24 Startup Companies and 4 Prospective Entrepreneurs Finalized
Business Commercialization Funding of 90 Million to 150 Million KRW per Company Provided
[Asia Economy Reporter Kangwook Cho] The Ministry of Land, Infrastructure and Transport announced on the 17th that, in collaboration with the Ministry of SMEs and Startups, it has finalized the selection of 24 startup companies and 4 prospective entrepreneurs to participate in the logistics sector of the ‘2021 Non-face-to-face Startup Company Development Project.’
This project, newly established this year, aims to discover promising startups in the logistics sector?one of the promising non-face-to-face industries leading the post-COVID-19 era?and nurture them into innovative companies through support in funding, market development, and marketing.
The call for applications, conducted from April 8 to April 27, attracted 141 startup companies and 66 prospective entrepreneurs, resulting in a high competition rate of 7.4:1. The selection was made through a rigorous evaluation process by a panel of experts divided into five subcommittees with 27 members, who assessed the applications based on business feasibility, capability, and eligibility requirements through document and presentation evaluations.
The selected projects include platform services combining logistics, distribution, and lifestyle services; development of smart logistics equipment such as logistics robots and automatic recognition devices; and solution development utilizing smart technologies like AI and blockchain.
Regarding the main project contents, platform services provide logistics services such as fulfillment that connects online consumers and sellers, handling automatic ordering, storage, and transportation all at once. For technology and equipment projects, developments include logistics transportation equipment (delivery robots and drones) using the Internet of Things and automatic recognition technologies, eco-friendly electronic labels replacing paper, and automation and solution projects developing logistics automation (chatbots, wearable augmented reality, etc.) and optimization solutions (delivery routes, diagnostic kits) to improve work efficiency.
The selected startups and prospective entrepreneurs will receive commercialization funds (90 million to 150 million KRW per company) starting in July, along with support necessary for startup activities such as market development and education. The Korea Integrated Logistics Association, the supervising organization, will also promote various support measures including management consulting (legal and accounting), patent certification, publicity, and investment linkage.
Jeon Hyungpil, Director of Logistics Policy at the Ministry of Land, Infrastructure and Transport, stated, "By creating new value through the integration of logistics, distribution, and information and communication technology (ICT), we hope to enhance convenience for the public and contribute to strengthening industrial competitiveness." He added, "We will continue to strive to nurture logistics startups that lead new challenges and innovations in the logistics ecosystem."
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