The Small and Medium Business Administration (SMBA) as well as the Korea Institute for Start-up & Entrepreneurship Development (KISED) have introduced a program to offer a full package of support to failed businessmen, ranging from education to commercialization.
Those who participate in the 2015 program are required to submit applications between March 26 and April 13.
The so-called Rechallenging and Success Package Program offers support tailored to meet each successful applicant’s individual characteristics and experiences, departing from the conventional method of simply providing financial support. The program is also designed to analyze reasons for each applicant’s failures to make his or her “rechallenging” a success.
The program calls for each rechallenging businessman to initially undergo a practical education on rechallenging start-ups for 70 hours to 90 hours, then 30 hours of mentoring, followed by support for commercialization and post-startup support. Applicants will be given a chance to conduct a final check on the type of rechallenging business via a startup promotion event after completing the practical education. Sixty of the commercialization applicants will be finalized through a mentoring evaluation. Each finalist applying for core business areas will be offered up to 70 million won in financial support equivalent to go towards startup costs, while each prospective businessman applying for the general business areas will be provided up to 35 million won. Rechallenging prospective businessmen will continue to be provided with follow-up support, such as the provision of rechallenging funds, attracting venture investments and startup support policies.
‘Rechallenging Business R&D Support Program’
The Small and Medium Business Administration and the Korea Technology and Information Promotion Agency for SMEs has implemented the 2015 “Rechallenging Business R&D Support Program,” which is designed to help failed businessmen cope with the difficulties they face in R&D activities of creative, new ideas for their “rechallenging” business.
The SMBA said the program is designed to help failed businessmen with diverse technology development support projects who have been denied due to bad credit by easing the difficulties they face when they “rechallenge” for the development of new technologies.
Each successful applicant will be provided with up to 150 million won in financial support to less than 90 percent of total project costs. The technology development period is less than one year, and the program is designed to give businessmen lacking funds chances to “rechallenge” themselves.
Applicants are required to prepare for the development of new technology products within seven years after their initial business failure, and to establish a corporate body within one month after being finalized. Finalists also have to be capable of developing prototype products through joint studies for rechallening businesses to develop prominent ideas into technologies.
A close look at the program showed that it has begun to bear fruit.
Thirty-three businesses and 20 companies were given 4.8 billion won in financial support. The program paid off — minimizing dining out of such social assets as “rechallenging” businesses’ experiences and expertise, and the successful development of prominent new products.
In particular, starting from this year, those companies which have excellent technology or items but lack of planning will be given support from mentoring institutions to facilitate their R&D activities.
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