Ministry of SMEs and Startups: "Calling Young Entrepreneurs Taking Their First Startup Challenge"

Selection of Young Entrepreneurs Under 29
Support for Commercialization Funds · Customized Startup Education

The Ministry of SMEs and Startups announced on the 11th that it is recruiting prospective young entrepreneurs who challenge startups based on innovative ideas through the announcements of the 'First-Time Young Entrepreneur Support Project' and the 'Public Technology Startup Commercialization Support Project.'

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First, the 'First-Time Young Entrepreneur Support Project,' which will recruit from the 12th to the 5th of next month, selects 78 young people under the age of 29 with no startup experience who are challenging the technology startup field. Selected prospective young entrepreneurs will be supported with an average of 46 million KRW in commercialization funds. Basic startup education such as tax, accounting, and legal matters will be provided to improve business management capabilities, and support will be given to concretize the business through business model development, exchanges with senior entrepreneurs, mentoring by experts in each technology field, and hosting investment attraction competitions.

The 'Public Technology Startup Commercialization Support Project,' recruiting during the same period, is open to prospective entrepreneurs under the age of 39 who wish to start a business utilizing technologies developed by public research institutions. The number of selected candidates is 28. An average of 48 million KRW, up to about 70 million KRW, in commercialization funds will be provided. The commercialization funds can be used for public technology transfer fees, prototype production costs, outsourcing service fees, marketing expenses, etc. In particular, considering the difficulties in commercializing public technologies that require expertise, from this year, consulting support for business plan preparation will be newly introduced after the selection of applicants. The entire process of technology transfer will also be closely supported. To facilitate smooth execution of additional technology development or prototype production, a mentoring method where the technology inventor directly mentors will be introduced to help concretize the business.