Jungjingong's 'Startup Success Package' Attracts 4,799 Entrepreneurs

Global Startup Academy Achieves Record High Competition Rate of 14.6 to 1

The Small and Medium Business Corporation announced on the 20th that it has completed the recruitment of the 14th class of the Youth Startup Academy and the 5th class of the Global Startup Academy, which are part of the 2024 Startup Success Package project.

For the 2024 Startup Success Package project, a total of 4,799 applicants applied for 910 available spots, recording a competition rate of 5.3 to 1, higher than last year's 3.6 to 1. Among them, the Youth Startup Academy received 3,923 applications for 850 spots, showing a competition rate of 4.6 to 1, while the Global Startup Academy had 876 applicants for 60 spots, marking the highest competition rate ever at 14.6 to 1.

Small and Medium Business Corporation

This year, the Youth Startup Academy plans to strengthen programs supporting young entrepreneurs' global expansion and scale-up. Specifically, among the enrolled students, those wishing to expand globally will be selected by region to participate in collaborative programs with global corporations, including education and mentoring. Additionally, to support the scale-up of young entrepreneurs, the operation of investment-specialized Youth Startup Academy programs linked with accelerators will be expanded. Furthermore, investment attraction support for outstanding enrolled companies will be connected by utilizing the ‘Changsa Startup Fund’ established by successful graduate companies.

The Global Startup Academy will increase the business support fund necessary for overseas expansion from 50 million KRW to a maximum of 150 million KRW. Moreover, it will newly introduce the ‘Global 5G Program,’ shifting from the existing support method where global startup incubators reside domestically and focus on education and mentoring, to a method where global startup incubators support entrepreneurs from global capability assessment to local market entry and investment attraction.

Kang Seok-jin, Director of the Small and Medium Business Corporation, said, “Based on 13 years of experience and achievements in operating the Youth Startup Academy, we will continue to focus on fostering new industries and deep tech fields and expanding support for global expansion.” He added, “We will do our best to ensure that the Youth Startup Academy and Global Startup Academy stand tall as the cradle of youth startups and global entrepreneurship in Korea.”