A strategy centered on expanding investment in startup talent and reorganizing local commercial districts will move forward in earnest.
The Ministry of SMEs and Startups said on the 25th that it will push to strengthen the startup ecosystem and revitalize local economies through the "Startup for All project" and the "Local Commercial Districts for All strategy."
The Startup for All project has an open structure that allows participation with only an idea, and supports funding, artificial intelligence (AI) solutions, and regulatory review during the selection process. The government will create a 50 billion won "Startup Boom Fund" and plans to invest at least 1 billion won in founders who are finally 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 presided over by Koo Yun-cheol, deputy prime minister for the economy, and said, "The actors who nurture entrepreneurs will be outstanding startup institutions across the country and senior entrepreneurs."
She added, "Kaist and other regional hub universities and 119 startup institutions, including accelerators such as Primer and Sopoong Connect, will be in charge of incubation," and "A 526-member mentor group from Toss, Wrtn, Rebellions and others will provide one-on-one mentoring tailored to each growth stage."
The Ministry of SMEs and Startups (MSS) will also encourage second chances. Participation records will be issued as a "Challenge Career Certificate" to connect to preferential treatment in startup support programs, and priority participation opportunities will be granted for retries.
The Minister explained, "We will expand participation by international students and Korean entrepreneurs through overseas hubs such as Singapore and Silicon Valley, and, by linking with winners of idea contests and AI competitions, develop the Startup for All project into an open startup platform."
Through the "Local Commercial Districts for All strategy," the government will also pursue region-based startups and the recovery of commercial districts. It presented a blueprint to ease the concentration of commercial activity in the Seoul metropolitan area and inject vitality through local startups.
The Minister said, "We will identify 10,000 local entrepreneurs each year and nurture 1,000 local corporations," adding, "We will support the smooth settlement of startups by providing startup space, mentoring, and 'AI training by industry.'"
She added, "We will create local commercial districts where diverse local corporations gather and grow," and "To support private sector–led growth, we will establish a dedicated fund for local corporations of up to 200 billion won and run growth programs spanning research and development (R&D), manufacturing, and exports."
The Ministry of SMEs and Startups (MSS) will also focus 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" that leverage regional characteristics, and nurture 12 traditional markets into "centennial markets" where history and tradition can be experienced.
The Minister said, "Through continued monitoring of implementation tasks with relevant ministries, we will push the two strategies without a hitch so they can take root in the field as quickly as possible."