"Opportunity to Realize Small Business Owners' Dream of Innovative Startups"

Recruitment of Trainees for the 2022 New Business Startup Academy

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[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 21st that it will recruit about 500 trainees for the 2022 New Business Startup Academy (hereinafter referred to as the Academy) in 17 regions nationwide to support innovative startups by prospective small business owners.

The Academy is a representative small business startup support project that discovers prospective entrepreneurs with innovative ideas and unique manufacturing technologies and know-how, providing a package of startup education, management practice, and commercialization funds. Starting this year, the program has been reorganized to move away from uniform practice courses focused on store experience, allowing support tailored to the entrepreneur's level and startup type.

First, it operates in two tracks according to the startup preparation level: initial type and completion type. The initial type supports enhancing entrepreneurial spirit and business item planning through full-day education, while the completion type supports the advancement of business models such as products, services, and packaging, and allows part-time participation.

The education courses are also divided and operated by startup type into space-based startups and non-space-based startups. Space-based startups support actual space construction after store planning experience, while non-space-based startups operate optimized education courses for each startup item through prototype production and market verification.

Successful trainees who complete the startup education will receive commercialization funds of up to 30 million KRW depending on the innovativeness and feasibility of their ideas. Graduates are also given special benefits such as up to 100 million KRW in revolving fund loans, small business consulting, and opportunities to participate in crowdfunding and showcase days.

Any prospective entrepreneur wishing to start a business with creative ideas can apply regardless of their residence by applying to the New Business Startup Academy operating institution in the region they want to participate in. Baek Seok-hee, the Ministry's Small Business Policy Division head, said, "There is an increase in startups by the 2030 generation providing differentiated products and services that did not exist before with creativity and their own content," adding, "We will nurture them as innovators in high value-added service industries and new manufacturing industries."

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