[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced on the 19th that it will push for a complete overhaul of the Youth Startup Academy, which is in its 10th year since introduction, through a comprehensive inspection of its overall operation.
The Youth Startup Academy is a representative government youth startup support project that has established itself as a cradle for promising young startup companies, producing nearly 5,000 graduates over 10 years since its introduction in 2011.
Through this inspection, the Ministry of SMEs and Startups will conduct a thorough review of the entire project, including the selection of entrants, operation of educational programs, and coaching and mentoring methods, and based on the inspection results, will completely revamp the project to better suit the sensibilities of young entrepreneurs.
Furthermore, in response to recent allegations raised in the media and National Assembly audits that 'illegal brokers' have been involved in fraudulently receiving commercialization funds and that the selection process of entrants is inadequate, a nationwide survey of all Youth Startup Academies will be conducted to detect and eradicate such issues.
The inspection and investigation targets are the 18 Youth Startup Academies nationwide. To minimize disruption or hindrance to the entrepreneurial activities of entrants during the inspection and investigation process, a written survey will be conducted first, followed by in-depth investigations such as face-to-face interviews if suspicious circumstances are found. External experts such as accounting firms will be utilized to ensure fairness in the inspection.
An official from the Ministry of SMEs and Startups stated, "We will focus on investigating whether illegal brokers are involved in activities such as proxy writing of business plans, proxy attendance, and misuse of project funds. If illegal activities are confirmed, we will consider recovering funds and, depending on the severity of the violation, referring the case to the police, filing criminal charges, and claiming damages." He added, "Considering the urgency of the matter, we will start the investigation immediately and plan to complete it by the end of this year."
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