The Ministry of SMEs and Startups will fully roll out the open innovation platform "Challenge for All" to support the growth of startups in new industries such as AI and robotics.
The Ministry of SMEs and Startups (MSS) said on Apr. 1 that it will hold the "Challenge for All AX launch ceremony" at Conrad Seoul in Yeouido, Seoul, and strengthen collaboration between innovative startups in key strategic fields such as AI, robotics, defense, bio, and Climate Tech and leading institutions.
"Challenge for All" is an open innovation program in which startups, large corporations, and institutions jointly pursue proof of concept (PoC) and commercialization. The Ministry of SMEs and Startups (MSS) plans to use it to accelerate market entry for innovative technologies and provide linked support through to opening sales channels.
About 300 people, including Minister Han Seong-sook of the Ministry of SMEs and Startups (MSS), officials from large corporations such as LG Electronics, Qualcomm, Naver Cloud, SKT, KT, and Oracle, and AI startups, attended the event.
The first challenge will focus on AI and proceed on two tracks: vertical AI and large language models (LLMs). Around 48 startups will be selected to carry out collaboration projects.
In the vertical track, 23 projects will apply AI to a range of devices such as home appliances, smart devices, and robots. LG Electronics and Qualcomm will participate. Selected startups will receive up to 100 million won in proof-of-concept funding, and those with strong results will be offered chances to enter domestic and overseas markets, including product embedding and discovering new clients.
In the LLM track, 25 projects will focus on AI solutions applied to manufacturing, platforms, and industrial worksites. Participating startups will receive around 100 million won in collaboration funding and, afterward, be offered commercialization opportunities such as onboarding to demand-side corporate platforms, joint productization, and participation in consortia. LG AI Research, SKT, KT, Oracle, and Upstage will join the collaboration.
The event featured technology exhibitions by standout collaborating corporations such as Hudson AI, Kleon, CQ Fiber, Farmkit, and Dooz, and presentations of excellent challenge projects. There was also an explanation of response strategies following the enforcement of the "Basic Act on Artificial Intelligence" and tailored consultations for startups.
Minister Han Seong-sook said, "I hope the startup boom that began with the 'Challenge for All Startup Project' will naturally continue to 'Challenge for All' and become a catalyst driving innovative growth of new industry startups," adding, "We will add a public institution open data challenge that addresses social problems and strengthens national competitiveness, and work to expand the startup boom through initiatives such as the 'Startup City Project.'"