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Starbucks Korea Selected as the No. 13 "Inclusive Company"

Shared Growth Policy Division
□ To prepare 10 “startup cafes” at major universities nationwide where prospective youth startup entrepreneurs can freely and comfortably plan their startups

   * Seongsu Station, Ewha Womans University R, The Jongno R, Yaksu Station, Incheon Yonghyeon DT, Cheonan Anseo, Daegu Jungangno, Daejeon Jungangno Station, Chosun University (Gwangju), and The Haeundae R

□ To donate for a youth startup program and to operate a program for training overseas

□ To support those participating in the Starbucks youth startup program with mentoring and investment connection

□ To operate a barista program for micro-enterprise comeback support
“Starbucks Coffee Korea” has been selected as the 13th Inclusive Company Program to support a plan for prospective youth startup entrepreneurs that includes training overseas and the provision of a forward base for their startup.
* The Inclusive Company Program: not a traditional first level company or institution that cooperates for shared growth, but those that share their infrastructure (base), shared growth program, and knowledge with small and medium enterprises (SMEs), micro-enterprises and mom-and-pop stores to work in partnership with them or as their transacting companies in the future. In other words, they are those that voluntarily cooperate for shared growth with other companies.
The Ministry of SMEs and Startups (Minister Park Young-sun) signed a Memorandum of Understanding (MOU) of “promotion of happy youth startups” with Starbucks Coffee Korea (CEO David Song), Youth Startup Network PRISM (Jeon Chang-yeol), and Korea Accelerator Association (Chairman Lee Jun-bae) on May 7.
  <Overview of MOU Signing Ceremony>  
▪ [Time, date, and venue] 14:00-14:30 on May 7, 2020 (Thursday), at No. 2 Starbucks Community Store (Seongsu Station)
▪[Participants] Korean Minister of SMEs and Startups, CEO of Starbucks Coffee Korea (David Song), CEO of PRISM (Jeon Chang-yeol) - Chairman of Korea Accelerator Association (Lee Jun-bae)
▪ [Details of MOU] (Korean Ministry of SMEs and Startups) to support the management of the Starbucks Startup Cafe program and the spread of a youth startup culture
(Starbucks Korea) to donate funds for the designation and management of 10 youth cafes and to support the startup program
(PRISM) to support the vitalization of startup cafes with planning, operation, and publicity, among others(Korea Accelerator Association) to provide mentoring to those participating in the startup cafe program and support them with investment connection
The MOU was forged thanks to the will of Starbucks Korea to actively support youth startups as the 13th “Inclusive Company Program” among a series of such companies*, which the Ministry of SMEs and Startups has pursued since May last year to “realize the value of shared growth and coexistence”.
*Naver, POSCO, Shinhan Financial Group, Kookmin Bank, Woori Bank, Softbank Ventures, Samsung Electronics, Hana Bank, Korea Rail Network Authority, Hyundai-Kia Motors, Korea Aerospace Industries, and Arm
The details of the MOU with Starbucks Korea as an Inclusive Company Program are as follows.
First, it is to designate and operate 10 “startup cafes” as forward bases of startups for prospective youth startup entrepreneurs.
The stores designated as startup cafes are 10 places in total: Starbucks Community Store No. 2 (Seongsu Station), Ewha Womans University R, The Jongno R, Yaksu Station (all four in Seoul), Incheon Yonghyeon DT, Cheonan Anseo, Daegu Jungangno Station, Daejeon Jungangno R, Chosun University (Gwangju), and The Haeundae R.
The Korean Ministry of SMEs and Startups agreed to actively cooperate with Starbucks, PRISM, and Korea Accelerator Association so that the startup cafes would be utilized as space for providing various startup programs to youth, including training and networking.
The signing parties from the private sector (Starbucks, PRISM, and Accelerator Association, etc.) will form a council to support youth startups, as well as plan and manage a startup cafe program. On the other hand, the ministry plans to support the shared growth activities by working closely connected with the private sector through the Center for Creative Economy Innovation, among others.
In addition, the parties plan to flexibly use the startup cafes as small-scale networking stores in each region and to build them into channels for the non face-to-face exchanges between global startups and youth startup entrepreneurs.
Second, they will provide donation to promote the youth startups.
Part of the profit made at Starbucks Community Store No. 2 from the sales of drinks and coffee, among others, will be accumulated and donated to support the training and networking programs that will be held at the startup cafes.
Based on this, Starbucks-PRISM-Accelerator Association will cooperate to discover excellent youth talents and send them to the Starbucks headquarters and the hometown of startups in the United States as part of an overseas training program where they can personally see and learn.
Third, the youth who participated in the Starbucks youth startup program will get professional mentoring and investment support program.
The youth startup entrepreneurs discovered through the startup cafes will be connected with accelerators that provide professional mentoring and get help so that it leads to actual investment. In order to effectively link investments, they plan to manage a Starbucks accelerator study group and an investor relations (IR) program.
Fourth, they will prepare and manage a barista program for the comeback support of micro-enterprises. They will prepare and manage a separate professional barista training course for about 100 re-startup wishers and provide them with the opportunity to experience stores so that failed micro-enterprises may successfully come back.
“The number of newly established businesses by the youth is increasing and surpassed 30,000 last year. However, we expect youth startups that will lead the future to more actively emerge with the current MOU,” said Minister Park.
* Newly established businesses by the youth: (2017) 26,526 → (2018) 28,442 → (2019) 30,409
“In particular, we are grateful that they have stepped forth to promote youth startups based on innovative technology that can lead the major transformation into a digital economy especially after the outbreak of COVID-19,” Park said.
“PRISM will also be able to accelerate its activities to spread a culture of youth startups thanks to the current MOU. As it is an opportunity created by merging the wills of the government, company, and private institution, we will do our best so that it contributes to the development of the youth startup ecosystem of the Republic of Korea,” said CEO Jeon Chang-yeol of Youth Startup Network PRISM.
“It is highly meaningful as it is an opportunity for us to create a youth startup culture together with Starbucks, a world-class company. We expect to play a meaningful role in the ecosystem promoting youth startups through the current MOU,” said Chairman Lee Jun-bae of the Korea Accelerator Association.
“It is a great honor for us to be able to participate in the Inclusive Company Program pursued by the Korean Ministry of SMEs and Startups to realize the value of shared growth and coexistence in Korea. We will continue to develop shared growth programs to support the spread of a youth startup culture in Korea,” said CEO David Song of Starbucks Coffee Korea.