Rechallenge Innovative Entrepreneurs, Up to 100 Million KRW Business Commercialization Support

Announcement for Recruitment of Rechallenge Success Package

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) announced on the 27th that it is recruiting re-entrepreneurs to participate in the '2022 Re-Challenge Success Package' project.

The 'Re-Challenge Success Package' is a project that provides comprehensive support such as re-entrepreneurship education and commercialization funds to prospective re-entrepreneurs with a history of business closure or representatives of companies within 7 years of re-entrepreneurship. From 2015 to 2020, 1,426 people succeeded in re-entrepreneurship through the Re-Challenge Success Package, and many companies have shown high performance.

This year, the Re-Challenge Success Package will support approximately 267 people in total, operating in three types: General Type, Intellectual Property (IP) Strategy Type, and TIPS-R.

First, the General Type is subdivided into youth and middle-aged categories for recruitment. The Youth General Type recruits and selects prospective or re-entrepreneurs within 7 years who are under 39 years old, providing up to 60 million KRW in commercialization funds along with education and counseling programs from the education-type host institutions. The Middle-aged General Type is a program for prospective or re-entrepreneurs within 7 years who are 40 years old or older.

Among applicants for the General Type, if a failed entrepreneur has outstanding debt and requires credit recovery, a debt adjustment procedure that allows simultaneous application for business feasibility evaluation and debt adjustment counseling with the Credit Recovery Committee at the application and reception stage will be continuously operated.

The IP Strategy Type and TIPS-R will each expand their support capacity to 30 people this year. In addition, starting this year, three new educational institutions capable of exclusively handling re-entrepreneurship education will be selected to provide specialized curricula. Support for continuous growth of re-entrepreneurs will also be strengthened through initiatives such as the 'Re-Challenge D-Star Solver Platform,' where large and medium-sized enterprises present challenges to be solved together with re-entrepreneurs, the expansion of the 'Re-Challenge Startup Company Investor Relations (IR),' and the operation of a dedicated track for re-entrepreneurship funds.

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