Recruitment of Companies for the 'SobuJang Startup 100' Development Project

Selected 40 Companies to Foster as Global Leading Enterprises

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) announced on the 1st that it is recruiting participating companies for the '2023 Materials, Parts, and Equipment Startup 100'. This project aims to discover promising startups in the materials, parts, and equipment sectors and support their technological independence in response to the ongoing global supply chain crisis.

Since 2020, the Ministry of SMEs and Startups has selected 20 companies annually, totaling 60 companies, to support the localization of imported items. This year, 40 companies will be selected to achieve the goal of discovering '100 promising materials, parts, and equipment startups' one year ahead of schedule.

This year, in addition to smart engineering, composite materials, convergent bio, industrial Internet of Things (IoT), and eco-friendly sectors, the semiconductor sector has been newly established. Comprehensive support includes commercialization funds (up to 200 million KRW), preferential support for loans, guarantees, export marketing, investment attraction, accounting, and intellectual property education.

To facilitate early commercialization for supported companies, 174 demand technologies required by large and medium-sized enterprises such as LG Innotek, POSCO, and SK Hynix will be publicly announced, and startups capable of technology development will be linked with demand companies for support. Minister Lee Young stated, "In an environment with high overseas dependence on key core raw materials, technological independence in the materials, parts, and equipment sectors is very important," adding, "We will continue to support startups in materials, parts, and equipment with the goal of securing a global market for advanced parts and materials."