The Ministry of SMEs and Startups said on the 18th it will recruit participating corporations in the cosmetics and platform sectors for the "Challenge for All" program, which supports collaboration between large corporations and artificial intelligence (AI) startups.
Challenge for All is a program that supports open innovation, including technology proof of concept (PoC) with leading institutions and securing sales channels, to help new-industry startup corporations grow. It is conducted by sector, including AI transformation (AX), defense, and robots.
The Ministry of SMEs and Startups (MSS) will accept applications for participation by corporations in the cosmetics and platform sectors of Challenge for All from the 19th to the 8th of next month. Amorepacific, LG H&H, and Kolmar Korea will participate in the cosmetics sector. The Ministry of SMEs and Startups (MSS) plans to select a total of 15 startups and support the development of AI-based research, manufacturing, and marketing solutions using large corporations' data such as ingredients and formulations. Selected corporations will also be provided with up to 1 billion won in collaboration funds and opportunities to expand sales channels through large corporations' overseas distribution networks and marketing channels.
Kakao Mobility, KakaoBank, and Toss will participate in the platform sector. A total of 10 companies will be selected to receive support for developing AI-based management optimization solutions using small business owners' sales and operations data on platform corporations. The program will provide integrated support from customer demand and sales forecasting to marketing and finance, and high-performing outcomes will later be incorporated into platform services. Up to 1 billion won in collaboration funds will also be provided.
Startup corporations seeking to participate in detailed collaboration projects in each sector can apply through the K-Startup website.
Minister Han Seong-sook of the Ministry of SMEs and Startups (MSS) said, "Open innovation is an essential growth strategy to accelerate market entry for startup corporations in fast-changing new industries and connect them to overseas market expansion," adding, "Through 'Challenge for All,' the Ministry of SMEs and Startups (MSS) will also steadily push forward open innovation support programs for the remaining sectors, including bio, Climate Tech, and Smart City."