According to Yonhap News,
The city of Busan announced onApr.7 that the local authorities selected 15 small but promising service businesses in the city among 56 candidates who’ve been through a series of screening process, under which multiple assessment standards such as innovation, growth potential and feasibility were taken into deliberation for the open contest.
These selectees will be given a broad range of services such as marketing, advertising or patent registration process for the next five years. In addition, they also can receive customized administrative and financial supports from the city government.
This year, in particular, Busan city runs a biz- support program so called ‘self-directed business activities”, through which small local enterprises evaluate their entrepreneurial potential and risks and prescribe necessary steps to help their business go well.
The authorities have found and provided 55 small hidden champions with intensive biz- support programs since 2016.
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Source: Yonhap News (Apr. 7 , 2020)**This article was translated from Korean.""