Accelerating Deep Tech Support from Seed Stage to Follow-up Investment Within One Year
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The Ministry of SMEs and Startups announced on the 15th that it has launched the 'Startup-BuS (Build up Strategy for Startups) program' starting from the 13th.
Startup-BuS is a program run by the Creative Economy Innovation Centers that supports regional deep-tech startups in areas such as artificial intelligence (AI) and biotechnology, from seed investment to follow-up investment linkage. This year, it is being piloted mainly at five centers in Gyeonggi, Incheon, Chungbuk, Ulsan, and Gwangju, with plans to expand nationwide from next year.
The biggest feature of Startup-BuS is that regional deep-tech startups can receive support year-round. Until now, most startup support projects selected target companies at the beginning of the year, making it difficult for startups that missed that period to participate. To receive support from the Startup-BuS program, startups simply need to participate in mini pitching days held weekly at each center.
Additionally, Startup-BuS enables progression from the seed stage to follow-up investment within one year. If a company is identified as a promising startup, it can receive direct initial investment through the Creative Economy Innovation Centers within three months, linkage to TIPS within six months, and follow-up investment within twelve months.
Deep-tech technology support acceleration is also available. Technology-based acceleration utilizing human and material resources in the deep-tech field held by the nationwide Creative Economy Innovation Centers is provided. For example, if patent analysis in the bio sector is needed, or if specialized consulting is required for pharmacological toxicity analysis or administrative procedures for U.S. Food and Drug Administration (FDA) approval, relevant experts are matched one-on-one and supported in the form of vouchers. Considering the startup’s technological progress, customized vouchers of up to 50 million KRW will be provided.
Jo Kyung-won, Director of Startup Policy at the Ministry of SMEs and Startups, stated, “We will establish a support system centered on regional Creative Economy Innovation Centers to continuously discover and intensively nurture startups,” adding, “We will quickly stabilize the Startup-BuS program to support regional deep-tech startups in sustainable growth through investment.”
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