The Ministry of SMEs and Startups is creating an artificial intelligence (AI)–only league in the cross-ministerial startup competition "K-Startup of the Year" and moving to discover early-stage startups. The aim is to strengthen support for AI startups as global competition in artificial intelligence intensifies.
The Ministry of SMEs and Startups (MSS) said on the 22nd it will accept applications until May 20 for the "AI League" and the "Innovation Startup League" within "K-Startup of the Year," which is jointly run by nine ministries.
This year's competition reorganized the existing "Challenge! K-Startup" into "K-Startup of the Year" and separated the program for prospective founders into a standalone initiative. Instead, it was reshaped into a contest centered on early-stage startups with less than three years in operation, focusing on selecting corporations with high growth potential.
The newly established AI League this year targets startups less than three years old that possess AI technologies and business models. The top 10 corporations that pass the preliminaries will advance to the integrated main round along with top performers from other leagues.
The Innovation Startup League, which is open to early-stage startups with technological merit and commercial viability regardless of field, will also accept applications during the same period. Through regional preliminaries at 17 Centers for Creative Economy and Innovation nationwide, 66 corporations will be selected, then, after comprehensive preliminaries, a final 22 corporations will advance to the integrated main round.
The 130 teams selected through the ministry-specific leagues will advance to the integrated main round, and among them, the final 20 corporations will compete in the grand championship to be held in December. Winning corporations will receive up to 500 million won in prize money and preferential treatment in the selection process for government startup support programs.
An official at the Ministry of SMEs and Startups (MSS) said, "With the creation of the AI League, we plan to step up the discovery of promising AI startups and support for their growth."