Non-face-to-face Startup Company with an Average Business Duration of 3.7 Years, Sales of 3.88 Billion KRW, and 20 Employees
Up to 300 Million KRW Market Pioneer Fund with Linked Support Including Guarantees and Policy Funds
[Asia Economy Reporter Kim Jong-hwa] Sixty companies with high potential to grow into future unicorns, including MicroSystem Co., Ltd., Codeit, and Jjaegakakgeo, have been selected as Baby Unicorns after fierce competition.
The Ministry of SMEs and Startups announced on the 26th that it has finalized the selection of 60 Baby Unicorn companies under the 'Baby Unicorn 200 Nurturing Project,' the first initiative of the K-Unicorn Project aimed at realizing the status of a top 4 venture nation.
The 60 companies finally selected as Baby Unicorns will receive support including 300 million KRW in market pioneering funds, special guarantees, policy funds, and technology development (R&D).
A total of 155 companies applied for this Baby Unicorn selection. After reviewing eligibility, the first technical evaluation, the second written evaluation, and the final presentation evaluation, 60 companies were selected. In the final presentation evaluation, a professional judging panel and a public judging panel jointly assessed the potential for growth into unicorns and the possibility of entering the global market, reflecting expert opinions and public sentiment.
The average business age of the final selected companies was 3.7 years (as of April 1, 2021), the average sales revenue was 3.88 billion KRW (as of the end of 2020), and the average number of employees was 20 (as of the end of 2020).
Many companies were outstanding, with 41.7% (25 companies) receiving AA grade or higher in technology and business evaluations by the Korea Technology Finance Corporation. The average amount of investment attracted was 4.4 billion KRW. By industry, 30 companies (50.0%) were in the information and communication field and data, network, and AI-based platform sectors; 15 companies (each 25.0%) were in bio-health and general manufacturing/service sectors. A majority of 39 companies (65.0%) were non-face-to-face startups, which have been spotlighted during the COVID-19 pandemic.
The top performer in the final evaluation, MicroSystem, is a company producing vehicle sensor (camera, LiDAR) module products, with automatic cleaning technology as its core technology. The expert evaluation panel commented, "It appears to have high growth potential and shows strong prospects for expansion into sensors for autonomous vehicles."
Among the seven companies that applied through the public recommendation system, five were finally selected. Among them, Codeit provides coding education solutions utilizing artificial intelligence technology, with lectures, coding practice, and evaluations conducted in real time. The expert panel evaluated, "If the content is produced in various languages, it could become global content with potential for worldwide expansion."
Jjaegakakgeo is a social venture company providing connection services between parents needing childcare and teachers, offering care and learning services both online and offline. The expert panel assessed, "The revenue model is clear, the potential market is promising, and it is likely to contribute to the public interest nationally."
Baek Ki-sik, head of the public judging panel and CEO of Ridi Corporation, expressed gratitude to all companies and public judges who participated in the Baby Unicorn final evaluation, saying, "I hope that both the selected companies and all participants will use this opportunity as a stepping stone to leap beyond Korea and become global companies."
Lee Ok-hyung, Director of Venture Innovation Policy at the Ministry of SMEs and Startups, stated, "We plan to actively support the Baby Unicorns selected together with the public to grow into prospective unicorns and unicorns," adding, "We will continue to promote and allow the public to watch and cheer for the growth process of Baby Unicorns."
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