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S. Korean Government to Finance Young Food Startups for Research and Development

According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Agriculture, Food and Rural Affairs said on August 1 that it will give financial support to food startups founded by the youths to carry out research and development.

The Ministry said, "The startups tend to put priority on the expenditure more for sales and market than research and development to secure fundamental technology due to short initial capital," and "This is why the food startups have difficulties in differentiating themselves from existing businesses."

Ten small sized food businesses that are one to five year old with representatives aged below 40 will be supported by the government fund with less than 50 million won for research by task within a year long period.

The Ministry will also help them by connecting with national food cluster experts, production of test products, providing business consultations and matching buyers.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (August 1, 2018)

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