New Album 'First Penguin' Support Declines... Decreases by 21.8% in 4 Years
From 157.7 billion KRW in 2016 to 123.2 billion KRW in 2020, a 21.8% decrease
[Asia Economy Reporter Park Sun-mi] It has been revealed that the amount of support funds for the First Penguin system, which supports promising startup companies, is rapidly decreasing.
According to the 'First Penguin Support Status' submitted by the Korea Credit Guarantee Fund to Kim Byung-wook, a member of the Democratic Party of Korea, on the 4th, the amount of support for the First Penguin system supporting promising startup companies decreased by 21.8% over four years, from 157.7 billion won in 2016 to 123.2 billion won in 2020.
The First Penguin system was introduced in 2014 to discover and nurture market-leading startup companies that boldly challenge like a penguin that first jumps into the sea among the group. It is a system that separately discovers and selects core startup companies with promising future growth potential among promising startups within five years of establishment that possess creative ideas and technological capabilities, providing guarantees up to 3 billion won and the highest level of various preferential treatments.
In 2016, 151 companies were selected and supported with 157.7 billion won, but the numbers have been decreasing every year: 118 companies with 133.7 billion won in 2017, 104 companies with 144.9 billion won in 2018, 100 companies with 133.1 billion won in 2019, 85 companies with 123.2 billion won in 2020, and 56 companies with 84.9 billion won until August 2021.
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Assemblyman Kim Byung-wook stated, “The core of the First Penguin system is to discover and support companies with high future value and excellent technological capabilities based on dedicated enterprises, even if their credit rating is somewhat low in the early stages of startup.” He added, “The Korea Credit Guarantee Fund needs to take a more active role in policy support so that competitive startups can succeed.”
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