This study microscopically analyzed the case of a startup that belongs to K University Campus Town and participated in the “Seoul Campus Town” project in 2019. In other words, this study aimed to explore whether the “Local Project” activities carried out by the startup based on creating shared value (CSV) created shared benefits and values between society and business. This study examined the CSV characteristics of the “Local Project” activities to examine whether a startup can carry out CSV activities and build a CSV business model based on those activities. CSV activities refer to a series of activities by a firm that takes the form of CSV and affects the business environment, including planning, producing, and operating programs like the “Local Project”. Through CSV activities, start-ups will receive a positive influence from being able to establish and promote a positive image of a company, to seize new business opportunities and to upgrade their business models. Through this, this study aims to face directly that startups can cultivate the capabilities of startups and that, through win-win development with the local community, startups can create complementary relationships with society rather than being unilaterally supported. The findings are as follows. First, the business model was expanded and transformed through the “Local Project: Making T-shirt Eco-bags.” Moreover, the purpose of the activity and the deduction of values, overall, have all taken the form of CSV, and can thus be regarded as a CSV activity. Second, in the “Local Project: Donation of Items Produced for Vulnerable Groups,” the social problems were not fundamentally solved. The purpose was merely a one-time event and therefore cannot be considered a CSV activity. In particular, the activity was focused only on “donation” in terms of social contribution, thereby not generating economic profits or changing the business model. Accordingly, it is more suitable to define it as a CSR activity. However, parts of the activity still had the characteristic of CSV. In conclusion, this study revealed that startups could perform CSR and CSV activities. Teaching CSV perspectives and activities should be provided for early-stage startups to upgrade their business model and enhance the competencies of the founder. Furthermore, since a combination of CSR and CSV can be found within a single activity, the society must support individual startups to produce maximum efficiency by subdividing and differentiating CSV activities into single or combined with CSR. This study has significance in that it has explored the win-win relationship between startups and society and pursued ways to promote business startups in terms of CSV while also discussing the need to include CSV-related education in entrepreneurship education in the future.