The "Everyone's Startup Project," aligned with the Lee Jae-myung administration's vision for a "national startup era," has officially begun its entrepreneurial journey. A startup support program for the first cohort of 5,000 participants is now in full operation. The Ministry of SMEs and Startups plans to select 15,000 aspiring entrepreneurs by the end of the year, providing them with funding and expert consulting.
On June 16, the Ministry held the launch ceremony for the first cohort at the Startup & Venture Campus in Mapo, Seoul. Minister Han Seung-sook stated, "Everyone's Startup is not a completed project but one that will be developed 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 were chosen from a competitive pool of 62,944 applicants, yielding a selection ratio of 12.6 to 1. The Ministry selected a total of 5,000 participants, including 4,000 from the general and technology tracks and 1,000 from the local track. Among the selected participants, 68.4% are under 39 years old, and 74% are from regions outside the capital area. The age range of participants spans from 13 to 78 years old.
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 various industries.
Each selected participant will receive 2 million won (approximately $1,500) in startup activity funding. Over 100 operational institutions, including Primer, FuturePlay, and the Korea Advanced Institute of Science and Technology (KAIST), will provide initial mentoring and AI solutions to rapidly enhance startup ideas.
Minister Han emphasized, "Today marks the starting point for Korea's transition into a full-fledged national startup era. The government will actively support the transformation of citizens' ideas into businesses and enterprises, contributing to Korea's growth engine."
Looking ahead, the government aims to broaden opportunities for more citizens to participate in the second cohort of the Everyone's Startup project. According to the Ministry, the second cohort, set to begin recruitment next month, will introduce a "University League" focused on university startup clubs and a "Youth Startup Camp" for middle and high school students. A new "Global League" will also 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 the last three years could apply, but the second cohort will now accept applicants who have started their businesses within the last seven years. A joint evaluation system with three mentors and an AI verification model to filter out plagiarized or AI-generated applications will also be introduced. The number of operational institutions will increase to over 200, including new additions such as POSCO Technology Investment, Shinhan Square Bridge Daegu, Douzone Bizon, and Daewoong Pharmaceutical.
The selection scale will be expanded, with the second cohort planning to select 10,000 participants, double the number from the first cohort. Final selections will be announced in September.
* This article has been translated by AI.
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