Ministry of SMEs and Startups to Recruit 170 'Regional Value Entrepreneurs' Teams This Year

The scene of 'Jeju Live Commerce Jejuin Live,' an excellent case of support for the activation of local-based local creators in 2021.

[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups announced on the 26th that it will recruit startup companies to participate in the 'Local-Based Local Creator Activation Support' project from the 27th to March 3rd.

'Local Value Entrepreneurs' (Local Creators) are startup companies that create business value by combining innovative ideas based on the natural and cultural characteristics of the region.

The Ministry of SMEs and Startups established the 'Local-Based Local Creator Activation Support Project' in 2020 to expand startup opportunities for local youth and revitalize the regional economy by discovering and nurturing local value entrepreneurs.

Last year, 2,523 teams applied, and 250 local value entrepreneur teams were selected. Additionally, the 280 teams selected in 2020 achieved sales of 53.5 billion KRW, created 502 new jobs, and attracted investments worth 17.4 billion KRW over the past year.

This year, the Local-Based Local Creator Activation Support Project will be conducted in two parts: ▲ commercialization fund support ▲ support for collaborative projects among local value entrepreneurs.

The commercialization fund support targets prospective entrepreneurs or startups with less than seven years of business experience, selecting a total of 170 teams. Prospective entrepreneurs will receive up to 10 million KRW in commercialization funds. Existing startups with less than seven years of business experience will receive up to 30 million KRW in commercialization funds.

Furthermore, to strengthen the capabilities of local value entrepreneurs and activate the regional innovation startup ecosystem, support for collaborative projects among local value entrepreneurs will be expanded. Detailed information on the support for collaborative projects will be announced separately in the first half of this year.

Detailed information on commercialization fund support can be found on the Ministry of SMEs and Startups website and the K-Startup website starting from the 27th. Startup companies wishing to apply for commercialization fund support can submit their applications online on the K-Startup website from the 27th until 6 p.m. on March 3rd.

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