Transforming into Youth Startup Academy 2.0... "Recruiting Entrants, Supporting Pre-Startup Stages"

Until February 4... For Youth Under 39
Pilot Introduction of 'Private-Led Cheongchangsa' in Daejeon
Integrated Establishment and Operation of Education Plans... Designation of Specialized Areas

Participants are viewing outstanding youth startup company products displayed at the Youth Startup Academy graduation ceremony held at the Gyeonggi-do Ansan Small and Medium Business Training Center.

[Asia Economy Reporter Kim Bo-kyung] The Ministry of SMEs and Startups is recruiting 875 students for the 2022 Youth Startup Academy (Cheongchangsa) from the 13th of this month until July 4th.

Cheongchangsa is a program that discovers outstanding entrepreneurs with promising startup ideas and innovative technologies, providing a package of support for all stages of startup including residency space, education and guidance, and commercialization funding.

So far, it has produced 5,842 young entrepreneurs, achieved cumulative sales of 5.768 trillion KRW, and created 17,823 new jobs.

The Ministry of SMEs and Startups announced that it will transform into Youth Startup Academy 2.0, reflecting opinions gathered from a comprehensive survey of the project and meetings with young entrepreneurs, to meet the needs of the MZ generation.

First, the private sector, which is highly responsive to MZ generation trends, will take the lead in attracting and nurturing outstanding entrepreneurs.

To support excellent entrepreneurs in the underdeveloped non-metropolitan areas, a 'private sector-led Cheongchangsa' will be piloted in Daejeon. The private sector-led Cheongchangsa is operated by startup planners (AC) with direct investment functions, who directly select and nurture outstanding entrepreneurs in non-metropolitan areas and take responsibility for direct investment or investment attraction processes.

View of Ansan Youth Startup Academy, Gyeonggi Province 1

Additionally, a professional private education institution will be recruited to integrate and operate the education plans previously established by region.

In the Gyeonggi region, where major industrial complexes are concentrated, manufacturing startups focused on materials, parts, and equipment will be specialized, while in northern Gyeonggi, where military units are concentrated, specialization for military personnel will be implemented. In these specialized areas, the limit for commercialization funds will be raised and expert coaching in the industry will be provided. A new investment program will be introduced to foster unicorn companies, and the networking system for enrolled students will be strengthened.

Furthermore, to ease the application burden for prospective students, free online consultation will be provided during the business plan writing period. Presentation review materials will be replaced by the application form submitted during the document review instead of a separate PPT.

The 2022 Youth Startup Academy program targets representatives under the age of 39 who have started their business within the last three years. Applications can be submitted through the K-Startup website by 2 p.m. on July 4th.

However, the Daejeon Youth Startup Academy will not recruit students in this announcement as the private operator will select students directly, and a separate recruitment announcement will be made next month. For detailed inquiries, contact one of the 18 Youth Startup Academies nationwide.

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