'Rechallenge Festival Day' Held on the 8th at Seoul Startup Hub
Appreciation Plaques Presented to Assemblymen Kim Kyung-man, Jang Je-won, and Mayor Oh Se-hoon
On the 8th, attendees are taking a commemorative photo at the '2022 Rechallenge Festival Day' held at Seoul Startup Hub in Mapo-gu, Seoul.
[Asia Economy Reporter Kim Bo-kyung] "After failing in my ninth business, I experienced losing seven teeth one after another. When the ninth one failed, there was no one around to acknowledge the saying 'Failure is the mother of success.'" (Choi Young, CEO of Gongyu Kitchen 1st Street)
The '2022 Rechallenge Festival Day,' symbolizing the spirit of trying again after multiple failures, was held on the 8th at Seoul Startup Hub in Mapo-gu, Seoul. Hosted by the Korea Rechallenge Small and Medium Enterprise Association, this event was held for the first time this year to promote awareness of rechallenge and encourage entrepreneurs who are trying again.
Attendees included officials from the Ministry of SMEs and Startups, Ministry of the Interior and Safety, Seoul Metropolitan Government, related agencies supporting rechallenge, and local government representatives. Noh Yong-seok, Director of SME Policy at the Ministry of SMEs and Startups, who managed the dedicated rechallenge department about ten years ago, delivered a congratulatory speech. He said, "Various institutional changes have occurred, including the establishment of the Rechallenge Support Fund and the abolition of joint guarantees by public institutions. Although there are still many shortcomings in actual operations, the social stigma associated with failure has been alleviated, creating an encouraging atmosphere where failure can be celebrated as a festival." He added, "I am confident that business failure is not a failure in life but a social asset gained through experience."
Appreciation plaques were awarded to Kim Kyung-man of the Democratic Party of Korea and Jang Je-won of the People Power Party, who proposed legislation related to rechallenge. Representative Kim said, "I heard that 'the greatest unfairness is not even giving a chance to try again.' Rechallenge means giving our sons and daughters the opportunity to try again even if they fail on their first attempt. I will pay more attention and work hard in the National Assembly."
Representative Jang said, "Failure is not a painful memory but a valuable experience. As re-entrepreneurs share and unite, social costs will decrease and the chances of success will increase. I will strive harder to become a partner who can support rechallenge."
Former Commissioner Han Jeong-hwa of the Small and Medium Business Administration, former Chairman Lim Chae-woon of the Korea SMEs and Startups Agency, and Seoul Mayor Oh Se-hoon, who contributed to creating an environment for rechallenge support such as the Buttress Fund, also received appreciation plaques.
Commissioner Han analyzed about 100 failure cases that occurred when the venture bubble burst in the early 2000s and laid the institutional foundation for entrepreneurs to try again. He emphasized, "Although entrepreneurship and entrepreneurial spirit have been activated, regulations still hold us back, and there are costs associated with failure. We need ways to reduce individual sacrifices and enable light and clean rechallenges."
Choi Young, CEO of Gongyu Kitchen 1st Street, who was recognized as a model for improving the perception of rechallenge, received a merit award. He defined failure as "getting back up again" and said he experienced nine failures before running the shared kitchen platform business. He stated, "Improving social perception of failure is a priority. I will use this award as an opportunity to promote and support fellow entrepreneurs."
At the event, the Ministry of the Interior and Safety’s Failure Expo was held alongside the introduction of the Ministry of SMEs and Startups’ rechallenge support policies, including the Korea Institute of Startup & Entrepreneurship Development (Reborn Project), Korea SMEs and Startups Agency (Integrity Management Evaluation and Re-entrepreneurship Funds), Korea Technology Finance Corporation (Rechallenge Support Guarantee), Korea Credit Guarantee Fund (Rechallenge Support Special Guarantee), and Small Enterprise and Market Service (Hope Return Package).
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