Startup Competition Rate for Relocation to Gangwon-do at 21.6 to 1

65 Youth Startup Academy Graduate Companies Apply for Final Selection of 3 Firms
Up to 1 Billion KRW Support for Relocation to Closed Mine Areas in Taebaek, Samcheok, Yeongwol, and Jeongseon

In May of last year, Kim Hak-do, Chairman of the Korea SMEs and Startups Agency, is speaking at the business agreement ceremony for national balanced development.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 25th that a total of 65 companies applied for the '2022 Next Unicorn Project' contest targeting graduates of the Youth Startup Academy, resulting in a competition rate of 21.6 to 1 with three companies finally selected.

Started in 2019 and now in its fourth year, the Next Unicorn Project 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. The project is operated in cooperation with SBC, the National Balanced Development Committee, Kangwon Land, Korea Mine Reclamation Corporation, and the Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture and Fisheries.

Selected companies receive benefits including ▲up to 1 billion KRW in support funds per company (provided 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 through win-win programs (Foundation for Cooperation between Large, Small and Medium Enterprises and Agriculture and Fisheries) ▲and relocation support from local governments.

SBC and cooperating organizations plan to select three supported companies through a public competitive selection process involving document screening, preliminary judging, and final judging. The selected companies must relocate at least one of their headquarters or factories to one of the following locations within three years: Taebaek City, Samcheok City, Yeongwol County, or Jeongseon County in Gangwon Province. This is expected to create new jobs and revitalize the regional economy in the abandoned mining areas of Gangwon.

Eleven companies selected through the first to third Next Unicorn Projects are currently in the process of relocating to the abandoned mining areas. These companies contribute to the development of the mining areas through local talent recruitment, collaboration with local governments, and relocation of factories and headquarters.

Kim Hak-do, Chairman of SBC, said, "The Gangwon Next Unicorn Project is a business where local governments and related organizations join hands to simultaneously support the innovative growth of youth startups and the revitalization of the regional economy," adding, "SBC will actively support excellent companies graduating from the Youth Startup Academy to grow into pillars that create quality jobs and support balanced regional development."