Ministry of SMEs Supports 'BIG3 Startup Companies' Package... Applications Open from 21st Next Month

[Asia Economy Reporter Kim Bo-kyung] The government is promoting a project that provides various technology and management support programs to startup companies in the so-called 'BIG3' sectors: system semiconductors, biohealth, and future cars.

The Ministry of SMEs and Startups announced on the 23rd that it will open applications next month for the '2022 BIG3 Innovation Sector Startup Package' project, which supports BIG3 startups to grow into global companies.

This project has been ongoing since 2020 to foster startups and venture companies that will lead future new industry markets. This year, a total of 100 new companies will be selected, supporting a total of 350 companies.

Among the 100 new companies, 20 will be selected from last year's Ministry of SMEs and Startups 'Big-Star Solver Platform' award-winning companies, Mercedes-Benz Korea's 'Startup Autobahn Korea,' Hyundai Motor Group's 'Zero One Accelerator,' and other cooperative programs. The remaining 80 will be selected through a new recruitment announcement and document and presentation evaluations.

During evaluation, the startup's capabilities and growth potential in commercialization, technology development, global collaboration, and investment attraction will be comprehensively assessed. Companies promoting the localization of system semiconductor design IP (intellectual property), which is highly dependent on overseas sources, will be given preferential treatment during selection.

Selected companies will receive close support throughout the entire process necessary for business growth, including startup commercialization funds up to 600 million KRW over three years, product and service advancement, marketing, and investment attraction.

This year, the project will actively support companies to grow further by strengthening collaboration projects between global large and medium-sized enterprises and startups in the BIG3 sectors, as well as investment attraction support utilizing domestic and international venture capital (VC) networks.

This project targets startups within seven years of establishment in the BIG3 sectors. Participation applications can be submitted on the K-Startup website from February 21 to March 4 at 4 p.m.