The Ministry of SMEs and Startups said on the 26th it is recruiting challengers for the "Startup for All Project," which allows anyone with an innovative idea to try starting a business.
The Ministry of SMEs and Startups (MSS) will select a total of 5,000 startup challengers, including the general/technology track (4,000 people), which supports startups using creative ideas and technology, and the local track (1,000 people), which supports startups leveraging regional characteristics.
The general/technology track is open to prospective founders with startup ideas utilizing technology or corporations within three years of founding that seek to enter a different line of business.
Selected challengers will receive, step by step, 2 million won in startup activity funds, mentoring from senior founders, artificial intelligence (AI) solutions, regulatory screening, and follow-up commercialization funds (up to 100 million won). In the final audition, top rookie founders will be chosen, with more than 1 billion won in total funds committed, including up to 500 million won in prize money for the winner and investment linkage.
The local track focuses on prospective founders with startup ideas that reflect regional characteristics. Selected challengers will receive, step by step, 20 million won in startup activity funds, mentoring, incubation space, and commercialization funds (up to 30 million won). The final winner of the local track audition will also receive prize money of up to 100 million won and support such as follow-up investment linkage.
The Ministry of SMEs and Startups (MSS) will also unveil the "Startup for All Platform," where people can take on startup challenges and network as the project begins. Users can check the entire project in one place, including information on incubating institutions, introductions to the mentor group, and step-by-step schedules. The plan is to develop it into an "online startup talent platform" that adopts a social media (SNS) format by founder, incubating institution, and mentor group to facilitate free interaction.
Challengers who wish to participate can apply online through the Startup for All Platform from today until May 15 at 4 p.m..
Cho Kyung-won, director of startup policy at the Ministry of SMEs and Startups (MSS), said, "If you are considering starting a business, we hope you will boldly test your potential through this opportunity," adding, "We will create a national startup era by building an environment where anyone in the public can take on entrepreneurship without fear of failure."