(Ministry of SMEs and Startups)
(Ministry of SMEs and Startups)

Eleven "innovative small business owners," recognized for their potential to grow into brands representing their regions, were selected from among 9,422 small business owners nationwide.

The Ministry of SMEs and Startups said it held the "Innovative Small Business Owners Final Audition" awards ceremony Thursday at the Seoul Startup & Venture Campus in Mapo-gu, Seoul.

The audition grew out of the "Innovative Small Business Owners Integrated Audition," which began in June. From 9,422 applicants, the ministry selected 534 promising small business owners and provided them with up to 60 million won ($44,800) in commercialization funding. It then evaluated their product competitiveness, growth potential and progress in scaling up their businesses to narrow the field to 80 finalists.

From Monday through Wednesday, the finalists presented the products, services and business models they had developed during the commercialization process. They also presented their future scale-up strategies to the public and industry experts.

Of the 80 finalists, companies led by chief executives in their 20s and 30s accounted for 49 percent, while regionally based companies made up 78 percent. By industry, food led with 66 percent, followed by lifestyle products at 19 percent, beauty at 10 percent and fashion at 5 percent.

The grand prize went to Ongoing Co., a Seoul-based company led by 30-year-old CEO Shin Jeong-hwan. Ongoing introduced "Yumeal," a one-meal wellness shake pack made by combining high-protein, low-sugar plant-based soy milk powder with granola and nut toppings — a product that needs only water to prepare.

The top award went to Gowon Nongsan Agricultural Association Corporation, a convenience health food brand built around gondre, a wild vegetable from Jeongseon, Gangwon Province. Farmer Seed, an online seedling distribution platform using patented packaging technology, also received the honor. Eco Bio, which developed pet food using plant-based protein extracted from distillers' grains and Jangseong golden barley, was recognized as well.

Also receiving the top award was Jeongdam Tofu House, which developed a spread and porridge using biji, a byproduct of tofu-making. Project Sannae also received the honor for its sesame oil brand, which combines manufacturing, hands-on experiences and exhibitions built around the story of a 60-year-old traditional mill. Bakery Iwajeong, which makes campagne bread using wild greens from Chungju, also received the top award.

The excellence award went to Sunny Side Up of Jeonju, North Jeolla Province; Blue Bean Ark Farming Association of Jeju; and Andong Banga Agricultural Corporation of Andong, North Gyeongsang Province. Jingadagam of Ulsan received the popularity award.

The regional spread of the final winners stood out. Of the top 11, Ongoing, the grand prize winner, was the only Seoul-based company. The remaining 10 are based in Gangwon, South Chungcheong, Gwangju, North Gyeongsang, Busan, North Chungcheong, North Jeolla, Jeju and Ulsan. Many of the companies on the final list turned local agricultural products, byproducts or regional traditions into new products and business models.

The ministry will provide up to 40 million won in additional commercialization funding to final audition participants, including the top 11, depending on their category and evaluation results. It also plans to connect them with private investors, support their expansion into domestic and overseas markets, and offer new-market development funding.

Private investment firms Y&Archer, Krypton and Let's also took part in the audition. The firms held "reverse pitching" sessions, introducing their investment targets and growth strategies directly, and discussed potential investments with participating small business owners.

"This audition was an opportunity to prove that small business owners with creative ideas and innovative spirit can advance to the next stage through continuous deliberation and fierce challenges," said Lee Byung-kwon, second vice minister of SMEs and Startups. "We will discover more promising small business owners and provide policy support so they can grow into consumer goods companies that represent their regions."


boo@heraldcorp.com