[Asia Economy Reporter Moon Hyewon] The Ministry of SMEs and Startups announced on the 25th that a total of 456 companies applied for the 'BIG 3 Sector SME and Venture Company Innovation Growth Support Project 2nd Recruitment,' recording an average competition rate of 3:1.
Following the first selection last month of 98 startups and venture companies with growth potential in the system semiconductor, biohealth, and future car sectors, an additional approximately 150 companies will be selected in this second recruitment, aiming to discover and intensively nurture a total of 250 companies this year.
By sector, the bio field received the most applications with 293 companies, followed by 111 companies in the future car sector, and 52 companies in the system semiconductor sector.
The Ministry of SMEs and Startups plans to review eligibility requirements by the 27th of this month, and from the 28th until the 11th of next month, the sector-specific lead organizations will conduct evaluations of technological achievements and innovation to select supported companies.
Selected companies can receive up to 1.2 billion KRW in commercialization and research and development (R&D) funds over three years, as well as policy funds and technology guarantees worth up to 13 billion KRW.
Woo Kyungpil, head of the Future Industry Strategy Team at the Ministry of SMEs and Startups, said, “The BIG 3 sectors, which will be future growth engines, are expected to create new markets and achieve high growth. We will do our best to ensure that startups and venture companies with growth potential are selected.”
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