Ministry of SMEs and Startups selects 160 innovative small business owners... Up to 60 million won support each

[Financial News] The Ministry of SMEs and Startups announced on the 29th that it has finally selected 160 small businesses aiming to grow into Lycon (unicorn-oriented lifestyle culture companies) through the 'Strong Small Business 1st Audition'.
The Strong Small Business Growth Support Project is a program that supports promising small businesses based on lifestyle culture to collaborate with creators, startups, and small businesses in other fields to develop differentiated products and services. The business types are divided into five categories: lifestyle, local brand, long-lasting small business, global, and online seller.
In the 1st audition held from April 28 to May 23, 7,147 small businesses applied, recording a high competition rate of 33 to 1. The Ministry of SMEs and Startups conducted an in-depth evaluation in March and selected 390 companies from four types, excluding the online seller type, out of 640 promising small businesses to participate in the 1st audition, providing capability enhancement programs such as team formation, business model advancement, and speech skills.
The 160 small businesses selected through the 1st audition will receive up to 60 million won in commercialization funds to develop products and services to grow into Lycon.
Additionally, they will be granted the qualification to participate in the 'Strong Small Business Final Pitching Contest', which offers up to 40 million won in commercialization funds. From this year, the Korea Economic Association will participate to support the challenges of strong small businesses selected in the 1st audition through networking events with large corporations, win-win distribution sales exhibitions, and joint hosting of the final audition.
A representative of a small business participating in this pitching contest said, "Until yesterday, I was a merchant selling webfoot octopus in a traditional market, but now I dream of becoming a food company exporting newly developed sauces worldwide."
The final audition, which provides up to 40 million won in commercialization funds, will be held for four days from August 25 to 28 at Ibex Studio near Gwangmyeong Station.
Lee Dae-geon, Director of Small Business Policy at the Ministry of SMEs and Startups, emphasized, "The companies selected through this Strong Small Business 1st Audition are the new growth engines of Korea that will expand globally in the lifestyle culture field with entrepreneurial spirit and creative ideas," adding, "The Ministry of SMEs and Startups will continue to nurture creative entrepreneurial small businesses into companies and further transform them into global lifestyle innovation companies and local brands like Lycon."

stand@fnnews.com Seo Ji-yoon Reporter