Ministry of SMEs and Startups to Provide Up to 40 Million Won to "Strong Small Business Audition" Winners
60 Companies Selected from 160 Finalists
Support for Market Expansion, Investment, and Financing Connections
The Ministry of SMEs and Startups will provide up to 40 million won in commercialization funds to help small business owners collaborate with creators and startups to innovate their products.
On August 25, the Ministry announced that the "Strong Small Business Final Audition" will be held at the Gwangmyeong IBEX Studio until August 28. The Strong Small Business program is designed to support small business owners in innovating existing products and services through collaboration and convergence with creators and startups.
In May, the Ministry selected 160 companies out of 7,147 applicants through the first Strong Small Business Audition, providing up to 60 million won in commercialization funds to each selected company.
In this final audition, 60 companies will be carefully chosen from the previously selected 160 based on their innovation and growth potential as future "LICORN" (Leaders in Innovation and Creativity). These 60 companies will receive an additional commercialization fund of up to 40 million won each. The Ministry also plans to support these companies in becoming global innovation leaders by connecting them to domestic and international sales channels, as well as investment and financing opportunities.
In addition to the public competition among strong small business owners, the event will feature supplementary programs such as one-on-one consulting sessions on investment, distribution, business management, export, marketing, and promotional content. On September 11, an awards ceremony and celebratory performance for the companies selected in the final audition will be held at the KBS Annex Open Hall.
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Deputy Minister Noh Yongseok of the Ministry of SMEs and Startups emphasized, "The recent global popularity of K-culture is leading to increased interest in products and services made by small business owners in fields such as food, cosmetics, and fashion. The government is committed to fully supporting creative and entrepreneurial small business owners so they can grow into global innovation leaders."
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