| Preliminary Startup Package Business Agreement Signing Ceremony Held by Related Ministries
Up to 100 million won in support for prospective entrepreneurs aged 39 or younger
Plans to recruit 400 young entrepreneurs in 11 locations

The Ministry of SMEs and Startups held the '2019 Preliminary Startup Package Interagency Business Agreement Ceremony' on the 5th in cooperation with 11 related ministries and 17 leading organizations to foster young entrepreneurs in the field of the 4th Industrial Revolution.

The 11 participating ministries are the Ministry of SMEs and Startups, the Ministry of Science and ICT, the Ministry of Culture, Sports and Tourism, the Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, the Ministry of Environment, the Ministry of Land, Infrastructure and Transport, the Ministry of Oceans and Fisheries, the Financial Services Commission, the Korea Forest Service, and the Korean Intellectual Property Office. The 17 participating organizations are the Gwangju Institute of Science and Technology, the Korea Display Industry Association, the Korea Carbon Convergence Technology Institute, the Korea Ceramic Technology Institute, the Korea Robot Industry Advancement Institute, the Korea Institute of Design Promotion, the Korea Energy Agency, the Korea Health Industry Promotion Agency, the Korea Water Resources Corporation, the Smart City Association, the Korea Transport Institute, the Korea Expressway Corporation, the Korea Institute of Ocean Science and Technology, the Korea Fintech Support Center, the Korea Forestry Promotion Institute, the Korea Invention Promotion Association, and the Korea Institute of Patent Information.

At the signing ceremony held on this day, the progress of the project was announced and time was spent sharing information on efficient project promotion directions and startup policies between ministries and agencies.

The pre-startup package provides startup funds (up to 100 million won) to help young entrepreneurs under the age of 39 prepare for business start-up smoothly (material costs, prototypes)This project provides support for product manufacturing costs, machine purchase costs, intangible asset acquisition costs, etc. Recruitment areas are divided into general, women-specific, social venture, and the 4th Industrial Revolution.

In the field of the 4th Industrial Revolution, 11 related ministries and 17 hosting organizations, including the Ministry of Science and ICT (AI), the Ministry of Culture, Sports and Tourism (tourism), the Ministry of Trade, Industry and Energy (VR/AR, new materials, new energy industries, intelligent robots, IoT), the Ministry of Health and Welfare (smart healthcare), the Ministry of Environment (smart cities), the Ministry of Land, Infrastructure and Transport (smart cities, autonomous driving), the Ministry of Oceans and Fisheries (new energy industries, new marine materials), the Financial Services Commission (fintech), the Korea Forest Service (smart farms), and the Korean Intellectual Property Office (big data, smart cities), plan to recruit 400 young potential entrepreneurs.

Seok Jong-hoon, Director of the Startup and Venture Innovation Office at the Ministry of SMEs and Startups, said, “We plan to discover and foster young entrepreneurs in the field of the Fourth Industrial Revolution by utilizing the specialized capabilities of each ministry,” and “We will strengthen cooperation between relevant ministries to support young entrepreneurs with innovative startup ideas.”

This recruitment will be conducted by 17 host organizations, including the Gwangju Institute of Science and Technology (GIST), and the application period will run from the 8th of this month to 6:00 PM on the 7th of next month. Young aspiring entrepreneurs who wish to apply must select a host organization on the K-Startup website (www.k-startup.go.kr) during the recruitment period and apply for a project.