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Seoul Housing & Urban Development Corporation (SH Corporation) and Underdogs, a social enterprise specializing in startup education, are seeking participants for 'THE MOVEMENT PROJECT,' a social venture support program that discovers and nurtures entrepreneurs (teams) focused on housing and space innovation. SH Corporation announced on the 28th that it will accept applications for participation in the 'Social Venture Support Project - The Movement Project' until July 14th. Since 2021, SH Corporation has operated a 'Social Venture Support Project' to foster social ventures that contribute to solving social problems, and over two years has provided acceleration and business development funds to 18 social ventures, awarded prize money to outstanding companies, and worked to create social value. This year, the company will continue the project but, unlike previous years, will limit recruitment eligibility to the 'housing and space innovation sector' linked to the corporation's business, planning to discover and nurture 5 startup teams. Additionally, through cooperation with 'Underdogs,' a startup education specialist, selected startup teams will be supported with various programs so they can excel in the housing and space service sector. Applicants must be startup teams based in Seoul or preparing to start a business, with 0-3 years of operation, and should provide solutions and content related to environmental improvement, welfare, platform utilization, and housing, office, and commercial spaces. Teams can apply if they handle business items related to housing, such as household appliances, furniture and interior equipment, interior spaces, houses, and residential areas. After recruitment ends, the 5 startup teams selected through face-to-face screening will participate in a total of 10 sessions of regular startup programs from August to October. The program consists of orientation, education, coaching, and achievement-sharing sessions, and in addition, expert mentoring, prototype manufacturing support, and prize money of 8 million won for outstanding teams in the achievement-sharing session are planned. Startup teams wishing to apply should check the recruitment announcement on the SH Corporation or Underdogs website by July 14th, complete relevant documents, and submit them online. Kim Heon-dong, President of SH Corporation, said, "As we are operating with a focus on the housing and space sector, I hope many startup teams will be interested and apply. We will operate this support project substantively to strengthen social ventures that contribute to solving social problems and fulfill our role as a public enterprise in social responsibility." Jo Sang-rae, CEO of Underdogs Everyone is talking about crisis. As predictions of the global economy entering a recession are not uncommon, with inflation and high interest rates, overall market conditions remain unclear. News of startups suffering negative growth continues due to the venture investment freeze that has persisted since last year. It is not easy to decide to start a business when economic downturn is forecast, given concerns that depressed consumer sentiment and investment environment will be unfavorable to business growth. On the other hand, data shows somewhat contradictory results. According to the 'Startup Business Trends' announced by the Ministry of SMEs and Startups in late last year, based on the second half of 2022, actual startup increased by 1.9% compared to 2020. The 'Entrepreneurship Survey' released in the same period shows that the entrepreneurial spirit level of early-growth startup companies has risen noticeably compared to previous levels. Investment in early-stage startups of 3 years or less is increasing What does this data mean? As someone who is always close to early-stage entrepreneurs, I find the answer in the common characteristics of entrepreneurs. Entrepreneurs are fundamentally beings who compete under low odds. For them, uncertainty is like a constant for solving the equation of challenge. When a crisis strikes, existing order has gaps, and industry landscape changes—it is entrepreneurs who capture new opportunities. So specifically, what opportunities does economic downturn create? Professor Sarah Moreira of Northwestern University's Kellogg School of Management revealed through research that companies founded during downturns have higher productivity than those founded during booms. During difficult economic times, investors and consumers crave innovation, and many companies lay off staff, making it easier to recruit talented people. Moreover, companies that start during a downturn and survive have the advantage of receiving priority investment opportunities through turnarounds during economic recovery periods. In that sense, the 2022 venture investment trends recently announced by the Ministry of SMEs and Startups reflect the startup market situation where crisis and opportunity coexist. Last year, annual venture investment decreased 11.9% year-on-year, but investment in early-stage companies with a business history of 3 years or less was the only sector to increase by 7.8%, exceeding 2 trillion won for the first time. The interpretation is that the attractiveness of early-stage companies, which have much room for price negotiation and can expect high returns in the medium and long term, has relatively increased. For Underdogs, which has focused on discovering and nurturing preliminary and early-stage entrepreneurs, this trend is encouraging. The belief in the potential of early-stage entrepreneurs who find answers in non-existent things and search for problems by exploiting gaps in existing markets has been the driving force for Underdogs' 8 years of entrepreneurship development. Startups are the innovation subject to overcome the downturn Underdogs has been at the forefront of diverse people—youth, seniors, women, artists, and others—attempting entrepreneurship to solve problems from their own perspective and realize their unique potential. Earlier this year, we established an investment pipeline with 'New Kids Investment,' an affiliate company that recently formed an investment consortium, and now stably support early-stage entrepreneurs who have sprouted possibilities through startup education until they bear fruit. The investment consortium is characterized by specializing in early-stage startup investments and by the structure where senior entrepreneurs who have grown through Underdogs education participate as fund investors (LPs), supporting the cultivation of junior entrepreneurs. Through this, Underdogs aims to establish a virtuous startup development ecosystem that links education, company building, and investment. While everyone talks about crisis, Underdogs looks to possibility instead. Focusing on possibility in times of crisis is also the essence of entrepreneurial spirit that Underdogs always shares closely with. And it seems Underdogs is not alone on this page. Companies and government share a unified opinion that startups are catalysts and innovation subjects to breakthrough economic recessions, as evidenced by corporate intrapreneurship and open innovation, and government support for small business revitalization.