Middle & Mid-Term: Strong Small Business Support Project Auditions
- SEOUL — The Ministry of SMEs and Startups announced it will conduct the first round of auditions for the "strong Small Business Growth Support Project" across the country,...
- The initiative aims to bolster promising small businesses rooted in local culture by fostering collaborations with creators, startups, and fellow small business owners to develop unique products and...
- This year, the project drew significant interest, with 7,147 small business owners applying, resulting in a competition rate of 32.5 to 1.
small Business Growth Project Auditions to be Held nationwide
Table of Contents
- small Business Growth Project Auditions to be Held nationwide
- Small Business Growth Project Auditions: Your Questions Answered
- What is teh Small Business Growth Support Project?
- Where are the auditions being held?
- When do the auditions start?
- What are the different categories for the auditions?
- What’s the schedule for the auditions?
- how many small business owners applied for the project?
- What was the competition rate?
- How many small businesses were selected for the initial stage?
- How many teams are participating in the initial audition phase?
- What about online sellers? Do they have to audition?
- What kind of funding is available?
- Is there another round of competition after the initial auditions?
- What additional support is available after the final audition?
- What partnerships are involved in this project?
- What are the benefits of the partnerships?
- What does the Ministry of SMEs and Startups say about the project?
- Key Takeaways:
SEOUL — The Ministry of SMEs and Startups announced it will conduct the first round of auditions for the “strong Small Business Growth Support Project” across the country, starting april 28 and continuing through May 23.
Project Overview
The initiative aims to bolster promising small businesses rooted in local culture by fostering collaborations with creators, startups, and fellow small business owners to develop unique products and services.
Competition and Selection Process
This year, the project drew significant interest, with 7,147 small business owners applying, resulting in a competition rate of 32.5 to 1. Following an in-depth evaluation process that began in March, 640 promising small business owners were selected. Of these, 390 teams, representing four distinct categories (excluding online sellers), will participate in the initial audition phase. Online sellers will be evaluated through document review and presentations, bypassing the audition process.
Audition Schedule and locations
The audition schedule is as follows:
- Longevity Small Business Type: April 28-30 at 111cm in Jangan-gu, Suwon.
- Lifestyle Type: May 12-16 at the 1927 Art Center in Jochiwon, sejong City.
- Global Type: May 19-21 at the Community House in Jung-gu, Seoul.
- Local Brand Type: May 19-23 at the 1st Euro Bukgajack Project in Bukga-dong, Seodaemun-gu, Seoul.
Funding and Support
The 160 teams selected from these auditions will receive up to 60 million won in business model advancement funds and will be eligible to participate in a final audition scheduled for August. Successful participants in the final audition may receive additional commercialization support of up to 40 million won.
Partnerships and Additional Support
This year, the Korea Economic Association is joining the project to support video production for broadcasting and facilitate networking events between small businesses and large corporations, promoting mutually beneficial distribution and sales opportunities.
Official Statement
According to an official with the Ministry of SMEs and Startups, “In recent years, food, cosmetics, and clothing made by our small businesses in Korea as well as abroad have seen increased popularity.”
Small Business Growth Project Auditions: Your Questions Answered
What is teh Small Business Growth Support Project?
The “Strong Small Business Growth Support project” is an initiative run by the Ministry of SMEs and Startups. It aims to help promising small businesses rooted in local culture by fostering collaborations, boosting the progress of unique products, and expanding their reach.
Where are the auditions being held?
The auditions are being held across the country at various locations, broken down by business type.
When do the auditions start?
Auditions begin on April 28th and continue through May 23rd.
What are the different categories for the auditions?
The project breaks down participating businesses into specific categories:
Longevity Small Business
Lifestyle Type
Global Type
Local Brand Type
What’s the schedule for the auditions?
Here’s the detailed schedule:
Longevity Small Business Type: April 28-30 at 111cm in Jangan-gu,Suwon.
lifestyle Type: May 12-16 at the 1927 art Center in Jochiwon, Sejong City.
Global Type: May 19-21 at the Community House in Jung-gu, Seoul.
local Brand Type: May 19-23 at the 1st Euro Bukgajack Project in Bukga-dong, Seodaemun-gu, Seoul.
how many small business owners applied for the project?
A total of 7,147 small business owners applied for the project.
What was the competition rate?
The competition rate was 32.5 to 1.
How many small businesses were selected for the initial stage?
640 promising small business owners were selected following an in-depth evaluation process that began in March.
How many teams are participating in the initial audition phase?
390 teams, representing the four distinct categories, will participate in the initial audition phase.
What about online sellers? Do they have to audition?
No, online sellers will be evaluated through a document review and presentations instead of the audition process.
What kind of funding is available?
The 160 teams selected from the auditions will receive up to 60 million won in business model advancement funds.
Is there another round of competition after the initial auditions?
Yes, selected participants from the initial auditions will be eligible to participate in a final audition scheduled for August.
What additional support is available after the final audition?
Successful participants in the final audition may receive additional commercialization support of up to 40 million won.
What partnerships are involved in this project?
The korea Economic Association is joining the project to provide support for video production for broadcasting and facilitate networking events. These events will connect small businesses and large corporations to promote distribution and sales opportunities.
What are the benefits of the partnerships?
These partnerships aim to create mutually beneficial sales and distribution opportunities between small businesses and larger corporations. Furthermore, the video production support will help small businesses increase their visibility.
What does the Ministry of SMEs and Startups say about the project?
An official with the Ministry of SMEs and Startups stated that food, cosmetics, and clothing made by Korean small businesses have seen increased popularity both domestically and abroad.
Key Takeaways:
| Aspect | Details |
| ————————– | —————————————————————————- |
| Project Goal | support the growth of small businesses rooted in local culture. |
| Applicant Pool | 7,147 small business owners |
| Competition Rate | 32.5 to 1 |
| Initial Selection | 640 promising small businesses selected |
| Categories | Longevity, Lifestyle, global, Local Brand (audition phase) |
| Primary Support | Up to 60 million won in business model advancement funds |
| Final Support | Additional commercialization support of up to 40 million won (final audition success) |
| Partnership | Korea economic Association (networking, video production) |