Jungjingong Selects 1,065 Innovative Entrepreneurs to Lead Regional Balanced New Deal

Selection of 11th Youth Startup Academy Entrants... Focused Support for Regional Key Industries

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 18th that it has finally selected 1,065 entrepreneurs as the 11th class entrants of the Youth Startup Academy, leading the regional balanced New Deal, and will promote innovative technology startups and foster regional industries.

This time, 5,484 entrepreneurs applied for the 11th class admission, recording the highest competition rate ever at 5.15 to 1. Entrants will receive a package of support including up to 100 million KRW in startup commercialization funds within 70% of the total project cost, office space, infrastructure related to prototype production, startup education and coaching, and market development.

Looking at the selection results, this year, the proportion of startups operating in regional key industries and the Fourth Industrial Revolution fields has significantly expanded. The proportion of companies operating in regional key industries exceeded half at 54.4% (351 people), which is an increase of 12.9 percentage points compared to last year, and the Fourth Industrial Revolution field also increased by 11.4 percentage points to 68.4%.

By industry, companies in the five major manufacturing convergence and complex fields such as machinery materials and environment & energy accounted for 80.6% (858 people). In particular, due to the impact of COVID-19, the importance and interest in the environment and health management fields have increased, expanding the proportion of companies in environment & energy (up 2.3 percentage points) and life & food (up 6.1 percentage points). In addition, as the digital transformation of the economic structure accelerates, the proportion of knowledge software (up 3.8 percentage points) fields such as non-face-to-face services has increased. By age, those in their 20s accounted for the largest share at 30.8% (328 people), and entrepreneurs in their teens were also finally selected, confirming the high entrepreneurial enthusiasm among youth. Female entrepreneurs accounted for 28.5% (304 people), an increase of 7.1 percentage points compared to 21.4% (222 people) last year.

Chairman Kim Hak-do said, "SBC is nurturing entrepreneurs through various supports linked to regions at 18 Youth Startup Academies nationwide," adding, "This year, we will especially open the Sejong Youth Startup Academy newly and actively support the growth of innovative entrepreneurs operating in regional key industries to take the lead in producing tangible results of the government policy of regional balanced New Deal."

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