Ministry of Culture and Tourism Organization to Provide Up to 100 Million KRW Support for 140 Innovative Tourism Venture Projects

15th Tourism Venture Business Contest, 140 Selected

The government is set to support the businesses of prospective entrepreneurs and startup companies that will revitalize the tourism sector through innovative ideas.

Violist Kim Nam-jung's "From Day Star to Night Star" at the traditional house concert by Rihan Culture, selected in the Tourism Venture Project Contest.
[Photo by Rihan Culture]

On the 29th, the Ministry of Culture, Sports and Tourism (MCST) and the Korea Tourism Organization announced that they have selected 140 projects for support in the '15th Tourism Venture Business Contest.' Out of 942 applications received, after document and presentation evaluations, 30 preliminary tourism ventures (prospective entrepreneurs), 70 early-stage tourism ventures (within 3 years of establishment), and 40 growth-stage tourism ventures (over 3 years but within 7 years of establishment) were finally selected.

The final selected business types are categorized into 'personalized tourism,' 'utilization of new technologies,' and 'reflection of regional characteristics.'

Started in 2011 and now in its 15th year, this contest has discovered over 1,500 tourism companies such as the hotel reservation platform 'Tripvitoz' and the eco-friendly racing theme park 'Monolith.' Through this, it has created new tourism content and approximately 4,200 jobs.

In particular, the businesses selected this year seem to reflect the trend of 'personalized tourism' that seeks unique experiences. Selected projects include 'Baba Ground,' which provides wellness travel recommendation services for seniors aged 50-60; 'O2O,' a data-based personalized gourmet recommendation platform; and 'Banryeosaenghwal,' a platform for travel products accompanying pets, all fulfilling the journey of 'R.O.U.T.E' to find one's own experience.

Tourism products utilizing technologies such as artificial intelligence also stand out. Selected projects include 'Rainfo,' which creates shuttle bus routes between airports and city centers based on tourist demand; 'LBS Tech,' an augmented reality (AR)-based tourism route guidance solution; and 'Clotho,' which provides real-time tourism information sharing services.

CEO Jiwoo Kim of The Root Company, offering potato experience products in Gangwon-do.
[Photo by The Root Company]

Businesses that highlight regional characteristics and experiences were also prominent. These include 'Rihan Culture,' offering traditional house music concerts and gourmet experiences in Seoul's Seochon and Bukchon neighborhoods and Daegu's Otgol Village hanok; 'Jeju Gotbat,' a traditional liquor one-day experience in Jeju's citrus orchards; and 'The Root Company,' which provides potato experience products in Gangwon Province, all receiving high scores as regionally specialized businesses.

Services enhancing convenience for foreign tourists also showed strength. Projects such as 'Rainfo,' a demand-merging type (DMT) airport-city mobility service; 'FIP,' an activity platform with foreigners; 'K Chabak,' an all-in-one camping service for foreigners; and 'GeoMedi,' a one-stop medical tourism service for foreigners, were named as businesses contributing to inbound tourism activation.

The MCST and Korea Tourism Organization will provide selected businesses with commercialization support funds ranging from 30 million KRW to a maximum of 100 million KRW, as well as capacity-building education, customized management consulting, and investment attraction support. Additionally, 40 companies selected as 'growth tourism ventures' will receive certificates of confirmation in the name of the Minister of Culture, Sports and Tourism. Furthermore, major tourism companies such as Yanolja, Tide Square, Expedia, and Trip.com will be recruited as mentors to provide one-on-one consultations and other support.

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