Ministry of SMEs and Startups Announces '2023 Startup Growth Technology Development Project'

[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups announced on the 5th that it will promote the ‘2023 Startup Growth Technology Development Project’ to enhance the technological competitiveness of startups.

The Startup Growth Technology Development Project supports technology development for startups that have been established for less than seven years and have annual sales under 2 billion KRW. This year, 1,030 new projects (93.8 billion KRW) will be supported.

To strengthen connections with regional startup hubs, excellent startups by region and specialized fields will be selected and supported through the Creative Economy Innovation Centers.

Additionally, technology development will be supported to improve the commercialization performance of laboratory startups utilizing research outcomes from researchers who have secured core technologies. Dedicated research and development (R&D) for global startups aiming to enter the world market will also be promoted.

Furthermore, service R&D that creates quality jobs in sectors such as content, tourism, logistics, education, and finance will be intensively supported. R&D for women startups will also be supported to promote women’s economic activities and increase participation of female researchers.

The Startup Growth Technology Development Project will select and support 500 Didimdol Creative Economy Innovation Center-linked projects through the first half announcement on the 6th, and in March, 400 Didimdol projects and 130 strategic projects will be supported through the second half announcement.

Applications and submissions for the first half Didimdol projects will be conducted through 16 Creative Economy Innovation Centers. Detailed information can be found on the SME Technology Development Project Integrated Management System and announcements from each Creative Economy Innovation Center.

Minister Lee Young of the Ministry of SMEs and Startups stated, “The Startup Growth Technology Development Project has served as a stepping stone for securing technological competitiveness and successful commercialization for early-stage startups through dedicated R&D. This year, we will strengthen collaboration with regional startup hubs to create a private-sector-led regional startup ecosystem and support startups in achieving commercialization results through technology development support.”