Applications accepted until March 4
Recruiting 140 teams
The Ministry of Culture, Sports and Tourism announced on the 3rd that, together with the Korea Tourism Organization, it will hold the "16th Tourism Venture Business Contest," which provides up to 100 million KRW in support to companies within 7 years of establishment and prospective entrepreneurs.
The Tourism Venture Business Contest is an event that discovers and supports entrepreneurs in the tourism sector with innovative ideas.
This year, 140 tourism venture teams within 7 years of establishment will be recruited. There are three categories: the "Pre-Tourism Venture Category (30 teams)" for prospective entrepreneurs, the "Early Tourism Venture Category (70 teams)" for entrepreneurs within 3 years of establishment, and the "Growth Tourism Venture Category (40 teams)" for entrepreneurs over 3 years but within 7 years of establishment. Applicants can choose one of four recruitment types: tourism deep tech, tourism infrastructure, tourism content, or tourism experience services.
Prospective and early-stage entrepreneurs wishing to participate can submit their documents online through the official website by March 4. The recruitment schedule for the growth category will be announced separately in February.
The main evaluation criteria for this contest are marketability, commercialization capability, and relevance to the tourism industry. Companies located outside the metropolitan area, young entrepreneurs aged 39 or younger, and Ministry of Culture, Sports and Tourism-type preliminary social enterprises can receive up to 3 additional points (1 point each) during the document screening. After the first document screening, the second presentation screening, and on-site inspection if necessary, the final recipients will be selected around the end of April.
The 140 selected projects will receive customized support including commercialization funds (30 million KRW to 100 million KRW), education, tailored professional consulting, and market development until November this year. Additionally, various events and programs such as the "Cheonggyecheon Club (monthly)" for networking with investors and collaborators, the "Tourism Company Connection Week (4th week of September)," and the "Company Builder Project," which links tourism companies with major emerging (unicorn) and global companies for tourism sector demonstrations, will be provided.
A policy official from the Ministry of Culture, Sports and Tourism stated, "'The Tourism Venture Business Contest' has discovered 1,698 innovative tourism companies and contributed to the expansion and growth of the tourism industry by creating about 4,700 jobs," adding, "We will continue to expand customized support such as investment attraction and market development so that tourism entrepreneurs can realize their creative ideas and visions."
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