The Ministry of SMEs and Startups will focus on fostering 10,000 local startups led by young people, supporting small business vouchers, and creating regional growth funds starting next year. The ministry announced its policy achievements and key tasks for the next year at a briefing held at the Government Sejong Convention Center on the 17th.
The ministry aims to restore the ‘growth ladder for SMEs, ventures, and small businesses’ with four major tasks: revitalizing local livelihoods and vibrant small businesses, activating startups and ventures for the future of youth, strengthening the backbone of the economy through innovation and growth of manufacturing SMEs, and creating a fair and co-prosperous growth ecosystem. The policy will shift from simple support to growth promotion and performance-oriented support.
The ministry will systematize SMEs by growth type, focusing investment, R&D, and funds on companies with high growth potential, while helping stagnant companies improve their management and transition their businesses. By expanding regional allocations and exclusive regional budgets, the ministry plans to concentrate policy resources in regions and build a regional innovation ecosystem that combines business, living, and culture through inter-ministerial collaboration.
The ministry will identify 10,000 local startups led by young people and foster 1,000 of them as local creators and entrepreneurs. It will establish two local startup towns to support exchange and collaboration and expand the regional support ratio for local startups to 90%. Additionally, it will collaborate with private platforms like Musinsa and Kakao to support the online growth of 3,500 promising brand small businesses.