Ministry of SMEs and Startups Provides 30.2 Billion KRW Support for Startups

Announcement for the Second Half of the Startup Growth Technology Development Project

The Ministry of SMEs and Startups is accepting applications for the Startup Growth Technology Development Project to support promising startups wishing to participate in technology development projects. This project supports technology development for startups that have been established for less than 7 years and have annual sales under 2 billion KRW. A total of 30.2 billion KRW is allocated to support 470 new projects.

On the 29th, the Ministry announced the implementation plan for the second half of the year for the Startup Growth Technology Development Project. Since January, the 'SME R&D System Innovation Plan' has been applied: △ financial disqualification criteria such as a debt ratio of 1,000% or more and capital erosion in the previous year have been excluded △ applications are limited to once per half-year (with one additional chance for projects rejected in the first half) △ the limit on the number of projects a lead research and development institution can participate in annually, capped at two, has been abolished.

Detailed information on the second half announcement can be found on the Ministry of SMEs and Startups website (www.mss.go.kr), the SME Technology Development Comprehensive Management System website (www.smtech.go.kr), and announcements from each Creative Economy Innovation Center. Minister Lee Young said, "Starting from this second half announcement, by applying the SME R&D system innovation plan, we plan to expand participation opportunities to startups with high technological and growth potential but financial difficulties that previously prevented them from participating in R&D projects."