Ministry of SMEs and Startups Opens Applications for 'Venture and Startup Promotion Merit Awards'

[Asia Economy Reporter Lee Junhyung] The Ministry of SMEs and Startups announced on the 10th that it will accept nominations for awards for individuals and organizations that have contributed to the promotion of ventures and startups in Korea. The application period is until the 18th of next month.

Since 1997, the Ministry of SMEs and Startups has been conducting awards to discover and encourage outstanding venture and startup companies and contributors leading innovative growth. The award categories are divided into three areas: ▲Venture Activation ▲Investment Activation ▲Startup Activation. The Korea Venture Business Association oversees the Venture Activation category, the Korea Venture Capital Association oversees the Investment Activation category, and the Korea Institute of Startup & Entrepreneurship Development along with the Korea Youth Entrepreneurship Foundation oversee the Startup Activation category.

The respective organizations verify eligibility, conduct document and on-site evaluations, and then recommend companies and contributors to the Ministry of SMEs and Startups. The Ministry makes the final selection of award recipients in consultation with the Ministry of the Interior and Safety.

The Ministry plans to award approximately 165 honors in total, including industrial medals and decorations, the Presidential Citation, the Prime Minister Citation, and the Minister of SMEs and Startups Citation. The exact ranks and number of awards for this year will be finalized through government consultations by November. The awards will be presented at the '2021 Venture Startup Promotion Awards Ceremony' in December.

Detailed information such as application documents can be found on the Ministry of SMEs and Startups website and the Republic of Korea Awards website.