Up to 20 Million KRW Support for Prospective Entrepreneurs... Recruiting for 'Lifestyle Innovation Startups'

[Asia Economy Reporter Kim Daeseop] The Small Enterprise and Market Service announced on the 20th that it is recruiting participants for the 'Lifestyle Innovation Startup Support Project,' which supports startups that combine creative ideas with everyday items.

This project was established to alleviate the overcrowding of small business owners concentrated in restaurants and other sectors and to support innovative startups applying ideas from daily life. Selected prospective entrepreneurs through screening will receive up to 20 million KRW in success-based loans.

Success-based loans are a system in which the government shares part of the risk of startup failure to encourage challenging entrepreneurship. After three years, success or failure is evaluated; if successful, repayment obligations are imposed, and if there is sincere failure, repayment obligations are waived.

This year, a total of 1,000 prospective entrepreneurs will be selected and supported, including 500 in the general category and 500 in the re-challenge category. In particular, the newly established re-challenge category this year is linked with the re-startup package project promoted by the Small Enterprise and Market Service.

The support target is those who have completed the re-startup package education certificate but have not registered as business owners. It supports re-entrepreneurs with innovative ideas and business items based on their experience in existing businesses to take on new challenges.

Lifestyle innovation startup ideas are comprehensively evaluated based on startup readiness, entrepreneurial capability, and business feasibility. For the final selected candidates, mentoring by professional consultants is provided to increase the success rate of the business.

Furthermore, even after startup, follow-up support projects such as management education, consulting, and policy funds will be linked and supported, and efforts will be made for systematic growth management to lead to increased sales and job creation.

Applications can be submitted by writing a brief business plan through the dedicated project platform 'Idea Toktok' website until October 31 this year. However, the application will close early if the budget is exhausted.

Jo Bonghwan, Director of the Small Enterprise and Market Service, said, "We hope for active participation from prospective entrepreneurs with innovative business items around our daily lives," adding, "We will actively support the discovery, startup, and follow-up support of innovative and challenging startup ideas to enhance the market competitiveness of small business owners."

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