A strategy centered on expanding investment in startup talent and reorganizing local commercial districts will move into full swing.
The Ministry of SMEs and Startups said on the 25th that it will work to strengthen the startup ecosystem and revitalize regional economies through the "Startup for All Project" and the "Local Commercial Districts for All Promotion Strategy."
The Startup for All Project is an open structure that anyone can join with just an idea, providing support in the selection process for funding, artificial intelligence (AI) solutions, and regulatory reviews. The government will create a 50 billion won "Startup Boom Fund" and plans to invest at least 1 billion won in entrepreneurs who are ultimately selected.
Minister Han Seong-sook of the Ministry of SMEs and Startups (MSS) presented the "Startup for All Project implementation plan" at the National Startup Era Strategy Meeting chaired by Koo Yun-cheol, deputy prime minister for economic affairs, and said, "The entities nurturing entrepreneurs will be excellent startup institutions across the country and senior entrepreneurs."
She added, "One hundred nineteen startup institutions, including regional hub universities such as KAIST and accelerators such as Primer and Sopoong Ventures, will be in charge of incubation," and "a 526-member mentor group, including Toss, Wrtn, and Rebellions, will provide one-on-one mentoring tailored to growth stages."
The Ministry of SMEs and Startups (MSS) will also encourage second chances. Participation history will be issued as a "challenge experience certificate" to connect to preferential treatment in startup support programs, and priority participation opportunities will be granted when trying again.
The Minister explained, "Through overseas hubs such as Singapore and Silicon Valley, we will expand participation by international students and Korean entrepreneurs abroad, and, by linking with winners of idea contests and AI competitions, we will develop the Startup for All Project into an open startup platform."
Through the "Local Commercial Districts for All Promotion Strategy," the ministry will also pursue region-based startups and recovery of local commercial districts. It presented a blueprint to ease the Seoul metropolitan area–centric commercial structure and inject vitality through local startups.
The Minister said, "We will discover 10,000 local entrepreneurs each year and foster 1,000 local corporations," adding, "We will support startups' smooth landing through provision of startup spaces, mentoring, and 'industry-specific AI training.'"
She added, "We will create local commercial districts where diverse local corporations gather and grow," and "to support private sector–led growth, we will create a fund dedicated to local corporations of up to 200 billion won and operate growth programs spanning research and development (R&D), manufacturing, and exports."
The Ministry of SMEs and Startups (MSS) will also focus its policy capacity on revitalizing commercial districts nationwide. To attract foreign tourists, it plans to develop 17 "glocal tourism commercial districts," 50 "local theme commercial districts" reflecting regional characteristics, and foster 12 traditional markets as "century markets" to allow visitors to experience history and tradition.
The Minister said, "Through continued inspections of implementation tasks with relevant ministries, we will ensure the two strategies take root quickly in the field and push them forward without a hitch."