Growth Potential Re-Entrepreneurs Supported with Up to 150 Million KRW

2023 Rechallenge Success Package Re-entrepreneur Recruitment Application Open

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) and the Korean Intellectual Property Office (Commissioner Lee In-sil) announced that they will recruit re-entrepreneurs to participate in the '2023 Re-Challenge Success Package' project starting from the 31st.

The Re-Challenge Success Package provides comprehensive support for all stages, including commercialization funds, re-entrepreneurship education, and mentoring, targeting prospective re-entrepreneurs with business experience and excellent items or companies within three years of re-entrepreneurship. The announced support scale for the Re-Challenge Success Package this time is approximately 88 people in total, consisting of two types: general projects (73 people) and strategic projects (IP strategy type 15 people).

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The general projects recruit and select re-entrepreneurs through six regional lead institutions, providing up to 150 million KRW in commercialization funds, specialized education by each lead institution, and mentoring programs. The strategic projects are collaborative projects with the Korean Intellectual Property Office, selecting re-entrepreneurs who possess excellent intellectual property (IP) and supporting the productization and commercialization of intellectual property together.

Since 2015, 1,629 people have succeeded in re-entrepreneurship through the Re-Challenge Success Package, and re-entrepreneurial companies have shown achievements such as cumulative sales of 167.1 billion KRW, creation of 3,452 new jobs, and attraction of 109.1 billion KRW in investment. Starting this year, to enhance business performance, the upper limit of commercialization funds supported per company will be increased, and private sector capabilities will be utilized to foster re-entrepreneurial companies, operating growth promotion programs specialized for re-entrepreneurial companies. Detailed information can be found in the project announcement posted on the K-Startup website.