Korea’s MSS Offers Up to KRW 100 Million for Small Businesses Eyeing Global Expansion by April 12
Reading Time: 2 minutesThe Ministry of SMEs and Startups(MSS) in South Korea is currently recruiting businesses for the “2024 Strong Small Business Growth Support Project (Global Type)” through April 12th. This initiative aims to support small business owners who seek to expand their business fields into global markets with creative items grounded in entrepreneurship.
The project is designed to help small business owners develop unique products and services by collaborating with creators, startups, and other small businesses across different sectors. This support aims to foster the growth of entrepreneurial small businesses.
The Global Type of the program focuses on assisting small business owners who are poised to enter foreign markets. It offers support in expanding and specifying product lineups, branding, design, and participation in overseas exhibitions. This is one of the support tracks within the Strong Small Business Growth Support Project.
Out of the applicants, 60 teams will be selected to undergo a team-building program followed by a first-round audition. The 30 teams advancing from this round will be eligible to receive up to KRW 60 million for business model enhancement.
Furthermore, the 10 teams that excel in the final audition, which targets companies that passed the first round, will receive additional scale-up funding of up to KRW 40 million. Thus, the total support could reach up to KRW 100 million.
Minister Oh Young-ju of the Ministry of SMEs and Startups highlighted, “The recent surge of small brands in sectors such as beauty and food has captured global attention.” She added, “We will actively support entrepreneurial small business owners, innovators of lifestyle and local brands, to expand their markets beyond South Korea and grow into global brands.”
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