Startup Fever Heats Up... Youth Startup Academy Competition Rate 5.15 to 1
Application Deadline on the 8th... 5,484 Applicants Compete for 1,065 Positions
[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 10th that 5,484 applicants, the highest number ever since the nationwide expansion, applied for the 11th Youth Startup Academy, recording a final competition rate of 5.15 to 1. The Youth Startup Academy operated by SBC is a project that discovers excellent entrepreneurs with promising startup items and innovative technologies and supports all stages for successful startups as a package.
The recruitment for the 11th Youth Startup Academy, which closed on the 8th, recorded the highest competition rate in the past five years due to the keen interest of early-stage startups, SBC explained. Looking at the applicants by business age, startups within one year of establishment accounted for the highest application rate at 60.0%. In particular, startups established within one month accounted for 26.6% of the applications. By age, youths aged 35 to 39 accounted for the largest share at 33.5% (1,836 people), followed by those aged 29 or younger at 32.7% (1,794 people).
SBC will select 1,065 young entrepreneurs through document evaluation, presentation (PT) evaluation, and in-depth evaluation. Selected startups will receive up to 100 million KRW in commercialization funds within 70% of the total project cost for one year, along with startup space, practical training, and expert coaching in a package format. This year, to discover regional startup talents, 60% of the selected entrepreneurs will be those engaged in key industries by region, and SBC plans to lead regional industry development by expanding collaborative programs with related organizations.
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Chairman Kim Hak-do said, "Thanks to the passion of young people for startups and the excellent performance of the Youth Startup Academy, there was great interest in the 11th recruitment." He added, "We will strive to create a startup ecosystem that leads regional balanced New Deal by selecting young entrepreneurs with promising startup items or innovative technologies through systematic and fair evaluation."
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