The Ministry of SMEs and Startups (MSS, Minister OH Youngju) held the ceremony for the new Young Entrepreneurs Academy students on May 16 at the Academy's main campus in Ansan, Gyeonggi-do.

The Young Entrepreneurs Academy is an MSS program that accelerates the growth of young entrepreneurs by providing a comprehensive support package for the entire process of starting a business. The program aims to foster innovative young CEOs by offering not only funding but also technical training and expert mentoring to address the various difficulties that young entrepreneurs may encounter.

The Academy was initially launched in 2011 at the Korea SMEs and Startups Agency (KOSMES) Ansan Training Center and has since expanded to 18 centers nationwide.
Over the past 13 years (2011-2023), the Academy has discovered and nurtured a total of 7,638 young entrepreneurs, resulting in the creation of two unicorn companies, Toss and Zigbang.

The ceremony for new students was held under the theme of "Bringing the Dreams of Youth to the World." The main event included presenting plaques of appreciation to graduating seniors and a hologram performance to wish young entrepreneurs success in their startups.

The plaque of appreciation was presented to Openknowl on behalf of 25 graduating companies of the Young Entrepreneurs Academy, which raised the YEA Startup Fund in October 2023 to invest in young junior entrepreneurs.

A meeting was held under the chairmanship of the MSS Director General for Startup Policy to gather feedback on the challenges faced by young entrepreneurs and to collect their suggestions. A young entrepreneur who attended the meeting said, "The success stories of established companies from the Young Entrepreneurs Academy motivated me to apply. I am looking forward to networking opportunities with senior companies in the future."

Various side events were organized for the young entrepreneurs who attended the ceremony. Consultation booths were set up to give them the opportunity to interact with global accelerators and Korea's top 10 venture capitalists. Additionally, lectures by senior companies and experts were also held.

Minister OH Youngju stated, "The Young Entrepreneurs Academy is Korea's leading program for promoting young entrepreneurship, having supported over 8,000 young entrepreneurs in the last decade. Recently, graduates of the Young Entrepreneurs Academy have been collaborating closely with major global companies, accelerators, and other private organizations for young entrepreneurs' growth in various areas such as investment, technology, and marketing." She added, "This indicates the establishment of a youth entrepreneurship ecosystem around the Young Entrepreneurs Academy. In addition to providing more direct support for young entrepreneurs, the government will also work towards enabling the full utilization of the capabilities of the members of the entrepreneurship ecosystem.

In addition, Minister OH enthusiastically cheered on the young entrepreneurs who attended the event, encouraging them to do their best in their respective fields with a strong sense of mission and pride as the key contributors to Korea's economy. He emphasized that they have the power to enhance the growth and vitality of the economy and generate quality job opportunities.

Global Media Relations: Rachel Minjo CHUN
+82-(0)44-204-7104 / rachelmchun@korea.kr