Support up to 20 Million KRW for 500 'First-Time and Within One Year Young Entrepreneurs'

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced that it has prepared a startup support program for young people in their 20s who are challenging entrepreneurship for the 'first time in their life,' and will recruit young entrepreneurs who wish to participate from the 30th to the 15th of next month.

Recently, the number of young people hoping to start a business has been increasing, but they are facing difficulties such as securing initial commercialization funds. In particular, even if they try to secure commercialization funds through participation in government projects, it is not easy to be selected for government projects due to high competition rates caused by lack of startup and social experience.

Accordingly, the Ministry of SMEs and Startups has prepared a separate program exclusively for first-time young entrepreneurs so that promising young entrepreneurs can stably experience the first startup process using a small amount of commercialization funds and firmly develop basic business management capabilities.

The support targets are 400 young prospective entrepreneurs under the age of 29 who have not yet started a business as of the announcement date, and 100 early-stage startup companies whose representatives are under the age of 29 and have been in business for less than one year since their first startup.

The Ministry of SMEs and Startups plans to select the top 10% of excellent entrepreneurs through a performance presentation after the project ends for those who participated in this project, and exempt them from document evaluation when applying for the 2022 Preliminary-Early Startup Package project.

Youth entrepreneurs who wish to participate can apply online through the K-Startup website from 2 p.m. on the 30th until 4 p.m. on the 20th of next month.

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