The Ministry of SMEs and Startups will focus on fostering 10,000 young local startups, supporting small business vouchers, and creating regional growth funds starting next year. On the 17th, the Ministry held a briefing at the Government Sejong Convention Center, announcing policy achievements in the SME, venture, and small business sectors and major tasks for the next year.
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 youth’s future, strengthening the economic backbone 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 high-growth potential companies, and helping stagnant companies recover and transform their business. By expanding regional allocation and dedicated budgets, policy resources will be concentrated in regions, and a regional innovation ecosystem combining business, life, and culture will be established through inter-ministerial collaboration.
The Ministry will discover 10,000 young local entrepreneurs, nurturing 1,000 of them as local creators and entrepreneurs. Two local startup towns will be established to support exchange and collaboration, with the regional support ratio for local startups expanded to 90%. Additionally, collaboration with private platforms like Musinsa and Kakao will support the online growth of 3,500 promising small business brands.