The Ministry of SMEs and Startups said on the 20th that it received a total of 370 entries through an AI solution contest joined by promising domestic AI ventures and startups.
This contest was promoted to help 5,000 startup challengers who passed the first preliminary round of the "Everyone's Startup Project" to flesh out their ideas and commercialize them. The Ministry of SMEs and Startups (MSS) said it plans to connect startup challengers with a range of AI solutions from domestic ventures and startups to help with idea validation and service implementation.
The "Everyone's Startup Project" is a startup talent development platform where anyone with an idea can take on the challenge of starting a business. It provides opportunities to grow into innovative startups through more than 100 dedicated incubators, including universities and accelerators (AC), and a mentor group of more than 500 senior founders.
The Ministry of SMEs and Startups (MSS) has been recruiting startup challengers through the "Everyone's Startup Platform" from Mar. 26 to May 15 and plans to select a total of 5,000 people to support startup activity funds, mentoring, AI solutions, and follow-up commercialization funds. Of the 370 AI solutions received this time, about 270 fall under the "management and administration" category, such as strategy planning, marketing, and business management. The remaining roughly 100 are in the "technology and development" category, such as data, infrastructure, and programming.
The Ministry of SMEs and Startups (MSS) will finalize the AI solutions after reviewing eligibility and evaluating technical merit and price appropriateness. The selected solutions will be disclosed on the "Everyone's Startup Platform" starting on Apr. 21, and detailed technologies and usage procedures will also be provided so startup challengers can use them.
Minister Han Seong-sook of the Ministry of SMEs and Startups (MSS) said, "AI solutions will serve as an engine to evolve the ideas of startup challengers selected for the 'Everyone's Startup Project' so they can be commercialized quickly based on data," adding, "The Ministry of SMEs and Startups will continue to put in place various support systems to back the growth of startup challengers."