Recruitment of Candidate Areas for New Installation of 'Raikon Town'

Utilizing Local Idle Spaces
Supporting Entrepreneurial Small Business Startups and Growth

The Ministry of SMEs and Startups announced that it will begin recruiting candidate areas for the new installation of 'Raikon Town' starting from the 17th. Raikon Town is a space created to support the startup and growth of entrepreneurial small business owners and regional innovation. Since it is built by utilizing idle spaces owned by local governments, it is expected to prevent budget waste and invigorate the local economy.

Once Raikon Town is established, a key program supporting promising small business startups will be operated annually. Participating small business owners will receive training at the education center within Raikon Town, and outstanding graduates will even receive support for incubation spaces.

Furthermore, even those who are not participants of the New Business Startup Academy can use shared facilities such as shared workspaces and shared kitchens to operate their businesses if they are local small business owners. Through this recruitment, one candidate area will be selected, and the applicants are 13 metropolitan and provincial local governments.

The application space must have an exclusive area of at least 500㎡ and must be available for long-term free lease to the Ministry of SMEs and Startups by the local government, among other basic conditions. Upon selection, up to 700 million KRW will be supported for remodeling, purchasing necessary items, and other costs required to establish the Raikon Town space. After completion, step-by-step startup, networking, and cultural programs will be operated through organizations such as the Small Enterprise and Market Service.

Oh Young-joo, Minister of SMEs and Startups, said, “Raikon Town is a small business innovation hub that significantly reorganizes the previous infrastructure that was limited to experience stores, gathering various infrastructure such as education centers, shared workshops, and shared workspaces in one place to help local small business owners grow into enterprises.” “The Ministry of SMEs and Startups will also spare no support to help creative small business owners in the region realize their dreams at Raikon Town.”

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