Korea launches program for 210 ‘strong small businesses’

[Courtesy of Ministry of SMEs and Startups]

South Korea’s Ministry of SMEs and Startups (MSS) announced the first round of auditions for its “Strong Small Business Growth Support Project” on Sunday. The auditions, aimed at nurturing small businesses with innovative ideas into LICORNS, or Lifestyle & Local Innovation uniCORNS, will be held in Sejong and Seoul from June 10th to 27th, 2024.

The project aims to assess the growth potential of promising small businesses via auditions and provide them with advanced business development funds to help them become LICORNS. The 2024 program has expanded its support to include five types of businesses: lifestyle, local brands, global markets, online sellers, and century-old shops or craftsmen.

The ministry selected 530 small businesses to participate in the first round of auditions out of 9,137 that applied in 2024. Out of these, 210 businesses will be chosen to receive up to 60 million won ($45,000) in funds, which can be used for space planning, prototype production and validation, branding, and design.