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1st youth startup global inauguration ceremony held - Ministry of SMEs and Startups

2023.09.13







​The Ministry of SMEs and Startups (Minister Lee Young) held a global launch ceremony at Dream Plus in Seoul on the 13th, with the participation of young startups and support organizations such as the Small and Medium Venture Business Corporation.


​This launch event was prepared to pledge the success of the 25 young startup teams participating in the ‘Youth Entrepreneurship Academy Global Expansion Program’ to advance into the global market.The ‘Youth Entrepreneurship Academy Global Expansion Program’ is a project that provides opportunities for companies residing and graduating from the Youth Entrepreneurship Academy to enter overseas markets, and has been in full operation since this year.After announcing the recruitment of participating companies last May, 50 teams were selected through the first evaluation (announcement), and training and mentoring were provided to advance into the global market. Afterwards, the final 25 teams were selected at the end of August, taking into account training and other performance.


​The selected young startups will depart for the United States on September 18th, followed by Singapore (October 8th) and Saudi Arabia (October 17th).* USA (10 teams, 10.18-27), Singapore (10 teams, 10.8-14), Saudi Arabia (5 teams, 10.17-24)In order to increase understanding of the global market and the possibility of attracting investment, global VC mentoring is provided, followed by IR and networking with local companies.


​In particular, Saudi Arabia is showing high interest in the ‘Youth Entrepreneurship Academy’. Accordingly, the Small and Medium Venture Business Corporation (an agency dedicated to the Youth Entrepreneurship Academy) and the private operator of the Youth Entrepreneurship Academy (AC) will accompany the local government officials in Saudi Arabia to teach them about Korea's start-up support policy, the 'Youth Startup Academy'. I plan to do it.Lim Jeong-wook, head of the Startup and Venture Innovation Department at the Ministry of SMEs and Startups, said, “I hope that this inauguration ceremony will serve as an opportunity for young entrepreneurs to solidify their determination to make a powerful leap into the global market.” He also added, “The government will also encourage young entrepreneurs to continue challenging the global market.” “We will actively support and encourage you to do so,” he said.Meanwhile, prior to the inauguration ceremony, an on-site meeting was held to discuss ways to encourage young startups to enter overseas markets in order to resolve their difficulties and suggestions.



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