<p>South Korean cryptocurrency exchange Bithumb <a href="https://www.dailian.co.kr/news/view/1286951/?sc&#61;Naver" rel="noopener noreferrer nofollow">announced</a> on Wednesday (local time) the launch of an entrepreneurship support program to commemorate its upcoming 10th anniversary. The initiative aims to discover and nurture promising young entrepreneurs with innovative ideas to grow the industry and drive business augmentation. It is divided into two parts: an entrepreneurship competition and an investment of KRW 30 billion (approximately $22 million) to support early-stage startups.</p><p>“It is time for us to support startups and bring them one step closer to success,” said the exchange’s CEO Lee Jae-won.</p><h2 id="header-0">Program details</h2><p>The entrepreneurship competition is open to individuals, groups, and small and medium-sized enterprises (SMEs) based in Korea that are planning to start a business or have been in operation for less than three years. Participants in any and all fields of business are eligible to enter. It offers startup grants of KRW 100 million ($74,000) for one first-place winner, KRW 70 million for three second-place winners, and KRW 30 million for six third-place winners. Winners will also receive investor relations (IR) consultations and marketing opportunities to attract future investments.</p><p>Meanwhile, the KRW 30 billion investment project is open to local startups in any field that have been in operation for less than three years. Evaluators will place emphasis on how innovative or profitable the businesses are deemed, Bithumb said.</p><p>“Our entrepreneurship support program is not limited to one-time support. We will strive to contribute to society by supporting entrepreneurship in various fields — not just the crypto industry — for sustained mutual growth,” Lee added.</p><h2 id="header-1">Application process dates</h2><p>The application period is from November 1 to 30, and the results of the first round of applications will be announced on January 4. Those who pass the first round will be called in for an on-site evaluation. The final pool of applicants chosen for participation and investment will be announced in February.</p>

Bithumb to Launch Entrepreneurship Support Program

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