SK Materials (CEO Lee Kyu-won), a semiconductor and display materials specialist, is taking the lead in promoting regional coexistence and development.

On the 23rd, SK Materials held a business agreement signing ceremony for cooperation on the 'Into the Yeongju Economy' project with the social venture accelerator Impact Square, Gyeongsangbuk-do Province, and Yeongju City.

The signing ceremony held at Yeongju City Hall was attended by Gyeongsangbuk-do Vice Governor for Economic Affairs Ha Dae-seong, Yeongju City Mayor Jang Wook-hyeon, SK Materials President Lee Gyu-won, and Impact Square CEO Do Hyeon-myeong.

The "Yeongju Economy" project aims to foster a thriving environment for young entrepreneurs, based in Yeongju City, to drive regional change, and to foster local entrepreneurship models that coexist with the local community. The project's current form was developed after over a year of discussions with various experts to ensure it contributes to the region's tangible development.

SK Materials will donate 5 billion won to this project and plans to use this donation as a stepping stone to attract additional investments and businesses related to the project, bringing the total project size to over 10 billion won. Impact Square, which is in charge of project operation, is a Ministry of SMEs and Startups-certified accelerator with high expertise in fostering social ventures.

This project will be operated through four sub-projects: △social venture discovery and development program, △education to expand the startup ecosystem, △creation of a space for social venture work and exchange, and △creation and operation of an impact fund.

First, we will begin recruiting at least 10 social ventures with business models that leverage local resources and are capable of settling in Yeongju through rolling and regular recruitment, starting in the first half of next year. Selected companies will receive financial support to ensure stable settlement in the region, physical support such as offices within a community space, and an intensive acceleration program to advance their businesses. Furthermore, social ventures that demonstrate growth potential through this process will be offered the opportunity to receive investment through a fund raised through this project.

We also plan to operate impact business theory and practical training programs for local entrepreneurs and aspiring entrepreneurs. These programs aim to build a sustainable local startup ecosystem by providing specialized training to capable and aspiring entrepreneurs, and further establish a foundation for mid- to long-term talent development.

This project will support the smooth settlement and operation of participating social ventures, while also establishing a social venture exchange space for interaction with Yeongju residents. This facility will be created through the remodeling of an unused building in Yeongju's old downtown area and will include food and beverage outlets, a select shop, shared offices, business residences, and an outdoor lounge. This exchange space will provide diverse content for both participating companies and Yeongju residents, establishing itself as a new landmark in Yeongju.

In addition, we will establish a youth impact investment fund worth over 5 billion won through donations from SK Materials and investment from local governments and external organizations. This fund, combined with investment-linked acceleration, aims to drive rapid growth in local social ventures that create social value, providing opportunities for them to develop into unicorn companies. This is expected to contribute to the revitalization of the local economy by fostering not only corporate growth but also attracting young people through employment.

SK Materials is actively investing resources from the SK Group to ensure the success of social ventures. Through SK Group's flagship distribution channels, including Happy Narae, SK Stoa, and 11st, the company will address one of the challenges social ventures face: securing sales channels. It will also support promotional activities utilizing group channels. Furthermore, the company plans to assist in networking with investors within the group and other social ventures.

SK Materials CEO Lee Kyu-won said, “I would like to thank Gyeongsangbuk-do, Yeongju City, and Impact Square for their support in the successful launch of the Yeongju Economic Development Project,” and added, “We will continue to work hard to ensure that we hear people say it is a great idea for SK Materials to be in Yeongju.”