Korea’s Small and Medium Business Administration (“SMBA”) is inviting applicants for interns and startup companies for its “2017 Startup Interns” program.
This program is a benchmark of “Venture for America”, which was created in 2012 to introduce qualified college graduates to startups in America. The Korean program has led 230 college students (87 in 2015, 143 in 2016) into internships, and as a result, 54 of them have started their own businesses utilizing the experience. This year, by establishing a pool of 250 different startups, SMBA will select 50 students to match and conduct internships through the program.
Interns will have an opportunity to receive 6 months of field experience (i.e. business model planning, prototype development, and marketing strategies) along with mentoring and networking opportunities. In addition, after successfully completing the program, participants will be supported to start their own businesses with total of $100,000 for office space, IP claims, and marketing. As for the companies, they will receive $1,000 monthly for the financial support of training the interns.
The qualification for the applicants is enrolled undergraduate or graduate students who have completed at least 4 semesters or unemployed college graduates of within 7 years. As for the companies, those with at least three employees and $100,000 in sales revenue are eligible to apply.
SMBA claims that this will be a unique opportunity for young students who aspire to become entrepreneurs and will also boost the job market.
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