A total of 62,000 people applied for the "Startup for All Project" promoted by the Ministry of SMEs and Startups. In the second project, the selection size will be doubled.
The Ministry of SMEs and Startups (MSS) on the 22nd, at a joint meeting of the Emergency Economic Headquarters, the Ministers' Meeting on the Economy, and the National Startup Era Strategy Meeting presided over by Deputy Prime Minister and Minister Koo Yun-cheol of the Ministry of Economy and Finance, released, together with related ministries, the application status and future plans for the "Startup for All Project."
The Startup for All Project is a state-supported startup talent development platform that allows anyone with just an idea to try starting a business. A record 62,944 people applied, the largest scale among government ministry startup and idea contests. The shares of youth and regional challengers were 68.0% and 53.4%, respectively.
In the general and technology fields, 51,907 challengers (82.5%) mainly combined keywords such as "artificial intelligence (AI)," "automation," and "data" in their startup ideas. In the local (regional) field, 11,037 challengers (17.5%) used keywords such as "brand," "space," and "tourism."
The Ministry of SMEs and Startups (MSS) plans to proceed with procedures starting with idea screening and mentoring, followed by startup commercialization, regional and area auditions, a public competition, and linkage to follow-up support.
In mid next month, 5,000 innovative entrepreneurs will be released. Selected entrepreneurs will receive at least four initial mentoring sessions by consolidating a responsible mentor from each institution. The Ministry of SMEs and Startups (MSS) will also provide 2 million won in startup activity funds. To help improve technology and management efficiency, 406 artificial intelligence (AI) solutions will also be available.
In Aug., 1,100 entrepreneurs (500 in general and technology, 600 in local) will be selected to advance to the regional auditions. To help them move on to the commercialization stage, up to 20 million won in commercialization funds will be provided for uses such as prototype production. They can also receive startup advice through mentors who are senior entrepreneurs of their choice.
Government ministries and the private sector are also joining forces. Using grants from the five major banking groups, a 150 billion won agreement-based guarantee will be newly established to provide funding liquidity. The Korean Intellectual Property Office will build a support system to protect the intellectual property (IP) of startup ideas, and the Ministry of Science and ICT will supply a total of 30 graphics processing units (GPUs) for entrepreneurs in the AI field.
After regional and area auditions, 200 selected entrepreneurs (100 in general and technology, 100 in local) will advance to the public competition. A startup competition TV program will disclose the challenge process to the entire nation.
In Jul., the second Startup for All Project will be pursued. The number of selectees will be doubled to 10,000, and system reforms will proceed in parallel, including strengthening the re-challenge function, diversifying startup leagues, expanding operating institutions, and broadening the pool of applicants. For the 57,000 applicants who participated in the first Startup for All but were not selected, re-challenge mentoring will be provided so they can still start businesses afterward. Supplemented records will be given preference in the evaluation of the second Startup for All.
Minister Han Seong-sook of the Ministry of SMEs and Startups (MSS) said, "The challenge taken up by 60,000 participants in Startup for All will open a new future for Korea's startup ecosystem," adding, "We will design a startup pathway that anyone with the will to innovate can join, from the 5,000 who will be selected going forward to the 57,000 who were not selected and will try again, and on to the second Startup for All that will follow."