Busan City, "No Success Without Failure" Supports Fresh Start for Re-Entrepreneurs

Recruiting 20 Companies with Failure Experience by the 21st... Support Up to 10 Million Won

View of Busan City Hall. Busan City is conducting a support project to help re-entrepreneurs with previous failure experiences to restart their businesses.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City, together with the Busan Economic Promotion Agency, is conducting a project to reduce the fear of failure and support challenges in re-startups.

The city announced on the 1st that it is recruiting "re-startup entrepreneurs" to participate in the "2020 Busan City Re-startup Support Project," which aims to create an environment for re-startups and support entrepreneurs with failure experience to recover.

It will select 20 companies that have prototypes among prospective re-startup entrepreneurs or companies within 7 years of re-startup with business locations in Busan.

Starting with setting business goals through company diagnosis, it will provide comprehensive support for 6 months including re-startup education, consumer response surveys, investor relations (IR) packages, and commercialization funds. Especially this year, it plans to expand financial support, which is the biggest difficulty for re-startup companies, by providing up to 10 million KRW in commercialization funds.

Started in 2018, the "Busan City Re-startup Support Project" was the first project initiated by a local government nationwide to help Busan re-startup companies that could not meet the high standards of the government's "Re-challenge Success Package Project" to recover. So far, 32 companies have achieved sales of 4.2 billion KRW and hired 29 new employees.

From the 1st to the 21st, the city will recruit target companies through a public announcement, select 20 companies through a screening committee composed of experts, and officially launch the re-startup support project from July.

A city official said, "The 5-year survival rate of re-startup supported companies is 50.8%, about twice higher than the 27.5% survival rate of general startup companies," adding, "We highly value the experience of sincere failure as a career and know-how for success, and will provide tailored pinpoint support to help re-startup entrepreneurs succeed."

More detailed information can be found by clicking on the Busan Startup Support Center website and the Busan Startup Portal.

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