Jungjingong, Next Unicorn Project Competition Rate 21.7 to 1

Final Selection of 4 Companies Draws 87 Graduates from Youth Startup Academy
Up to 1 Billion KRW Support for Relocation to Closed Mine Areas like Taebaek, Samcheok, Yeongwol, and Jeongseon

At the business agreement ceremony for national balanced development held last May, Chairman Kim Hak-do is speaking.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 20th that a total of 87 companies applied for the 2021 Next Unicorn Project contest targeting graduates of the Youth Startup Academy, and four companies were finally selected, recording a competition rate of 21.7 to 1.

The Next Unicorn Project is a program that supports the relocation of youth startup companies to the abandoned mining areas in Gangwon Province to revitalize the regional economy and promote national balanced development. It is operated in cooperation with SBC, Kangwon Land, the National Balanced Development Committee, the Korea Mine Reclamation Corporation, and the Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture, Forestry and Fisheries.

The selected companies receive benefits such as ▲up to 1 billion KRW in support funds per company (donated by Kangwon Land) ▲policy funds and investment/loan linkage support (SBC) ▲preferential support for alternative industry loans in abandoned mining area promotion districts (Korea Mine Reclamation Corporation) ▲linked support for win-win programs (Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture, Forestry and Fisheries) ▲and relocation support from each local government.

SBC plans to finally select four supported companies within the year through document screening, preliminary judging, and final judging. The selected companies must relocate their headquarters, factories, or research institutes to one of the cities or counties in Gangwon Province, including Taebaek-si, Samcheok-si, Yeongwol-gun, or Jeongseon-gun, within three years. This is expected to create new jobs and revitalize the regional economy in the abandoned mining areas of Gangwon.

Five companies selected through the Next Unicorn Project, now entering its third year, are currently promoting relocation to the abandoned mining areas. These companies contribute to the development of the abandoned mining areas through local talent recruitment, collaboration with local governments, and relocation of factories and headquarters.

Kim Hak-do, Chairman of SBC, said, "The Next Unicorn Project is a program where local governments and related organizations join hands to simultaneously support the innovative growth of youth startups and the balanced development of the abandoned mining areas in Gangwon." He added, "SBC will support excellent companies graduating from the Youth Startup Academy to invigorate the regional economy and grow into global unicorn companies."