The Ministry of SMEs and Startups said on the 16th it will fully roll out the startup program "Startup for all," which supports anyone with an idea to try starting a business.
Startup for all is a government-supported talent development platform that lets anyone with an idea try starting a business. It shifts away from the government-led model of selecting and supporting startups to focus on building a private sector–centered startup support system. Top startup institutions and senior founders will directly identify founders and support the entire growth process from mentoring to commercialization.
A total of 119 institutions across the country with startup incubation capabilities will take part in operating the program. The Ministry of SMEs and Startups (MSS) selected the final operating institutions after receiving recommendations for regional startup institutions centered on Centers for Creative Economy and Innovation and conducting reviews. Each institution will also be assigned a lead mentor responsible for discovering and nurturing founders.
Participants will be selected through multi-stage reviews. First, reviews will be conducted on startup ideas submitted by about 63,000 people to select about 5,000. During the review, determination to take on challenges, social value, and the concreteness of the idea will be used as evaluation factors.
Those not selected will also be given a chance to try again. All unsuccessful applicants will receive feedback from review mentors, and an offline mentoring program will be offered in 17 cities and provinces nationwide, including re-challenge training, consulting, and training on using artificial intelligence (AI). Separate online mentoring will also be provided so participants can choose a preferred mentor and receive advice.
The 5,000 selected will then spend about two months with a lead mentor to refine their items. Participation in mentoring, the level of idea advancement, and commercialization potential will be evaluated to select a final 1,100.
The Ministry of SMEs and Startups (MSS) plans to verify the growth potential of startup ideas step by step and link various startup support resources to help prospective founders commercialize their businesses.