"Fostering Global Mid-Sized Enterprises"... Ministry of SMEs and Startups Recruiting Companies for 'Jump-Up Program'

Three Years of Tailored Support for Promising Medium-Sized Companies

The Ministry of SMEs and Startups announced on November 25 that it will launch the "Jump-Up Program," a project designed to support small and medium-sized enterprises (SMEs) in growing through entry into new businesses and markets.

The Jump-Up Program is an initiative that selects promising companies with excellent growth potential in areas such as technology and innovation, and supports them in becoming global mid-sized enterprises. Starting with the first cohort of 100 companies selected in April, the ministry plans to select a total of 500 companies over the next five years.

The Ministry of SMEs and Startups explained that the program is significant because it provides tailored support for each company's growth process by maximizing the use of private sector expertise, rather than relying solely on government-led financial support.

The second cohort will recruit medium-sized companies with at least seven years of business experience that have plans to enter new businesses or markets. Selected companies will receive support for three years through four detailed programs: directing, open voucher, networking, and policy linkage.

First, directors and supporters composed of professional managers, global consulting firms, and research institutes will provide close support for three years in areas such as new business direction and strategy development, solving technical challenges, and business consulting. From next year, the pool of directing institutions-including global consulting firms and research institutes-will be expanded to meet the diverse needs of selected companies.

Companies will also receive open vouchers worth up to 750 million won over three years. Each company will be provided with 250 million won per year, which can be used at their discretion to cover costs necessary for commercializing new businesses.

In addition to tailored capacity-building for overseas expansion and attracting investment, the program will offer opportunities for direct interaction with overseas companies, buyers, and global investment firms. In particular, next year, the ministry plans to actively utilize overseas bases such as the Korea SMEs and Startups Agency Global Business Center (GBC) and KOTRA trade offices to help selected companies localize in foreign markets.

Furthermore, the ministry will collaborate with various government departments and agencies to integrate and intensively support growth-related policies such as loans, guarantees, funds, research and development (R&D), exports, and smart factories.

Detailed information can be found on the websites of the Ministry of SMEs and Startups and the Korea SMEs and Startups Agency. Applications can be submitted through the Jump-Up Program Integrated Information Management System. The application period runs from November 26 to December 29.

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