Recruitment of Companies Participating in the Rechallenge Success Package

A Total of 282 Re-entrepreneurs Selected... Up to 100 Million KRW Support Provided

The Ministry of SMEs and Startups and the Korean Intellectual Property Office announced on the 31st the recruitment of re-entrepreneurs to participate in the '2024 Re-Challenge Success Package' project. The Re-Challenge Success Package is a program that provides comprehensive support for all stages of re-entrepreneurship, including commercialization funds, re-entrepreneurship education, and mentoring, targeting prospective re-entrepreneurs with business experience and excellent items or companies within three years of re-entrepreneurship.

The scale of support for the Re-Challenge Success Package announced this time is approximately 282 people in total, selecting 267 for general projects and 15 for strategic projects. The general projects recruit and select prospective or within three years re-entrepreneurs through six regional lead organizations. They provide up to 100 million KRW in commercialization funds, specialized education by lead organizations, mentoring programs, and more.

The strategic projects are a collaborative project between the Ministry of SMEs and Startups and the Korean Intellectual Property Office, selecting prospective or within three years re-entrepreneurs who possess excellent intellectual property (IP) and jointly supporting the productization and commercialization of intellectual property.

Since 2015 until now, 1,906 people have succeeded in re-entrepreneurship through the Ministry of SMEs and Startups' Re-Challenge Success Package. Re-entrepreneurship companies have shown cumulative sales of 226.2 billion KRW, created 3,812 new jobs, and attracted investments worth 116.3 billion KRW.

The Re-Challenge Success Package project allows participation even if the applicant is in a state of default on debts to financial institutions due to business failure, provided that a debt adjustment agreement through the Credit Recovery Committee is submitted before the final selection.

Additionally, re-entrepreneurs who advanced to the ‘Challenge! K-Startup 2023 Championship’ hosted by the Ministry of SMEs and Startups and those who passed the ‘Sincere Management In-depth Evaluation’ conducted by the Small and Medium Business Corporation are granted an exemption from document evaluation.

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