In line with the Lee Jae-myung administration's vision for a "National Startup Era," the "Everyone's Startup Project" has officially begun its entrepreneurial journey. A startup support program for the first cohort of 5,000 participants is now in full swing. The Ministry of SMEs and Startups plans to select an additional 10,000 aspiring entrepreneurs by the end of the year, providing them with funding and expert consulting.
The Ministry held the launch ceremony for the first cohort of the "Everyone's Startup" project on June 16 at the Startup & Venture Campus Seoul in the Mapo district of Seoul.
Han Seong-sook, Minister of SMEs and Startups, stated at the ceremony, "Everyone's Startup is not a finished project but one that we will develop together with entrepreneurs. The government will listen to voices from the field and actively incorporate their experiences and suggestions to evolve into Korea's representative startup platform."
The launch event was attended by the 5,000 selected participants, who faced a competition ratio of 12.6 to 1, along with key mentors. A total of 62,944 applicants from across the country vied for the first cohort. After a thorough evaluation, the Ministry selected 4,000 participants for the general and technology tracks and 1,000 for the local track. Among the selected, 68.4% are under 39 years old, and 74% are from regions outside the capital area. The age range of participants spans from as young as 13 to as old as 78.
Of the startup ideas in the general and technology tracks, 29.3% are related to artificial intelligence (AI), reflecting the widespread impact of AI innovation across industries.
Minister Han emphasized, "Today marks the starting point for Korea to advance into a full-fledged National Startup Era. We will actively support the transformation of citizens' ideas into businesses and enterprises, which will serve as a driving force for Korea's growth."
The government aims to broaden opportunities for more citizens to participate in the second phase of the Everyone's Startup project. This upcoming phase will introduce a "University League" focused on university startup clubs and a "Youth Startup Camp" for middle and high school students. Additionally, a "Global League" will be established for entrepreneurs aspiring to expand internationally, with programs in locations such as Silicon Valley, Singapore, and India.
Eligibility criteria will be relaxed. Previously, only entrepreneurs who had started their businesses within three years could apply, but the second phase will now include those who have started within the last seven years, allowing for more participants. A new system will also be implemented, featuring a joint evaluation by three mentors and an AI verification model to filter out plagiarized or AI-generated applications. The number of operational (mentoring) organizations will increase to over 200, including new additions such as POSCO Technology Investment, Shinhan Square Bridge Daegu, Duzon Bizon, and Daewoong Pharmaceutical.
The selection scale will be expanded, with the second phase of Everyone's Startup planning to select 10,000 participants, double the number from the first phase. Final results will be announced in September.
* This article has been translated by AI.
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