Where All Brilliant Dreams Start
247 Startup Dorm
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Do you have any unique ideas? Are you wishing for a company of your own? Hanyang University (HYU)’s Startup Support Foundation is up and ready to help you in all areas. On the 17th of February, the opening ceremony of the 247 Startup Dorm was held by the Startup Support Foundation. This renovated dorm on the fifth floor of the HYU’s first student resident hall is now open for those with innovative and outstanding ideas.
For better preparation
Until last year, the fifth floor of the first student resident hall was used for students preparing to take bar exams. However, as the law school system was implemented, this place was renovated with the intention to support the top one percent of the students who are planning start-ups, just as the top one percent of students studying for the bar exams used to reside there. Therefore, the students living in the the 247 dorm receive full scholarship to fully concentrate on their work to become global leaders.
The 247 Startup Dorm is named to signify a place where dreams of startups live 24 hours a day, 7 days a week. A total of 30 students are accepted to this dorm each year, through an evaluation of volition, readiness, related activities, and the exellence of their start-up ideas. The evaluators look for teams who are able to utilize high-technological skills or have ideas related to the fourth industrial revolution. After they went through the document evaluations and interviews, students started moving in at the start of this semester. These selected students go through various programs that assist them in better preparing for their startups.
10 rooms with three students in each are arranged, along with a co-working space, a coaching room, an administrative office, and a startup mentor room. Students can live with their partners for a longer time period through this dorm, and can maximize their creativity through different spaces that allow them spaces for conferences and brainstorming. Moreover, mentors and administrators are frequently standing by to help the students as much as they can.
Yoo Hyun-oh, the leader of the Startup Support Foundation, detailed his great expectations for this dorm. “We are planning to support the students living in the dorm as much as we can, both technically and financially,” explained Yoo. There are a few mandatory classes for the students living in this dorm to take. They can choose between different startup lectures and can receive advice from their designated mentors. Senior and junior mentors who are already in the field are also planning to help out, to help increase the students' readiness. The team members go through autonomous meetings and seminars to prepare weekly and monthly reports.
Lee Kyung-tae (Business Administration, 4th year), a student living in the dorm with two other teammates is running a service named "Kids ground." This is a platform service that provides children with various daily classes around them. “Our three teammates each live in Paju, Hanam and Nowon, which results in quite a lot of commuting time. The business's efficiency level dropped due to this factor, and we decided that 247 Dorm was the perfect solution for us,” explained Lee. Chung Koo-hyun (Polymer and Nano Science Engineering, 4th year), preparing for a customized skin care system, also had a similar thought. He explained that the biggest advantage comes from the fact that he is living with the people who create the most synergy. “I think the dorm gives stability to all teammates. Unlike normal corporations, startup companies can have an unstable sense of belonging. By having a united living space, I believe it gives motivation along with cohesion to teammates,” said Chung.
The Startup Support Foundation is trying not only to support the students, but to also give them a visible objective that they can pursue. “I hope that the 247 Dorm can work as a milestone for better, more globalized companies that start at HYU. We plan to constantly manage and help all students with brilliant ideas,” commented Yoo.
On Jung-yun firstname.lastname@example.org
Photos by Choi Min-ju
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