Korean Ministry launches women’s venture fostering project to support female entrepreneurs

In recent years, there has been an increase in the number of female entrepreneurs in the startup ecosystem. However, innovative female entrepreneurs still represent less than 10% of the industry. To address this issue, the Korean Ministry of SMEs and Startups has launched a new program to foster women’s ventures.

The women’s venture fostering project is different from existing support programs, as it focuses on network support that includes private investment after the start-up planner directly selects women’s businesses. The ministry has selected four startup planners and will support a total of 700 million won in operating expenses for programs specialized for women’s ventures.

The project aims to discover female startups with less than 7 years of entrepreneurship and provide a comprehensive support system such as customized education and mentoring, commercialization fund support, and cooperative networks to help them grow and succeed.

To participate, startup planners must make an initial investment directly in participating female venture companies and submit a systematic support plan for scale-up linkage and follow-up investment. Applications must be submitted by email to the person in charge of the association by 17:00 on March 24.

The Korean Women Venture Association, the host organization, has provided details regarding recruitment on its website. This initiative is expected to further strengthen the proportion of female entrepreneurs in the startup ecosystem and support the growth of promising women-led ventures.