Ministry of SMEs and Startups Establishes 'Youth Policy Division' to Support Creating a Youth Startup Boom

[Asia Economy Reporter Kim Bo-kyung] The Ministry of SMEs and Startups announced on the 6th that it will establish and operate the 'Youth Policy Division' within the Ministry's Startup Promotion Office to revitalize youth entrepreneurship.

The ministry plans to staff the Youth Policy Division, including the division head, primarily with young people in their 20s and 30s to ensure that startup policies are planned and executed from the perspective of youth.

According to recent startup trends, the number of youth startups in the first half of this year reached 258,000, marking a 7.3% increase compared to the same period last year, setting a record high. Additionally, 15 Korean youth startups were selected among Forbes Asia's 30 Under 30 leaders in 2021, highlighting the achievements of our youth startups overseas.

In May, the Ministry of SMEs and Startups established and announced the 'Youth Startup Revitalization Plan,' which focuses on tailored support for each stage of youth entrepreneurship and the creation of regional youth startup hubs.

The Youth Policy Division will support the smooth implementation of the key tasks announced in the Youth Startup Revitalization Plan and will comprehensively promote startup policies to help spread the youth startup boom.

First, five or so universities will be newly designated within this year as startup-centered universities, which will serve as regional hubs to spread the youth startup boom. These selected universities will be responsible for carrying out the ministry's startup support projects over the next five years (2022?2026) and will act as regional youth startup support institutions.

Customized workforce support programs such as the 'Startup·Venture Youth Talent Connect Project' and the 'SOS Developer Project,' aimed at alleviating manpower shortages in youth startups, will also be steadily promoted in the second half of the year.

Youth-specialized startup support programs, including the Youth Startup Academy and startup support service vouchers, will be provided in a way that fits the field, and in November, the largest domestic startup competition, 'Challenge K-Startup,' will be held to further spread the youth startup boom.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups stated, "We will continue to support and actively encourage the challenges of young people growing through startups."

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