Minister Kwon Chil-seung Meets Young Entrepreneurs: "We Will Support Startup and Growth in Innovation Sectors"

'Challenge! K-Startup' Startup CEO Meeting
Record High 7,352 Teams Applied...Youth League Established
"Youth Startup Companies Increased by 7.3%...Spreading the Second Venture Boom"

Minister Kwon Chil-seung of the Ministry of SMEs and Startups
[Photo by Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Kwon Chil-seung, Minister of SMEs and Startups, will meet with young entrepreneurs on the 15th to listen to their difficulties and discuss youth policies.

On the same day, Minister Kwon will hold a meeting with startup representatives participating in the 'Challenge! K-Startup' Youth League at the Global Startup Academy located in Guro-gu, Seoul.

'Challenge! K-Startup,' Korea's representative startup competition, is operated by the Ministry of SMEs and Startups in collaboration with related ministries, running preliminary leagues specialized by field for each ministry. Teams that pass the preliminary leagues compete in the main round, finals, and championship to determine the final winners.

Since the collaboration began in 2016 among four ministries?the Ministry of SMEs and Startups, Ministry of Education, Ministry of Science and ICT, and Ministry of National Defense?this year, a total of 10 ministries are conducting 9 field leagues. Notably, this year saw a record high of 7,352 teams applying, with 537 teams participating in the newly established Youth League.

At this event, young entrepreneurs are expected to convey the difficulties they experienced during the startup process and suggestions regarding youth policies to Minister Kwon.

Minister Kwon said, "We are well aware that young people have become more vulnerable due to the prolonged COVID-19 pandemic," adding, "However, the role of youth is becoming increasingly important to prepare for the post-COVID era."

He stated, "In the first half of this year, startups founded by youth under 39 years old increased by more than 7.3% compared to the first half of last year, confirming that the enthusiasm of the second venture boom has spread to youth entrepreneurship," and added, "The Ministry of SMEs and Startups will continue to support young people to start and grow businesses in innovative fields."

The Ministry of SMEs and Startups plans to promote follow-up tasks of the youth startup activation measures announced last May and to establish continuous communication channels with young people.

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