SMEs ministry opens first Local Startup Festa in Jeju

The SMEs ministry said Wednesday it opened the first Local Startup Festa in Jeju, a three-day national gathering of about 140 local companies, investors, retailers and overseas buyers aimed at turning regional brands into exporters.

The event runs through Friday at the Sheraton Jeju hotel and the old downtown of Jeju City, co-hosted by the ministry and the Jeju provincial government and organized by the Jeju Center for Creative Economy and Innovation and the Small Enterprise and Market Service.

Eight domestic investment firms, three overseas investors, five major brand and retail companies, 13 foreign buyers and one overseas-market support agency will meet the local companies across the three days. Organizers aim for about 1,000 cumulative participants.

Prime Minister Han Seong-sook, in a video address to the opening ceremony, set out the government's target. "The government has set a goal of discovering 10,000 local founders and nurturing 1,000 local companies," she said. "We will support them to the end, at every growth stage, so that a good idea can become a competitive brand and reach world markets through private investment and new sales channels."

The first day pairs workshops on local industry with investment sessions, including a reverse-pitch by accelerator Y&Archer and investor relations presentations by six local companies, and hands out awards to four people credited with fostering local businesses. The second day shifts to the neighborhoods themselves, with a discussion on shared growth, a case-sharing session on selected commercial districts and a tour of the old downtown and Seogwipo areas. The third day brings one-on-one consultations with retailers including Ottogi, ABT Jeju and Blackyak, an export showcase and the delivery of letters of intent to purchase.

Much of the case for the event rests on LIPS, the Local & Lifestyle biz Incubator Program for Strong SME, under which a private investor backs a small business and the ministry matches the money with policy and commercialization funds. Since 2023, 765 local small-business owners have raised a combined 123 billion won ($91.5 million) in private investment, the ministry said.

Between 2023 and 2025, the share of LIPS companies exporting rose to 22.7 percent from 12.0 percent, and average export revenue per company climbed to 233 million won ($173,725) from 183 million won ($136,445).

Speaking at the opening, Second Vice Minister Lee Byung-kwon said the government's job is to connect those stages. "It is important to tightly link the growth path so that a company starting from a small local idea can grow into a competitive brand and take on world markets through investment and new sales channels," he said. "I will actively support this festa so that it goes beyond a place to show results and gives local companies new investment, sales and export opportunities, and so that their growth feeds back into the vitality of local commercial districts and the regional economy."