More than 60,000 applicants flocked to the nationwide startup audition project "Startup for All."
The Ministry of SMEs and Startups said that as of 8 p.m. on the 15th, when the project closed for applications, challengers totaled 62,944.
As traffic surged on the application deadline day, a system error occurred, and the deadline was extended four hours, from 4 p.m. to 8 p.m.
By age group, those in their 20s were the largest at 33.2%. They were followed by those in their 30s at 25.7% and those in their 40s at 18.4%. There were also challengers in their teens and under (9.1%) and those 60 and older (3.8%).
The Ministry of SMEs and Startups (MSS) plans to select 5,000 people in the first round, including 4,000 for the general/technology track and 1,000 for the local track. For those selected for the general/technology track, the ministry will provide 2 million won in phased startup activity funds, mentoring from senior founders, artificial intelligence (AI) solutions, regulatory screening, and follow-on commercialization funds (up to 1 billion won).
The final winner will receive up to 500 million won in prize money and more than 1 billion won in total support, including connections to follow-on investment. The final winner of the local track will receive up to 100 million won in prize money and follow-on investment benefits.