Ministry of SMEs and Startups Establishes 'Value Buy Online Economy Team'..."Launching Venture-Type Organization"

Park Young-sun, Minister of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 3rd that it will promote the venture-type organization 'Value Sapsida Online Economy Project.'

This project was prepared for small business owners who are struggling due to the novel coronavirus infection (COVID-19). The Ministry of SMEs and Startups plans to support the discovery of new business models (platforms) utilizing online-based new technologies for small business owners who lack cost burden capacity and utilization capabilities, as the consumer distribution environment has rapidly changed to non-face-to-face and online after COVID-19.

In the online market sector, specialized knowledge in various fields such as technology (platform, artificial intelligence, big data), distribution and marketing (product sales), and media (social network service promotion) is required. It is difficult to secure expertise with the existing business-centered promotion method, and it is hard to establish and implement policies tailored to the rapidly changing consumer and distribution environment, so it is promoted as a venture-type organization.

This project is linked with online and offline channels such as live commerce, where influencers communicate with consumers live on-site while selling products. It supports smart shopping of small business products using 3-dimensional (3D) scanning, virtual reality (VR) experiences, and the establishment of flagship stores, and plans to support optimal online channel entry according to product characteristics.

The Ministry of SMEs and Startups introduced the venture-type organization system for the first time last year. Although the prediction of administrative demand and achievement of performance are somewhat uncertain, it is an organization that pursues challenging tasks that can promote public convenience and innovative growth if goals are achieved. The Ministry plans to revise the organizational enforcement rules this month to establish the 'Value Sapsida Online Economy Team' with about six members by the end of this month.

Minister Park Young-sun of the Ministry of SMEs and Startups said, "The Ministry aims for a 'Great Transition to a Digital Economy, Smart Korea' and is preparing for the post-COVID-19 internet-based online economy and non-face-to-face economy through support for smart startups, smart stores, and smart workshops. Since the use of the online market greatly affects the survival and growth of small business owners, we will create a foundation so that small business owners can easily enter the online market."

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