Traditional Culture Youth Enterprise Discovery and Development Fair Opens
Ministry of Culture, Sports and Tourism 'Traditional Startup Distribution and Investment Consultation Today'
Forty-five Youth Startup Companies Purchase and Investment Consultations
The Ministry of Culture, Sports and Tourism and the Korea Craft & Design Foundation will hold the 'Today Traditional Startup Distribution and Investment Consultation Meeting and Product Evaluation' on the 5th at the Bankers Hall in Myeongdong, Seoul. This event aims to discover and nurture promising young companies in the traditional culture sector. It supports product promotion, expansion of distribution networks, and investment attraction.
This year, twenty distribution companies and investment institutions, including the Small and Medium Business Distribution Center, 11st, Shinsegae DF, Emart Everyday, and Naver, will participate. One hundred and forty-five traditional culture youth startup companies will conduct purchase and investment consultations for products such as ceramics, mother-of-pearl inlay, woodcraft, hanbok, Korean cuisine, hanji paper, and traditional games. Experts in product development, design, and distribution will also gather for a product evaluation meeting. They will assess marketability, design, quality, competitiveness, and suggest improvements.
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Jung Hyang-mi, Director of Cultural Policy at the Ministry of Culture, Sports and Tourism, said, "We will meticulously support traditional culture products born from the fresh ideas of young entrepreneurs to settle into distribution networks through appropriate investment." She added, "Next year, we plan to expand the support target of the Today Traditional Startup program to growth companies within 4 to 7 years after startup, establishing a systematic support system." Currently, the support targets are companies under 39 years old and within 3 years of establishment. Selected companies through a public contest receive up to 100 million KRW in commercialization funds and specialized startup incubation support for up to three years.
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