The Ministry of SMEs and Startups said on the 9th that, through evaluations for the "Startup for All Project," it finally selected a total of 5,000 startup talents, including 4,000 for the general and technology tracks and 1,000 for the local (regional) track.
The Startup for All Project is a government-supported startup talent development platform that allows anyone with just an idea to try starting a business. About 63,000 people applied this time. It is the largest ever among government ministry startup and idea contests.
Among those selected, the share of people 39 or younger was tallied at 68.4%. The youngest selected was 13, and the oldest was 78. Of all those selected, 74% were from outside the greater Seoul area, and in the local track, the regional selection rate reached 90%.
In the general and technology tracks, selections included a safety system that detects school violence using Wi-Fi signals and a technology to produce eco-friendly naphtha using carbonized food waste. A foreign participant proposed an AI-based manuscript paper practice application for preparing for the writing section of the Test of Proficiency in Korean (TOPIK).
In the local track, selections included a regular check-in service linked to the local community and an idea to develop energy powder sticks using misshapen apples. A Japanese founder was selected for a business idea for a Busan tourism information platform.
By field, in the general and technology tracks, IT accounted for the largest share at 32%, followed by lifestyle, bio and medical, and education. In the local track, the shares were high for living, food and beverage (F&B), and cosmetics. Notably, among the items selected in the general and technology tracks, 29.3% were ideas related to artificial intelligence (AI).
All 5,000 selected will receive 2 million won in startup activity funds, early-stage startup mentoring, and AI solutions. The roughly 58,000 who were not selected this time will be provided mentors' evaluation feedback and online and offline retry mentoring programs.
Offline retry mentoring will be held from Jun. 22 (Mon.) in 17 cities and provinces nationwide and, considering participants who have difficulty joining on weekdays, will run a total of 40 times including on weekends. Participants in the retry mentoring will be offered 1:1 expert consulting to refine their ideas and business model training.
Offline retry mentoring will accept applications from the 12th on the "Startup for All Platform." Applicants can select their preferred region and date to apply for mentoring.
Online retry mentoring will accept applications from the 22nd through the "Startup for All Platform." Applicants can receive a total of three 1:1 online mentoring sessions with their preferred mentor.
The Ministry of SMEs and Startups (MSS) plans to grant preferential benefits, such as extra points, in the evaluation process for the "Startup for All Project, 2nd cohort," which begins in Jul., to those who participate in the retry mentoring and to applicants who have refined their business ideas.