Invest KOREA

According to Yonhap News,

(SEOUL=Yonhap News) On August 19, the Ministry of Culture, Sports and Tourism (MCST) and Korea Tourism Organization (KTO) said that they will host the "10th Tourism Venture Project Contest" until September 18th.

This contest has been prepared to provide various supports to would-be entrepreneurs and startups with innovative business ideas in the tourism sector.

Usually, the contest was held once in a year. However, it will be the second time this year, opened to meet high demand for establishment of business revealed in the 9th contest held early this year.

The contest will be divided into three sections including pre-tourism venture, tourism venture, and re-challenge.

Pre-tourism venture targets would-be entrepreneurs or 3 years or younger startups who plan new business with creative subjects.

3 years or older business can apply for the tourism venture sector, and those who previously failed in business can participate in re-challenge sector.

If selected as pre-tourism venture business, they can receive support in development cost for tourism products and services, up to KRW 40 million, as well as consulting, training, promotion, and marketing.

Those selected for tourism venture can receive promotion and marketing expense of KRW 10.5 million and support in pioneering distribution channels home and abroad, and cooperative projects between companies.

Those selected in the re-challenge sector will receive support of up to KRW 40 million in tourism products and service re-development, and consulting and training for re-establishing business.

MCST and KTO said that this contest has identified about 600 innovative tourism companies, creating 1,700 jobs.

Those who want to participate in the contest are advised to check the application form and project plan format in www.tourventure.or.kr and submit the required documents.



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Source Text

Source: Yonhap News (August 19, 2019)

** This article was translated from Korean.