The camp is designed to provide business owners opportunities to analyze the main factors of failures so that they can successfully rebuild their companies with close support from SBA.
Business owners living in Seoul who have been unsuccessful in ICT and Technology Service businesses can apply by Nov. 19.
SBA first recruited 50 unsuccessful startup business owners who are willing to restart their businesses by Nov. 25 and is holding a re-startup academy from Nov. 25 to Dec. 11. The academy consists of two areas: education focused on raising credit rating and funds and mentoring program for reviewing business models.
On Dec. 18, about 20 businesses will finally be selected from a contest of unsuccessful businesses and can reside in Youth Startup Plus Center in SBA for a year. During the residence period, startup businesses can materialize their future plans with constant funding from investors.
“The biggest problems that many startup business owners face are deterioration of credit rating and lack of funds,” said Lee Seung-je, an official of the SBA. “Since our camp’s mentors are experts in diverse fields and at the same time investors, startup business owners can receive effective advice that is closely related to the real market.”
Unlike the first camp held in 2013, Restart Camp Dream Together 2014 will provide matching program between mentors and mentees for consultation and post management program which is in association with venture capital, a financial capital provided to early-stage, high-potential startup companies.
The camp will also offer participants-centered programs including special lectures given by startup CEOs and education for delinquent borrowers.
As there is a growing interest of university students starting up their own businesses, students who are interested in startup businesses welcome new programs in Restart Camp Dream Together 2014.
“Restart Camp Dream Together 2014 is very appealing for those interested in startup businesses since it provides an opportunity to materialize their ideas rather than just discarding the idea when it does not work,” said Yang Ji (Economics, 4). “However, I also think business owners should have opportunities to rebuild their businesses not just by receiving constant help from SBA but by their own efforts during the camp.”
The SBA will continue to support unsuccessful startup business owners by holding Restart Camps with accumulated know-hows as SBA is already in its third year holding the camp.
“Last year, we had two startup companies that received financial supports from foreign companies,” Lee said. “We hope that Restart Camp Dream Together 2014 fosters a new culture in which startup businesses are more welcomed and acknowledged so that those high-potential companies which have undergone failures can be discovered and receive supports.”