"Up to 500 Million Won" Nationwide Startup Audition...Everyone's Startup Call for Applications at End of March

Startup Talent Development Platform "Everyone's Startup"
First Round to Select 5,000 Prospective Entrepreneurs
Open to Individuals Not Yet Registered as Business Operators

The nationwide startup talent development program "Everyone's Startup," which provides up to 500 million won in support to the winner, will be fully launched starting next month.

The Ministry of SMEs and Startups plans to announce the Everyone's Startup Project at the end of March and begin the schedule for selecting prospective entrepreneurs. By category, 4,000 people will be selected for general (tech) startups and 1,000 for local startups, for a total of 5,000 people in the first round. Around 100 startup incubation institutions designated by the ministry will be in charge of the first-round selection of prospective entrepreneurs. The ministry also plans to allow applications on a team basis, such as startup clubs, with a single representative applying on behalf of the team.

Everyone's Startup is a project announced by the Ministry of SMEs and Startups at the National Startup Era Strategy Meeting held at the end of January. It is a startup talent development platform that enables anyone with an idea to take on the challenge of starting a business through step-by-step mentoring and nationwide public auditions.

Any individual prospective entrepreneur who is not registered as a business operator can apply. The ministry has decided to simplify the application documents and accept an application form of around two pages instead of a full business plan. An official from the ministry said, "Anyone can participate as long as they have an idea," adding, "We will evaluate what problem awareness they had when developing the idea and to what extent it can be further developed."

Prospective entrepreneurs selected in the first round will receive 2 million won in startup activity funds. After the first selection, the prospective entrepreneurs will receive practical coaching at startup incubation institutions on topics such as how to write a business plan and how to establish a business model.

Han Seongsuk, Minister of SMEs and Startups, is discussing the direction of the collaborative ecosystem with attendees at the 'Everyone's Startup Project' senior entrepreneurs roundtable held on the 12th at Tipseutaun in Gangnam-gu, Seoul. Ministry of SMEs and Startups

In the second quarter, the Ministry of SMEs and Startups plans to hold regional auditions in 17 cities and provinces, and in the third quarter, final auditions in five broader regions. Around 1,000 entrepreneurs participating in the regional auditions will receive up to 20 million won each in commercialization funds. Once the audition stage begins, they will also be able to receive mentoring from senior entrepreneurs with startup experience. The ministry plans to recruit more than 500 senior entrepreneurs as mentors, and is considering ways to either disclose the list of senior mentors to prospective entrepreneurs so they can choose their own mentor, or match them according to their field.

Through the regional and regional-final auditions, about 100 startup rookies will be selected. They will be able to participate in the final public competition, which is the last audition, and the winner will receive prize money of up to 500 million won. The program will also provide support so they can use AI solutions to make their business operations more efficient.

To support Everyone's Startup and other venture investments, the Ministry of SMEs and Startups has also decided to create a 50 billion won "Startup Boom Fund." Of this, more than 10 billion won will be invested in entrepreneurs who have received support through the Everyone's Startup Project.

As interest in Everyone's Startup grows, some are calling for early-stage entrepreneurs to be included among eligible applicants. In response, an official from the ministry explained, "Early-stage entrepreneurs are already at a point where their business model has been created, so their expectations and needs may differ from those of prospective entrepreneurs targeted by this incubation program, and we also believe it would not be appropriate to make early-stage entrepreneurs and prospective entrepreneurs compete against each other."