1923 Startup Companies Selected This Year... Full Support Throughout the Commercialization Process

Ministry of SMEs and Startups, Preliminary, Early, and Growth Startup Package
Recruiting Preliminary Entrepreneurs and Participating Companies

The Ministry of SMEs and Startups announced on the 29th that it will recruit prospective entrepreneurs and startup companies to participate in this year's Pre-Startup Package, Early Startup Package, and Startup Leap Package (hereinafter referred to as growth-stage startup packages).

The growth-stage startup packages being recruited this time are projects that select promising prospective entrepreneurs and startup companies with innovative ideas or technologies and support the entire commercialization process, including business funds required for product development, production, and marketing, as well as education, mentoring, and investment attraction. This year, a total of 1,923 prospective entrepreneurs and startup companies will be selected.

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The growth-stage startup packages include the Pre-Startup Package for prospective entrepreneurs, the Early Startup Package for startup companies within three years of establishment, and the Startup Leap Package for startup companies within more than three years but within seven years of establishment. First, the Pre-Startup Package plans to select 930 prospective entrepreneurs in this recruitment, with 770 in the general field without restrictions and 80 each in the women and social venture fields. Selected prospective entrepreneurs will receive up to 100 million KRW, with an average of around 50 million KRW in commercialization funds, as well as programs such as mentoring and education necessary for the preparation and execution of startups.

The Early Startup Package plans to select 590 early startup companies. Selected early startup companies will receive up to 100 million KRW, with an average of around 70 million KRW in commercialization funds, and programs such as demonstration for market entry and early investment attraction. In cooperation with public institutions or the private sector, support for demonstration and verification of technologies and products of early startup companies will be strengthened to help them smoothly enter the market. A global specialized host institution will be designated to support domestic startups' overseas expansion and foreign entrepreneurs' startups in Korea.

The Startup Leap Package will be recruited in two rounds this year. In the first round of recruitment, about 100 leap-stage startup companies participating in the 'Large Corporation Collaboration Type,' supported through collaboration between the Ministry of SMEs and Startups and large corporations, will be selected. In the second round of recruitment in February, about 270 companies will be selected in total, including the existing general type and a new support method called the convergence type. Leap-stage startup companies selected in the first round will receive up to 200 million KRW, with an average of around 130 million KRW in commercialization funds, and programs such as follow-up investment attraction and global expansion. The number of large corporations participating in the Large Corporation Collaboration Type has increased from seven last year to ten this year. Participating large corporations include SK Innovation, KT, KB Financial Group, POSCO, Samsung Heavy Industries, Kyobo Life Insurance, SK Telecom, LG Electronics, HD Hyundai Heavy Industries, and Hyundai Construction. These large corporations plan to support product development and commercialization of leap-stage startup companies by utilizing their own experts, infrastructure, and networks.

Lim Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, said, "Through the growth-stage support projects for startup companies?Pre-Startup, Early Startup, and Startup Leap Packages?we will actively support the challenges and innovations of prospective entrepreneurs and the growth and leap of startup companies."