Recruitment of Participants for the 'Retry Success Package'... 286 Applicants This Year

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 29th that it is recruiting (preliminary) re-entrepreneurs to participate in the '2020 Re-Challenge Success Package Project.'

This Re-Challenge Success Package provides comprehensive support including failure cause analysis, re-entrepreneurship education, expert mentoring, office space, and commercialization funds during the contract period (about 8 months) for preliminary re-entrepreneurs or companies within 3 years of re-entrepreneurship. Through this project, 641 people succeeded in re-entrepreneurship overcoming failure from 2015 to 2018.

In particular, five companies supported through the private investment-linked type introduced in 2018 showed high performance with sales of 7.7 billion KRW, employment of 98 people, and investment attraction of 3 billion KRW. The support scale for this year's Re-Challenge Success Package is about 286 people.

In this recruitment, 270 people to participate in the general package project will be prioritized from the 30th, and 16 people to participate in the private investment-linked package project will be separately recruited in March this year.

The general type recruits and selects (preliminary) re-entrepreneurs through regional host organizations (6 organizations), and the government supports commercialization funds up to 60 million KRW. The private investment-linked type selects promising re-entrepreneurship companies through private investment companies (host organizations) and supports commercialization funds up to 100 million KRW when invested by the private sector. To encourage active private investment, the support scale for the private investment-linked type will be expanded to 16 people this year.

In addition, follow-up support such as investment attraction programs and marketing will be greatly expanded so that re-entrepreneurship companies with excellent performance can continue to grow.

For companies that participated in last year's Re-Challenge Success Package project and achieved excellent results such as sales and employment, follow-up funds (up to 30 million KRW for the general type, up to 50 million KRW for the investment type) will be supported. Through linkage with the Small and Medium Business Corporation, the review period will be shortened and additional points will be given when applying for re-entrepreneurship funds (loans).

No Yongseok, Director of Global Growth Policy at the Ministry of SMEs and Startups, said, "The experience and capabilities of re-entrepreneurship business owners are assets to our society," and added, "We will expand the foundation for re-challenge so that past failures can lead to successful re-entrepreneurship."

This content was produced with the assistance of AI translation services.