"Small Business Owners Also Part of the Creator Economy"... Ministry of SMEs and Startups to Foster Entrepreneurial Small Business Owners

Entrepreneurial Small Business Development Policy Forum Held

[Image source=Yonhap News]

[Asia Economy Reporter Kwak Min-jae] The Ministry of SMEs and Startups is seeking ways to foster small business owners equipped with entrepreneurship and market competitiveness, as well as to revitalize neighborhood commercial districts.

On the 23rd, the Ministry of SMEs and Startups held a policy forum on fostering entrepreneurial small business owners with related ministries such as the Ministry of Land, Infrastructure and Transport, the Ministry of the Interior and Safety, experts, and industry stakeholders.

The forum was conducted in three parts: an insightful lecture on entrepreneurial small business owners, a local brand commercial district tour, and two rounds of discussions.

In the first part, Professor Mo Jong-rin of Yonsei University, known as the economist of alleyway economics, gave a keynote speech titled "The Future of the Small Business Economy." Professor Mo proposed transforming small business owners from being seen as "subsistence type," "objects of benevolence," and "oversupply" into a "creator economy" composed of three pillars: "online sellers," "local creators," and "content creators."

Following this, participants experienced and explored the charm of the local commercial district by visiting local brands around Yeonhui-dong that have grown, such as Sareoga Mart, Geumokdang, and Caminet Club.

In the second part of the forum, ministries including the Ministry of Land, Infrastructure and Transport, the Ministry of the Interior and Safety, and the Korea Post introduced development plans such as building job-residence-pleasure (직주락) spaces for stay-type local startups and urban regeneration plans incorporating storytelling.

The Ministry of SMEs and Startups announced support measures by growth stages, investment models such as neighborhood funding and matching loans, and plans to build local brands at the eup, myeon, and dong administrative unit levels.

In the third part discussion, chaired by Professor Yoon Joo-sun of Chungnam National University, participants included Hong Ju-seok, CEO of Urban Play, and Lee Mi-so, CEO famous for Gamja Bread. Many opinions were shared on the importance of local creators who create new value in the region and the necessity for the government to discover and nurture them.

Yoon Hyun-seok, CEO of Culture Network, who participated in the forum, said, "It is surprising that the government’s new policy views small business owners as content creators and aims to foster them as lifestyle innovation companies that change people's lives."

Cho Joo-hyun, Vice Minister of the Ministry of SMEs and Startups, stated, "If entrepreneurship, craftsmanship, and creativity are combined in small business owners, they can be transformed into high value-added service companies or creative new manufacturing companies," adding, "To this end, we will prepare detailed implementation plans by sector with related ministries, industry, research, and academia and announce them step by step."

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