To Expand Support for More StartUps and Solid Enterprises Led by Women
- Division
- International Cooperation Division
- Date
- 2019.07.09
- Writer
- 황승현
- Headline
More programs will be provided to startups on a growth phase by outstanding women. Furthermore, support will significantly increase for young women entrepreneurs in terms of technology innovation, funding, and market entrance.
The Ministry of SMEs and Startups (Minister Park Young-sun, hereafter “MSS”) informed that the “2019 Masterplan for Promoting Women's Entrepreneurship Activities (hereafter “Masterplan”)” was confirmed after completing the consideration and decision of the Balanced Growth Promotion Committee and report to the Council on SMEs Policy. Its major action plans are as follows.
① Programs are specially designed to encourage and give preference to startups and venture businesses led by women entrepreneurs throughout the startup cycle from preparation, beginning, and takeoff. An additional budget of KRW 30 billion is organized exclusively for the women venture fund that will reach a total of 100 billion by 2022. Furthermore, a separate budget of KRW 5 billion is secured to support startups by women heading the households of vulnerable social groups.
② The special guarantee program (KRW 500 billion) and R&D support project (KRW 10 billion) are implemented to facilitate the takeoff and stabilization of the women businesses on a growth phase. In particular, starting in 2019, additional points are provided when they apply for the “Smart Factory Build-up Project” to support the productivity innovation of women entrepreneurs.
③ To accelerate the market entrance of women entrepreneurs, the target amount of public purchase has been increased from KRW 8.5 trillion in 2018 to KRW 9.2 trillion in 2019 (increase by KRW 0.7 trillion, 8%↑). In addition, more support will be provided through the sales of women entrepreneurs’ products at TV home shopping channels, such as the public home shopping network, for example, by increasing the number of the special broadcast from once to twice or three times a month).
④ To root out damages to women entrepreneurs from unfair trade, an unfair trade reporting center is newly established within the Women Entrepreneurs Association. In addition, more legal and institutional tools will be secured to eliminate discriminatory practices against women entrepreneurs, for instance, by obliging the government and agencies not to discriminate women‘s companies when they implement support projects.
The Ministry of SMEs and Startups (Minister Park Young-sun, hereafter “MSS”) informed that the “2019 Masterplan for Promoting Women's Entrepreneurship Activities (hereafter “Masterplan”)” was confirmed after completing the consideration and decision of the Balanced Growth Promotion Committee and report to the Council on SMEs Policy. Its major action plans are as follows.
① Programs are specially designed to encourage and give preference to startups and venture businesses led by women entrepreneurs throughout the startup cycle from preparation, beginning, and takeoff. An additional budget of KRW 30 billion is organized exclusively for the women venture fund that will reach a total of 100 billion by 2022. Furthermore, a separate budget of KRW 5 billion is secured to support startups by women heading the households of vulnerable social groups.
② The special guarantee program (KRW 500 billion) and R&D support project (KRW 10 billion) are implemented to facilitate the takeoff and stabilization of the women businesses on a growth phase. In particular, starting in 2019, additional points are provided when they apply for the “Smart Factory Build-up Project” to support the productivity innovation of women entrepreneurs.
③ To accelerate the market entrance of women entrepreneurs, the target amount of public purchase has been increased from KRW 8.5 trillion in 2018 to KRW 9.2 trillion in 2019 (increase by KRW 0.7 trillion, 8%↑). In addition, more support will be provided through the sales of women entrepreneurs’ products at TV home shopping channels, such as the public home shopping network, for example, by increasing the number of the special broadcast from once to twice or three times a month).
④ To root out damages to women entrepreneurs from unfair trade, an unfair trade reporting center is newly established within the Women Entrepreneurs Association. In addition, more legal and institutional tools will be secured to eliminate discriminatory practices against women entrepreneurs, for instance, by obliging the government and agencies not to discriminate women‘s companies when they implement support projects.