Minister of SMEs and Startups Lee So-young stated on October 4 regarding the Korea Youth Startup Academy (KYSA), which was effectively slated for closure, "We have decided to find ways to keep the academy running without abolishing it."

Minister Lee made the remark the previous day in response to a social media comment requesting a "reconsideration of the abolition of the KYSA."

Minister Lee said, "I agree that the KYSA, with its strong alumni network of entrepreneurs, holds value that cannot be converted into money."

She explained, however, "Because it has to be based on a budgetary project, the Ministry of SMEs and Startups cannot make this decision alone," adding, "The details need to be reflected during the National Assembly's budget review process, and discussions with the Ministry of Budget and Planning are also necessary."

She promised, "Please wait a little while as we find a way to ensure that the 16th cohort [of the KYSA] may not be the last."

Previously, the Ministry of SMEs and Startups had set a policy to effectively abolish the academy by allocating budget funds from the existing KYSA program toward a re-challenge success school project designed to help failed businesses make a comeback in its 2027 budget proposal.

Having opened in 2011 and marking its 16th year, the KYSA has produced about 9,300 young startup founders so far, including unicorn companies like Toss and Zigbang.

The KYSA general alumni association recently held a seminar at the National Assembly, emphasizing the necessity of the academy's continued existence based on the importance of exchanges between its senior and junior members.

Meanwhile, the day before taking office on September 27, Minister Lee wrote on her Facebook and Instagram accounts, "Please leave comments about inconveniences you experienced in the field, frustrations while receiving government support, and policies that were good or disappointing." She added, "I will read all the opinions, organize them by topic, and look for parts that can be connected to policies."

(Photo: Yonhap News)