News & Event
- News & Event
According to Yonhap News,
The city of Busan announced its Entrepreneurship Challenge, a contest to identify and foster locally based hidden champions on Mar 19. Targets of the program include companies whose business category falls into seven key industries whereby the city can further advance new breakthroughs in the age of the fourth industrial revolution. The city selects a dozen shortlistees in two segments: ‘Hidden champions in Busan city’ and ‘Busan city’s hidden market leaders in technology’.
Anyone interested in the program must show valid proof of company headquarters to validate Busan city residency.
To apply for ‘Hidden champions in Busan city’, applicant must also verify its last year’ figure which goes above KRW 30 billion in sales. Candidates who want to be part of ‘Busan city’s hidden market leaders in technology’ are required to substantiate their full-year annual sales figure from the previous year, which add up to KRW3~15 billion, and to validate proof that the share of the candidates’ R&D spending as a percentage of net sales exceed 1 percent over the past three years or that the average annual growth rate for the last five years goes over 5 percent.
The term required to perform duties is five years. Those selected as Busan city’s hidden champions are entitled to be given up to KRW 90 million per year, whereas candidates who put their names on the list of ‘Busan city’s hidden market leaders in technology’ can receive less than KRW 40 million for two years. For more information, you can click on www.busan.go.kr or www.btp.or.kr.
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Source: Yonhap News (Mar 19, 2021)
** This article was translated from Korean.