Venture for Korea finished its educational program for interns and will now assign them to sponsoring startups, according to the Small and Medium Business Administration of the South Korean government.
Modeled after Venture for America by Andrew Yang, Venture for Korea is designed to connect potential startup founders looking for field experience to promising startups that do not have the necessary recruitment resources. The program wants to take after its American precursor’s success, which has already introduced 108 graduates to 70 startups around the United States. Venture for Korea currently has more than 50 sponsoring startups and 54 internship candidates, and aims to attract more future entrepreneurs in the following years.
Venture for Korea plans to help improve startup entrepreneurs’ lack of experience and business managerial skills by introducing them to already established startups. The interns will stay at the companies for a year and will be granted up to $800 per month as subsidies, not including the wages. Interns will participate in projects to gain firsthand experiences and receive mentoring sessions for successful startup establishments in the future. Those who decide to start their own businesses after the internship will be provided with a sizable amount of investment capital from angels and venture capitals for around $100K
This is not the first program that the Small and Medium Business Administration has launched to help fledgling startups and interested candidates. It already has programs to fund new startups without proper financial support, to coach inexperienced entrepreneurs with business and networking skills, and to support ventures that want to broaden their business worldwide.
The Startup Academy, one of the organization’s startup programs, offers up to $100 as initial funds for startup teams and intensive one-to-one training programs by selected professionals.
Although the governmental organizations offer many options for the future entrepreneurs to choose from, these programs lack practical experiences that will help them work in stable startups and overcome obstacles startups may face. The Small and Medium Business Administration believes that the gap can be filled with its new program Venture for Korea.
While the internship program definitely adds up to the variety of opportunities the Small and Medium Business Administration offers to promote ventures, some applicants find the program unattractive due to several drawbacks. With so many programs and funds to apply to, such as those the Small and Medium Business Administration already provides, prospective entrepreneurs find the program and its one-year-long contract too restrictive. Some also find the general wage of $1100 per month lower than what the bigger startups may offer. The Small and Medium Business Administration has recognized the problem and is considering options to shorten the duration of the internship. The organization will also add $5 million per year to the program budget to fully sponsor the interns and their future startups.