Ministry of SMEs and Startups Holds '2022 Rechallenge Case Contest'…Top Prize of 5 Million Won

[Asia Economy Reporter Kim Bo-kyung] The Ministry of SMEs and Startups is holding the '2022 Rechallenge Case Contest' and will accept submissions of essays from entrepreneurs who have failed in starting a business and then tried again, starting from the 27th.

The Rechallenge Case Contest is now in its 10th year. It has shared the stories of entrepreneurs who struggled through difficulties after starting a business and made a second attempt, encouraging entrepreneurs in similar situations and improving society's negative perception of failure.

Anyone who is a (prospective) re-entrepreneur or has experienced failure can participate. Participants should submit their own stories in essay format about their experiences of failure and rechallenge related to technology startups or overcoming difficulties in business management and succeeding in their second attempt.

Five winners will receive certificates such as the Minister of SMEs and Startups Award and the President of the Korea Institute of Startup & Entrepreneurship Development Award, along with prize money up to 5 million KRW (total prize money 11 million KRW) and additional benefits such as extra points for participation in the Rechallenge Success Package project. The grand prize winner will also receive support for producing a promotional video for their company's products or services. The five outstanding works selected will be awarded at the Rechallenge Day event scheduled for the end of November.

No Yong-seok, Director of SME Policy at the Ministry of SMEs and Startups, stated, "We ask for active participation in the contest so that many people preparing for a rechallenge can receive the power of positivity."

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