Recruitment for 'Business Model' Planning Projects... Up to 400 Million KRW R&D Support

Source: Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 28th that it is recruiting business model (BM) planning projects to increase sales through management and service innovation for small business owners in collaboration with the Small and Medium Business Technology Information Promotion Agency.

This business model planning project is the planning stage to discover excellent projects before supporting the technology development costs of BM development projects, which are part of the 'Life Innovation Technology Development Project for Small Business Owners and Self-Employed' starting for the first time this year. The application period is from the 11th to 6 p.m. on the 25th of next month. Applications can be submitted online through the comprehensive management system website for SME technology development projects.

Based on a demand survey conducted in March at small business sites, the project will proceed with 14 designated open call projects, including an AI sales system capable of supporting 24-hour operations, and three free open call fields such as big data, Internet of Things (IoT), and service platforms. A total of 20 projects will be selected and supported.

The 20 selected projects will receive planning costs of up to 16.6 million KRW for three months. Among the projects that complete BM planning, 10 excellent projects with high demand from small business owners and significant ripple effects in distribution and expansion will be finally selected by the end of October this year and receive up to 400 million KRW in research and development (R&D) funding over two years.

However, small business owners face limitations in directly planning and developing business models due to limited personnel and capital. Therefore, SMEs with relevant expertise will lead the planning and development. Successfully developed projects will be distributed to small business owners in connection with initiatives such as the 'Small Business Smart Store Technology Distribution Project.' This support aims to help small business owners seize opportunities to secure innovation momentum in response to the rapid shift to non-face-to-face and digital consumption and distribution environments after COVID-19.

Shin Jaekyung, Director of Smart Small Business Development at the Ministry of SMEs and Startups, said, "We will discover excellent business models that help stabilize management and strengthen the competitiveness of small business owners," adding, "We will continue to do our best to develop policies that enhance self-sustainability, such as reducing cost burdens through smartization and increasing sales through service innovation for small business owners."