Press

Underdogs and NewKids Investment Support Small Business Owners and Early-Stage Entrepreneurs. Photo=Provided by Underdogs Underdogs announced on the 27th that it will establish a virtuous cycle startup support ecosystem together with NewKids Investment, targeting corporate small business owners and very early-stage startups. Underdogs and NewKids Investment explained that the startup ecosystem for small business owners and very early-stage startups has faced difficulties due to lack of inherent resources regardless of the investment industry. NewKids Investment is a specialized accelerator for small business owners and local creators. It operates a 'virtuous cycle investment fund for entrepreneurs' where experienced senior entrepreneurs with capabilities and experience in various fields support junior entrepreneurs as investors and venture partners. NewBlack, the parent company of Underdogs, established NewKids Investment as a subsidiary in September 2022 to foster growth-oriented small business owners and very early-stage entrepreneurs in a corporate manner, and registered as a startup planner with the Ministry of SMEs and Startups. To date, NewBlack has conducted 7 direct startups and 16 equity investments as a running mate for small business owners. Entrepreneurs who received NewBlack's connected investments recorded cumulative sales of 39.5 billion won. In particular, PaperPop achieved results in profit increase and job creation, with the number of employees increasing from 3 to 20. NewKids Investment will inherit NewBlack's know-how in direct startup and equity investment related to small business owners and directly contribute to the growth of 2,000 small business owners and very early-stage entrepreneurs that Underdogs nurtures annually. Accordingly, Underdogs will conduct a 'Youth Local Creator Development Project' in collaboration with Incheon Metropolitan City together with NewKids Investment. The project will foster local brands that leverage regional characteristics in Dong-gu, Ongjin-gu, and Ganghwa-gu, Incheon, and revitalize local commercial areas through anchor companies. Cho Sang-rae, CEO of Underdogs, emphasized, "Small business owners and early-stage startup entrepreneurs need a multi-faceted support ecosystem including effective education, company building, and investment linkage based on high understanding and experience of them. Going forward, Underdogs will continue to implement three-stage support for small business owners—education, nurturing, and investment linkage—together with NewKids Investment, and actively support small business owners to become innovative subjects in preventing regional decline." [Maeil Ilbo = Reporter Kim Won-bin]