"Add innovation to creative ideas and grow step by step."
Small business owners who started with small ideas honed their products and services and threw down the gauntlet in bigger markets. The Ministry of SMEs and Startups held an awards ceremony for the "innovation small business final audition" on the 10th at Startup Venture Campus (SVC) Seoul in Mapo District, Seoul.
This audition is a program that finds promising small business owners and nurtures them in stages.
The Ministry of SMEs and Startups (MSS) selected 534 promising small business owners poised to grow into regional flagship brands through the "innovation small business integrated audition" in June. It also provided up to 60 million won in commercialization funds to them. Among them, 80 were put on the final stage after another review of the competitiveness and growth potential of their business items and their business advancement process.
The small business owners who made the final did not read their original business plans as-is. Over the past four months, they refined their products and services and reworked their business models to showcase more upgraded results. They also presented how they plan to enter bigger markets.
The lineup of small business owners chosen for the "top 11" is also intriguing.
The grand prize went to "Ongoing," led by young entrepreneur Shin Jeong-hwan. It earned recognition for competitiveness with "Yumil," a one-meal shake that combines soy milk powder and granola. It is also set to enter major distribution channels such as Olive Young and Japan's Don Quijote.
Brands that turned regional character and ideas into businesses were named among the best corporations.
Selections included "Gowon Nongsan Agricultural Corporation," a health food brand that freeze-dries gondre from Jeongseon, Gangwon, for easy enjoyment; "Farmerseed," which connects Nonsan agricultural products with consumers nationwide through patented packaging technology; and "ECOBIO," which extracts plant-based protein from Jangseong golden barley and sake lees to make pet food. "Jeongdam Tofu House" of Gimcheon, which used leftover okara to present spreads and porridge, also made the list.
In Busan, "Projesannae," a sesame oil brand that started in a great-great-grandmother's mill, and in Chungju, "Bakery Iwajeong," a local bakery that makes campagne with regional wild greens, were selected as best corporations.
What stood out at this audition were "youth" and "region."
Among participating corporations, representatives in their 20s and 30s accounted for 49%. Region-based corporations reached 78%. By sector, food was the largest at 66%, followed by living at 19%, beauty at 10%, and fashion at 5%.
This shows small brands that started in neighborhoods looking beyond their regions to the entire country and even overseas markets. It suggests that growth opportunities once concentrated in the capital area can also expand to the regions.
The Ministry of SMEs and Startups (MSS) will provide up to 40 million won in additional commercialization funds to audition participants. It also plans follow-up support tailored to each corporation's needs, including meetings with private investment firms, expansion of sales channels at home and abroad, and new market development.
Private investment firms such as Y&ARCHER, Crepton, and Let's also took part that day. A "reverse pitching" session was held, in which investors directly introduced investment targets and nurturing strategies and exchanged Q&A with corporations.
Vice Minister Lee Byeong-gweon of the Ministry of SMEs and Startups (MSS) said, "This event showed that small business owners with creative ideas and innovation can leap to the next level through constant reflection and challenge," adding, "We will support them so they can grow into consumer goods corporations representing their regions and move into bigger markets."