Ministry of SMEs and Startups
[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 10th that it will hold the 2020 Rechallenge Case Contest.
This contest was prepared to discover and share experiences of business failure and successful rechallenge cases to spread the culture of rechallenge. It will be held from today until October 5th of this year.
Anyone who is a (prospective) re-entrepreneur or has experienced failure can participate. Participants should submit their own stories in a calm essay format about failure cases related to technology startups based on innovative business ideas (such as closure, bankruptcy, etc.) or how their failure experience led to a successful rechallenge.
Ten works demonstrating excellence in challenge spirit, empathy, communication, and storytelling ability will be selected. Awards will be presented at the '2020 Rechallenge Day' event scheduled for the end of November this year.
The winners (a total of 10 people) will receive certificates such as the Minister of SMEs and Startups Award and the Minister of the Interior and Safety Award, along with prize money up to 10 million KRW (total prize money 25 million KRW), and benefits for restarting, including additional points for participation in the 2021 Rechallenge Success Package project.
In particular, the grand prize winner will also receive support for producing a promotional video for their company’s products or services.
Lee Jongtaek, Director of the Rechallenge Policy Division at the Ministry of SMEs and Startups, said, "In these difficult times due to COVID-19, the capabilities of re-startup companies are receiving more policy attention, and the perception is shifting from 'failed companies' to 'companies that have experienced crises first.' We ask for many participants so that the positive message that failure can be an opportunity to start again can be widely spread."
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