The Ministry of SMEs and Startups (acting Minister, 1st Vice Minister Noh Yong-seok) has announced the recruitment of small and medium enterprises (SMEs) to participate in the 'K-Brand Challenge,' which will commence on July 27.
The K-Brand Challenge aims to identify and support SMEs in the consumer goods sector with high growth potential, assisting them in becoming globally competitive export businesses.
This initiative began in 2024 as the K-Beauty Creator Challenge, focusing on promising SMEs in the beauty sector and facilitating their entry into global markets. This year, the supported sectors have been expanded to include fashion and lifestyle products, reflecting increased global interest in K-consumer goods, and the program has been renamed the 'K-Brand Challenge.'
Eligible applicants include SMEs in the beauty, fashion, and lifestyle sectors holding their own brands, specifically domestic companies or first-time exporters with export revenues under $5 million from the previous year.
Through a series of preliminary, main, and final rounds, a total of nine companies, three from each sector, will be selected. The selected companies will be offered opportunities to participate in pop-up stores both domestically and internationally, as well as export and investment consultations with overseas buyers and investors.
Additionally, support will include online marketing assistance, priority selection for export vouchers and international standard certifications, and incentives such as early startup package prioritization for new enterprises.
Shim Jae-yoon, Director of Global Growth Policy at the Ministry, noted that the global interest in K-brands, which began in the beauty sector, is now spreading to fashion and lifestyle consumer goods. He emphasized the ministry's commitment to increasing policy support to ensure that outstanding products from promising SMEs can make greater strides in the global market, enhancing the status of K-brands and leading small business exports.
The application period for participating enterprises will be open until August 7. More details regarding application procedures can be found on the GoBiz Korea website (kr.gobizkorea.com).
