'Amendment to the Enforcement Decree of the Small Business Act' Approved at the Cabinet Meeting

The Ministry of SMEs and Startups announced that the amendment to the Enforcement Decree of the "Act on the Protection and Support of Small Businesses," which stipulates the scope of data necessary for the establishment and operation of the Small Business Big Data Platform, was approved at the Cabinet meeting on the 20th.

This amendment was prepared as a follow-up measure to define delegated matters following the enactment of new provisions in the "Act on the Protection and Support of Small Businesses" on January 3rd, including support projects such as the spread of innovation models, designation of dedicated organizations, and the establishment and operation of an open big data platform for small businesses.

The main amendments specify the scope of data necessary for the establishment and operation of the Small Business Big Data Platform, ensure the safety of big data platform data, and prepare measures to prevent harm from products and services utilizing the data.

The Small Business Big Data Platform will be established over three years starting this year, supporting the entire lifecycle of small businesses from prospective entrepreneurs to existing small business owners with commercial area analysis and customized consulting.

Minister Lee Young of the Ministry of SMEs and Startups stated, “With this amendment to the Enforcement Decree, we expect it to serve as an opportunity to provide tailored support for the growth of small businesses and to create an ecosystem for new business creation based on data.”

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