On May 22, the ministry announced the status of applications and future plans for the project during a meeting of the Emergency Economic Headquarters, the Economic Relations Ministers' Meeting, and the National Startup Era Strategy Meeting. A record 62,944 individuals submitted applications for the government’s startup and idea competition.
The application period ran from March 26 to May 15, with the official platform recording over 1.4 million visits and 135,036 registered users by the deadline. On average, 19.5 people accessed the platform per minute, with 1.9 new registrations occurring in the same timeframe.
Among the applicants, 42,798 were young people aged 39 and under, making up 68% of the total. The youngest applicant was just 9 years old, while the oldest was 90. Additionally, 540 foreign applicants were recorded.
The ministry will evaluate startup ideas based on published assessment criteria from various institutions within the 'Everyone's Startup Platform' and plans to announce 5,000 innovative entrepreneurs by mid-June.
Selected entrepreneurs will be paired with designated mentors for at least four initial mentoring sessions, and each operating institution will run its own incubation programs. Additionally, participants will receive startup activity funding of 200,000 won.
Furthermore, the ministry announced plans to launch the second round of the 'Everyone's Startup Project' in early July, expanding the selection to 10,000 participants. The new round will focus on enhancing the re-challenge function, diversifying startup leagues, expanding operating institutions, and broadening the recruitment target.
For the 57,000 applicants who participated in the first round but were not selected, the ministry will provide feedback on their ideas and offer re-challenge mentoring to support their future entrepreneurial efforts.
Han Seong-sook, Minister of SMEs and Startups, stated, "The participation of 60,000 challengers in 'Everyone's Startup' will open a new future for Korea's startup ecosystem, and it is the government's role to support this spark so that it can spread into a startup frenzy."
* This article has been translated by AI.
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