Ministry of SMEs and Startups holds inaugural 'Local Startup Festa in Jeju' from Wednesday to Friday
Entrepreneurs, investors and conglomerates gather to share growth paths for regional businesses
Investment road show, commercial district revitalization and overseas expansion results on display
Collaboration with Ottogi and others confirms local startups' growth potential
"Even a small local shop can become a tourist destination that draws people from across the country. That is the potential of local entrepreneurship." — Park Jun-gyu, CEO of Surfyy Beach
"We found a new business opportunity in discarded resources. We want to show that a small company starting in a region can break into the global market." — Son So-hee, CEO of Samon
Local entrepreneurs converged on Jeju this week — from a sunbae founder who transformed an ordinary beach in Gangwon Province into a nationally recognized tourist destination, to the head of a startup that cracked overseas markets using red ginseng byproducts that would otherwise go to waste. Established entrepreneurs passed on their experience and know-how to younger founders, while emerging companies pitched their business plans to investors. The three-day event laid out the many paths a regionally rooted business can take — from attracting investment and expanding exports to revitalizing local commercial districts.
The Ministry of SMEs and Startups held the inaugural 2026 Local Startup Festa in Jeju from Wednesday to Friday, bringing together local entrepreneurs, investors and representatives from large corporations to share the possibilities of regional startups. Over three days, the program featured an investment road show, a local commercial district results forum, a global small business results forum and presentations on collaboration cases with large corporations.
Veteran founders share advice as entrepreneurs pitch with surfboards in hand
On the opening day, entrepreneurs who had already built successful local businesses shared their experience and strategies with younger founders. Park Jun-gyu, CEO of Surfyy Beach — the venture credited with turning Yangyang in Gangwon Province into the country's premier surfing destination — attended and outlined the business model and growth strategy behind leveraging local resources.
"Even a single restaurant or guesthouse can now be a travel destination in its own right," Park said. Visitor numbers to Yangyang grew from about 2 million in 2014 to about 15 million today, and the number of restaurants near Surfyy Beach rose from five to 30, Park said. "Sustained education for local entrepreneurs is essential," he added.
At the local investment road show, founders presented their business models and growth strategies directly to investors. Each entrepreneur led with the distinctive character of their region and their own approach — a far cry from the formal attire typical of a standard IR session.
Kim Jun-yong, CEO of Lume, which operates the brand Better Than Surf, took the stage in shorts and carrying a surfboard, declaring ambitions to grow the company into a rival of global outdoor brand Patagonia.
From Jeju's old downtown to Gimje's rice paddies — youth entrepreneurs reshape local commerce
At the local commercial district results forum held Thursday, standout districts chosen through a public vote drew attention. The LPP commercial district in central Jeju ranked first, and the Juksan-myeon district in Gimje, North Jeolla Province, came in second.
Lee Geum-jae, CEO of Ilowa, which leads the Jeju LPP district, presented results that included 1,467 visitors to a pop-up event and 72 million won ($53,700) in revenue including crowdfunding. Ilowa's cumulative sales over the past five years total about 9.6 billion won.
In Juksan-myeon, Gimje, young entrepreneurs are reshaping the rural landscape. According to Choi Byeol, CEO of FLD Studio, 10 startup teams with about 30 members in total have put down roots in an area that previously had no youth startup presence. The number of commercial establishments grew from 21 to 37, and a local event held in a rice paddy drew about 2,000 people, reflecting the district's growing vitality.
Discarded red ginseng byproduct finds US market — global small business awards presented
On the final day of the event, Friday, small businesses that had successfully broken into overseas markets shared their results. The global small business results forum also included an awards ceremony recognizing companies for their export competitiveness.
Samon, which received the Ministry of SMEs and Startups minister's award in the Frontier category, developed a food ingredient called "Re-Insam" from hongsambaek — the byproduct left over from red ginseng manufacturing. The company freeze-dries and finely grinds the byproduct to produce snacks and protein shakes, and has entered the US market.
"In Korea, red ginseng byproducts are widely seen as something discarded, but in the United States the fact that we are recycling them is highly valued," said Son So-hee, Samon's CEO. About 16 months old, Samon generates roughly 80 percent of its total revenue from overseas. The minister's award in the Step-Up category went to The Miss, a cosmetics manufacturing and retail company.
The ministry selected 100 companies this year for its global small business development project. At the Jakarta International Premium Consumer Goods Fair, 14 companies are pursuing contracts worth about $2.7 million, while 15 companies that participated in a New York pop-up event recorded on-site sales of $52,096.
Large corporations turn to local startups, affirming regional entrepreneurship's potential
Also on the final day, collaboration cases between large corporations and local businesses were presented. Ottogi showcased products developed using regional ingredients and concepts — including a ramyun made with Jeju black pork — demonstrating how local flavors and ideas can be combined with a large company's product development and retail capabilities to open new markets. The presentations highlighted how the differentiated resources and content local businesses hold can reach a broader consumer base when paired with a large corporation's distribution network.
The event demonstrated that startups rooted in local communities can grow through investment, exports and commercial district revitalization. However, voices at the forum also stressed that sustaining such results requires more than short-term support — it demands building an environment where entrepreneurs can put down roots and grow within their regions. Mo Jong-rin, a professor at Yonsei University who attended the event, said local entrepreneurship "is not simply about running a business — it is about living the life of that region," adding that founders must "maintain their local identity even as they expand nationwide and go global."
boo@heraldcorp.com
