Government Provides Up to 100 Million KRW Support to Promising Traditional Culture Companies

Application Open for ‘Oneuljeontong Startup Companies’ Until the 19th of Next Month
‘Oneuljeontong Startup Leap Companies’ Also Newly Established

The Ministry of Culture, Sports and Tourism and the Korea Craft & Design Foundation are accepting applications for the ‘Oneuljeontong Startup Companies’ until the 19th of next month.

This project aims to discover promising traditional culture startup companies to expand young entrepreneurs' entry into the industry and promote business growth. The target is representatives aged 39 or younger who have started their business within the last 3 years (for technology startups, 49 or younger). The Ministry of Culture, Sports and Tourism will select ten companies and provide tailored incubation along with up to 100 million KRW in commercialization funds over three years (20 million KRW in the first year, 30 million KRW in the second year, and 50 million KRW in the third year).

An official from the Ministry explained, “We plan to support growth by dividing assistance into product development, which includes design, mass production, and pricing, and market development, which covers expanding distribution channels, acquiring intellectual property rights, and attracting investment.”

Since 2020, the Ministry has discovered and nurtured 110 promising young startup companies over four years. Most have recorded sales growth of more than double on average and are actively operating in the traditional culture sector. For example, Pound Corporation has successfully operated Ollot, a domestically produced incense stick, and has been listed in seventy-two distribution channels.

To continuously drive the steady advancement of such companies and expand their entry into the global market, the Ministry has established the ‘Oneuljeontong Startup Leap Companies’ program. The target is operators of companies that have been established for more than 3 years but less than 7 years. Selected companies will receive up to 100 million KRW in commercialization funds over two years.

An official from the Ministry added, “In the first year, the incubation program will focus on developing distribution channels and attracting follow-up investments, and in the second year, additional commercialization funds will be provided to half of the outstanding companies from the previous year, along with opportunities to participate in overseas exhibitions for global market expansion.”

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