The Ministry of SMEs and Startups said on the 14th that it has finalized the selection of recipients for the profitability-growth track of the Baby Unicorn Nurturing Program.
The profitability-growth track of the Baby Unicorn Nurturing Program is a project to grow corporations with no prior investment history into companies with 100 billion won in sales.
The selection criteria are venture companies with 4 years or more and 10 years or less in business and sales of at least 20 billion won and no more than 60 billion won.
The 20 selected corporations will receive up to 300 million won in competitiveness enhancement funds and up to 5 billion won in special guarantees.
A total of 43 companies applied for this program, resulting in a competition rate of 2.2:1. The 20 corporations finally selected have an average of 6.7 years in business, average sales of 32.7 billion won, and a 55.5% sales growth rate over the past two years.
Fugenbio, one of the selected corporations, manufactures bio cosmetics, such as essence products using proprietary ingredients derived from secondary metabolites of novel microorganisms. Fugenbio was recognized for its growth potential after recording rapid sales growth based on technological differentiation.
ST Youngwon has technology that suppresses protuberance formation in battery anodes during the separator production process. The ministry highly evaluated ST Youngwon's technological differentiation, which boasts excellent thermal and mechanical stability, and its global price competitiveness, and selected it for support.
Kim Bong-deok, director-general for venture policy at the ministry, said, "Tailored support is needed for 'profitability-growth venture companies' that grow through their own sales and revenue without raising external investment. We will actively support them so they can grow."