Recruitment for the 10th Youth Startup Academy Admission... Up to 100 Million KRW Support for Commercialization Funds

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups and the Small and Medium Business Corporation announced on the 13th that they will hold a public contest for private operators along with the recruitment of students for the '2020 Youth Startup Academy.'

The recruitment period for the Youth Startup Academy students is from today until the 6th of next month. The scale of student recruitment is the largest since the academy's opening, with 1,035 students. Youth entrepreneurs with excellent startup ideas and innovative technologies will be selected simultaneously nationwide.

This year, the selection will be expanded in the manufacturing innovation sector, including the 4th Industrial Revolution. Priority will be given to industries related to region-specific specialized (main) industries and cultural content (about 30% of the recruitment quota).

The Youth Startup Academy has been operating since 2011. It provides one-stop support for all stages of entrepreneurship, from business plan establishment to commercialization and post-graduation growth linkage, targeting youth entrepreneurs under 39 years old who have started their business within three years. So far (from the 1st to the 9th term), it has produced 3,815 youth entrepreneurs. It has achieved total sales of 2.6588 trillion KRW and created 10,312 jobs.

Selected entrepreneurs will receive startup commercialization support funds of up to 100 million KRW, covering up to 70% of the project cost. Various supports necessary for early-stage startups, such as office space, prototype production equipment infrastructure, startup education and coaching, and market development, will be provided. Applicants wishing to enroll can apply through the K-Startup website.

Twelve private operators responsible for supporting the commercialization of startups for the 10th term youth entrepreneurs will also be recruited. The application period is from the 13th to the 28th.

Um Ki-hoon, head of the Startup Promotion Division at the Ministry of SMEs and Startups, said, "Youth startups are the main force not only for creating new jobs but also for revitalizing our economy," adding, "We will expand support so that many startups with innovative technologies can scale up and grow into unicorn companies through the Youth Startup Academy."