"Ministry of SMEs Selects 11 Innovative Small Businesses to Nurture as Leading Regional Brands"

Ongoing Wins Grand Prize for Developing the "YUMEAL" Meal Shake Pack
Up to 40 Million Won in Additional Business Development Funding

The Ministry of SMEs and Startups has selected the "Top 11 Innovative Small Business Owners" expected to grow into leading regional brands.

On September 10, the ministry announced that it held an awards ceremony for the "Final Audition of Innovative Small Business Owners" at the Startup Venture Campus (SVC) in Mapo-gu, Seoul.

Back in June, the ministry had selected 534 promising small businesses with the potential to develop into leading regional brands through its "Innovative Small Business Integrated Audition" and provided up to 60 million won in business development funds. Afterwards, a comprehensive evaluation was conducted—covering item competitiveness, growth potential, and business advancement achievements—to select 80 companies for the final audition.

From September 7 to 9, these 80 companies showcased their products, services, business models, and future growth strategies to the public and industry experts during the audition. Among the participating companies, 49% were led by representatives in their 20s and 30s, and 78% were regionally based. By sector, food accounted for 66%, followed by lifestyle (19%), beauty (10%), and fashion (5%).

The grand prize was awarded to "Ongoing" (Seoul), led by CEO Shin Junghwan (age 30). Ongoing developed "YUMEAL," a meal shake pack that combines soy milk powder and granola. The product is expected to be launched through retail channels such as Olive Young and Japan's Don Quijote. The excellence awards were given to six companies, including Gowon Nongsan Agricultural Corporation (Gangwon), while three companies, including Sunnysideup (Jeonbuk), received merit awards, and one company was selected for the popularity award.

Depending on type and evaluation results, companies that participated in the final audition will receive an additional business development fund of up to 40 million won. The Top 11 will also be offered follow-up support, such as meetings with private investors, domestic and overseas sales channel expansion, and new market development funds.

On the same day, private investors such as Y&Archer, Crepton, and Lets participated in a "reverse pitching" event, discussing investment opportunities with audition participants. The ministry plans to continue expanding connections between participating companies and investors through individual consulting sessions and performance-sharing meetings.

Lee Byungkwon, Second Vice Minister of SMEs and Startups, stated, "The ministry will continue to discover more promising small business owners and provide unwavering policy support so that they can grow into regional consumer goods leaders and advance into larger markets."

This content was produced with the assistance of AI translation services.