Support for Small Business Prospective Entrepreneurs: Entry Space and Up to 40 Million Won Commercialization Funds Provided

Recruitment of Prospective Entrepreneurs for the 'New Business Startup Academy'
Supporting innovative ideas and successful startups nationwide
Customized programs and commercialization funds for local creators and lifestyle businesses

The Ministry of SMEs and Startups announced on the 3rd that it is recruiting prospective entrepreneurs to participate in the ‘New Business Startup Academy’ project, which supports the prepared startups of prospective small business owners.

The New Business Startup Academy is a representative small business startup support project that discovers prospective entrepreneurs with innovative ideas and supports them to turn their ideas into successful startups.

In 17 cities and provinces nationwide, it supports prospective entrepreneurs with creativity and growth potential by providing education, counseling and coaching, incubation space, and up to 40 million KRW in commercialization funds as a package, helping prospective small business owners establish a prepared startup based on their livelihood.

Application types are divided into two categories, Local Creator and Lifestyle, considering regional economic revitalization and startup trends, selecting 510 people, and customized programs are supported according to the prospective entrepreneur’s item and type.

In the basic stage, essential startup education such as business model development, legal education, and intellectual property rights is provided in connection with small business capacity-building projects, and prospective entrepreneurs are assigned residential spaces according to their needs.

In the advanced course, commercialization funds, customized specialized academies, counseling, and coaching are provided, and business model advancement is supported through pitching competitions.

In the practical course, additional commercialization funds are provided through evaluation, and post-startup management is supported through one-on-one mentoring, pitching competitions, and linked project coaching along with practical startup programs.

Lee Dae-geon, Director of Small Business Policy, said, “The New Business Startup Academy corresponds to the first stage of fostering entrepreneurial small business owners,” and “We will spare no support so that prospective entrepreneurs with innovative ideas can freely develop their ideas and become Lycon companies.”