New Delhi: South Korea is developing a strong “re-challenge ecosystem” to assist entrepreneurs who failed in their previous businesses to begin again. The government has increased the government’s Fund of Funds and Re-Challenge Capital programmes as part of its national startup strategy.
In many countries failure is viewed as negative. But Korea is seeking to change this mindset. The government believes that some founders who didn’t succeed the first time have valuable experience to be encouraged to try again.
Under this policy, failing entrepreneurs can access funding, mentoring and business support without the stigma. The government has raised the amount of capital for more founders to benefit.
