Seongnam youth have successfully launched products and services in the crowdfunding market.
The Seongnam Youth Foundation announced on October 14 that the fourth phase of its youth entrepreneurship capacity-building project, 'THE Waffle,' concluded with a total funding achievement of 136.33 million won.
This funding amount represents a 22.5% increase from last year's 111.26 million won, and the number of supporters rose from 2,980 last year to 4,897 this year, marking a 64.3% increase.
The main funding campaign, which ran for 21 days from September 17 to October 7, featured a total of 46 projects.
Participating youth showcased their self-planned and developed products and services on the crowdfunding platform Wadiz, allowing them to gauge consumer reactions and validate market potential.
'THE Waffle' is a hands-on entrepreneurship program designed to help young people turn their startup ideas into actual products and services while preparing for market entry.
The foundation collaborated with Wadiz to provide entrepreneurship training, expert consulting, town hall meetings, and project development funding of up to 2 million won per team.
Participating teams experienced the entire startup process, from idea development to product creation, pricing and reward structuring, marketing, customer communication, and funding management.
Five youth centers affiliated with the foundation, including Jungwon, Seohyeon, Jeongja, Pangyo, and Yatap, also supported project preparation and execution.
This achievement is significant as it demonstrates how youth entrepreneurship ideas can be transformed into tangible products and services, leading to market validation and funding through consumer participation.
The young participants can leverage the customer feedback and operational experience gained during the funding process for future product improvements and business direction, as well as for building employment portfolios and exploring career paths.
From a community perspective, the introduction of products and services created by local youth, along with consumer engagement, could enhance interest in local youth entrepreneurship and job creation.
However, it is important to note that the number of funding participants does not necessarily reflect the opinions or satisfaction of the entire citizenry, and specific citizen responses should be verified through interviews or surveys.
The foundation plans to hold a results-sharing event on November 21 to discuss the funding outcomes and entrepreneurial journeys of the participating teams.
* This article has been translated by AI.
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