Additional Support for 140 Teams with 4.4 Billion KRW Supplementary Budget to Revitalize Local Startups
[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 13th that it will additionally recruit 140 local creator teams to enhance regional value and drive economic revitalization. This additional support is being carried out to expand entrepreneurial opportunities for local youth following the confirmation of a 4.4 billion KRW supplementary budget in the third supplementary budget.
The 'Local Creator Activation Project' was newly established this year to discover and nurture entrepreneurs who create new regional value by combining local resources, cultural assets, and geographical and industrial characteristics with innovative ideas. In the first recruitment in the first half of the year, 3,096 teams applied, recording a high competition rate of 22:1, showing strong interest from local young entrepreneurs.
This support is divided into general type and private investment-linked type. ▲The general type targets prospective entrepreneurs or startups with less than 7 years of business experience, selecting a total of 120 teams and providing up to 30 million KRW in support. About 10% of these will be prioritized for selection and linked support for entrepreneurs related to specialized industries in regional special zones to increase the likelihood of commercialization success through regulatory exemptions. ▲The private investment-linked type targets startups that have attracted private investment of 30 million KRW or more, selecting a total of 20 teams and providing up to 50 million KRW in support.
The Ministry of SMEs and Startups stated, "Since lifestyles have shifted to be more region-centered after COVID-19, the role of local creators, who are region-based innovative entrepreneurs, will become even more important," and added, "We plan to strengthen support for the sustainable growth of local creators in the future."
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