Korea Tourism Organization Selects 140 Projects for the 12th Tourism Venture Business Contest

The 12th Tourism Venture Business Contest Selected Representative Case 'Banple (Early-stage Tourism Venture)'.

[Asia Economy Reporter Donghyun Choi] A total of 140 projects have been selected as final support targets in the "12th Tourism Venture Business Contest," hosted by the Ministry of Culture, Sports and Tourism and organized by the Korea Tourism Organization.

The Korea Tourism Organization announced on the 14th that in this contest, held from February 3 to March 9, 25 preliminary tourism ventures, 75 early-stage tourism ventures, and 40 growth-stage tourism ventures were finally selected as support target projects. Approximately 1,160 applicants participated across three categories: preliminary tourism ventures (pre-startups), early-stage tourism ventures (within 3 years of establishment), and growth-stage tourism ventures (over 3 years but within 7 years of establishment). This represents a participation rate increase of more than 21% compared to the previous year.

Examining the trends of the projects participating in this year's contest, services aimed at survival and growth amid the COVID-19 crisis continued to show strong performance, as seen last year. These include digital service businesses such as O2O, metaverse, AR·VR·XR, and artificial intelligence. Additionally, B2B services that assist small and medium-sized tourism companies with digital transformation (DX) have emerged. There has also been an increase in local content and products reflecting the rapid growth of domestic travel to places like Jeju and small provincial cities.

In the tourism content sector, themes reflecting the "contactless" trend have emerged, such as wellness and meditation, camping and car camping, haenyeo (female diver) experiences, and underwater leisure experiences. The popularization of remote work and the desire to escape daily life have combined to increase so-called "workation (Work+Vacation)" services that appropriately blend work and leisure time. Furthermore, in line with the growing awareness of environmental and social responsibility, many fair travel products considering the environment, safety, and vulnerable tourists have appeared. Social programs based on local content that utilize unique regional spaces such as idle farmland or unused walls to provide travelers with local food and unique experiences have also attracted attention.

Selected preliminary and early-stage tourism venture companies will receive up to 80 million KRW in commercialization support funds, startup education, customized consulting, and support for tourism product and service development. Growth-stage tourism venture companies will receive up to 90 million KRW in promotional marketing support funds, investment attraction education, and a certificate issued in the name of the Minister of Culture, Sports and Tourism. This year, special programs to promote companies' digital transformation, such as DX capability enhancement camps, customized research and testing, and data-based marketing, will be expanded to help adapt to the travel market shifting toward a digital environment and overcome crises.

Meanwhile, the 12th Tourism Venture Business Contest has discovered about 916 innovative tourism companies so far, creating new tourism content. It has also contributed to expanding the tourism industry's scope by creating approximately 2,600 jobs.

Andeoksoo, Head of the Tourism Enterprise Support Office at the Korea Tourism Organization, stated, "At a time when the tourism sector is facing difficulties due to COVID-19, we plan to continuously expand customized support for tourism venture companies to create new jobs in tourism and strengthen the competitiveness of Korean tourism."

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