet, the ministry plans to hold briefings in 17 regions nationwide, including the Busan Chamber of Commerce and Industry on the 26th, CECO on the 27th, and SCNU on the 28th.

Startup policy should not stop at simply widening the door to new challenges. What matters more is survival and growth after launch.

According to the Ministry of Data and Statistics' "2024 Corporate Birth and Death Administrative Statistics," the one-year survival rate for new companies stood at 64.4%, while the five-year survival rate was only 36.4%. In other words, fewer than four out of 10 startups survive for five years.

The Ministry of SMEs and Startups also placed greater emphasis on post-launch growth support in the second round of "Everyone's Startup."

It expanded the number of operating institutions from 100 in the first round to about 170, and increased private-sector participation from large and mid-sized companies, venture capital, and financial institutions.

The goal is to strengthen the growth foundation of venture firms by leveraging private-sector experience, from identifying entrepreneurs to nurturing them and linking them with investment.

Choosing KT&G SangSang Planet as the venue for the first nationwide briefing session of the second round of "Everyone's Startup" is also seen as a sign of this focus on survival and growth.

That is because SangSang Planet is a multi-purpose startup support space where KT&G has been identifying and nurturing young entrepreneurs.

The government policy to broaden access to startups and the company's social contribution program, which has supported the growth of young entrepreneurs, are expected to meet in one place and create synergy.

SangSang Planet has also become a venue for discussions on youth startups and policy.

Last October, it hosted a "social venture revitalization meeting" chaired by then-Minister of SMEs and Startups Han Seong-sook, who is now Prime Minister. In July, it also held the "Youth Career Certification Empathy Talk Concert" with Minister of Employment and Labor Kim Young-hoon in attendance.

KT&G's efforts to build a startup ecosystem through SangSang Planet are also regarded as a model case of corporate social contribution that addresses youth employment issues, creates social value, and ultimately enhances national competitiveness.

KT&G has continued its youth entrepreneurship support programs since 2004, when it began backing the "Asia College Student Startup Exchange."

The control tower for KT&G's startup support is SangSang Planet, a multi-purpose startup support space opened in Seongsu-dong in 2020.

Young startups based at SangSang Planet can use meeting rooms, lounges, studios, and other facilities needed to run a startup in one stop, at rents about 30% to 50% lower than the average market rate for nearby shared offices.

Beyond its facilities, SangSang Planet offers a range of growth support programs, including training and mentoring, to strengthen practical capabilities, as well as networking programs that promote exchanges between resident companies and investors.

More than just an affordable shared office, SangSang Planet has established itself as a "mecca for youth startups" by supporting the growth and development of young venture firms.

Including the 78 companies currently housed there, more than 150 venture firms have passed through SangSang Planet so far.

The achievements of companies that grew after going through SangSang Planet are also becoming visible.

Examples include Imagineers, which developed and operates the augmented reality app Paraverse and has grown it into a platform used in more than 150 countries, and Wrtn Technologies, which offers a service that lets users access global AI models in one place and has surpassed 5 million monthly active users.

The startup support program "SangSang Startup Camp," aimed at young people seeking to solve social problems through business, is also drawing attention.

KT&G has supported the growth of young companies through SangSang Startup Camp, offering tailored programs such as startup practical coaching and IR pitching days.

From 2017 through last year, SangSang Startup Camp ran nine cohorts and produced a total of 182 teams. This year, the 10th cohort is underway.

Public-private cooperation to build a startup ecosystem is also strengthening.

KT&G recently signed a memorandum of understanding with Seongdong District Office in Seoul to revitalize the youth startup and social innovation company ecosystem.

The agreement builds on a youth startup support pact signed in 2018. Under the new deal, the two sides plan to carry out joint projects to help youth and social innovation companies expand sales channels and strengthen capabilities.

A KT&G official said, "Youth startups are not just about providing opportunities to launch businesses," adding, "What matters is helping early-stage companies settle into the market and continue to grow."

The official added, "We will continue to support the startups and growth of young people who dream of starting businesses through a variety of projects, and contribute to sustainable job creation and the spread of social value."

This article has been translated by GripLabs Mingo AI.