Government Supports Early-Stage Startups in Traditional Culture Industry

Support for up to 3 years after annual performance evaluation... Average of about 100 million KRW per company

The Ministry of Culture, Sports and Tourism and the Korea Craft & Design Foundation are recruiting twenty-six early-stage startup companies led by young entrepreneurs to drive the traditional culture industry until the 4th of next month. The traditional culture industry refers to industries where products are produced and distributed using traditional materials and techniques. Since last year, the Ministry of Culture, Sports and Tourism has been supporting young representatives aged 39 or younger who wish to start a business through the 'Traditional Culture Youth Startup Support' project.

This year's applicants must also be young representatives aged 39 or younger. The startups must be early-stage companies established within the last three years. Selected companies will receive startup incubation services including a dedicated startup planner (accelerator), commercialization funds, startup education, and investment attraction support. An official stated, "Support is provided for up to three years based on annual performance evaluations," adding, "Each company can expect support worth approximately 100 million KRW."

Next month, fifty preliminary startup teams in the traditional culture industry will be discovered and supported through a startup idea contest. Winners will receive prize money for business model concretization and prototype production, along with basic startup education. Additional points will be awarded when applying for support in recruiting early-stage traditional culture startups. For more details, please refer to the Korea Craft & Design Foundation website.