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Wonkwang University's LINC 3.0 Project Group Startup Education Center, in collaboration with Hana Financial Group and education company Underdogs, is recruiting the second cohort of the 'Hana Social Venture University,' a youth startup incubation program as part of an innovative enterprise development program for mutual growth in the Jeonbuk region. 'Hana Social Venture University' is a youth startup incubation program operated by Hana Financial Group. Hana Financial Group, in cooperation with the Ministry of Employment and Labor and hub universities in 30 regions across the country, supports regional youth startups and job creation to address regional population decline and youth outflow, with the goal of building a sustainable youth startup ecosystem. It is a representative ESG program. Last year's first project conducted startup education for 500 participants in collaboration with 10 universities across 5 regions nationwide, discovering 50 excellent startup cases within the region. It was recognized as an excellent program for regional hub universities and youth, winning the Minister of Employment and Labor Award. Recruiting participants until July 2, the second project this year will provide professional startup education twice a week for 6 weeks. It plans to expand regional hub universities to 30 and select a total of 1,500 preliminary and early-stage youth startup founders. Selected trainees will receive various support including advancement of regional startup ideas, online and offline capacity-building education, business plan writing, and educational participation allowances, along with professional startup facilitators. Furthermore, outstanding startup teams selected after completion will be given opportunities for additional startup support funds, collaboration projects, workcations, and participation in outcome-sharing sessions. The final excellent startup teams will also be awarded a total prize of 150 million won. Cho Sang-rae, CEO of Underdogs Everyone is talking about crisis. As predictions of global economic downturn are not uncommon, amid inflation and high interest rates, overall market conditions remain uncertain. Continued reports of startups facing negative growth due to the venture investment ice age since last year follow suit. It is not easy to decide to start a business in times of economic recession. This is due to concerns that reduced consumer sentiment and an unfavorable investment environment will hinder corporate growth. On the other hand, data shows somewhat contradictory results. According to the 'Startup Business Trends' announced by the Ministry of SMEs and Startups at the end of last year, actual startups in the second half of 2022 increased by 1.9% compared to 2020. The 'Entrepreneurship Survey' released at the same time shows that the entrepreneurial spirit level of startups in the early growth stage has risen notably compared to previous periods. Investment in early-stage startups of 3 years or less is increasing What does this data mean? As someone who is always close to early-stage entrepreneurs, I find the answer in the common characteristics of entrepreneurs. Entrepreneurs are fundamentally beings who compete under low odds. For them, uncertainty is almost like a constant for solving the equation of challenge. When a crisis strikes and cracks appear in the existing order and the industrial landscape changes, it is the entrepreneur who captures new opportunities. So specifically, what opportunities does economic recession create? Professor Sarah Moreira of Northwestern Kellogg School of Management revealed through research that companies founded during recessions have higher productivity than those founded during boom times. During difficult economic times, investors and consumers crave innovation, and many companies downsize, making it easier to find talented people. Moreover, companies that start up during recessions and survive have the advantage of being able to take priority in securing investment opportunities as they go through turnarounds during economic recovery periods. In that sense, the 2022 venture investment trends recently announced by the Ministry of SMEs and Startups reflect the startup market situation where crisis and opportunity coexist. While annual venture investment last year decreased by 11.9% compared to the previous year, investment in early-stage startups with a business history of 3 years or less uniquely increased by 7.8%, exceeding 2 trillion won for the first time. This is interpreted as reflecting the relatively increased attractiveness of early-stage companies that have room for price negotiation and can be expected to achieve high returns in the medium to long term. For Underdogs, which has focused on discovering and nurturing preliminary and early-stage entrepreneurs, this trend is encouraging. The belief in the potential of early-stage entrepreneurs at the stage of finding answers in things that do not yet exist and exploring problems by filling gaps in existing markets has been the driving force behind Underdogs' 8-year entrepreneur development. Startups are the driving force for breaking through recession Underdogs has been at the forefront of diverse groups including youth, seniors, women, and artists realizing their own perspectives in solving problems and actualizing their unique potential through entrepreneurship. And earlier this year, it built an investment pipeline with 'New Kids Investment,' an affiliate company that recently formed an investment consortium, stably supporting early-stage entrepreneurs who have sprouted possibilities through startup education until they bear fruit. The investment consortium is characterized by specializing in ultra-early stage startup investments and having senior entrepreneurs who have grown through Underdogs education participate as fund contributors (LPs) to support junior entrepreneur development. Through this, Underdogs aims to build a virtuous cycle ecosystem of startup development linking education, company building, and investment. Everyone talks about crisis, but Underdogs looks at possibility instead. Paying attention to possibility in times of crisis is also the essence of entrepreneurial spirit that Underdogs is always close to. And on this page, it seems Underdogs is not alone. Companies and the government share a unified opinion that startups are a catalyst and innovative force to break through economic downturns, and this is being pursued in various forms including corporate internal ventures and open innovation, and government support for small businesses to revitalize regional economies. Through entrepreneurs realizing possibilities, Underdogs will always lead the way as it has been.