[For more diverse corporate information on startups mentioned in this article, please visit the Unicorn Factory big data platform 'Data Lab'.]
The government will begin recruitment for the 'Second All Startup Project' starting on the 20th. A key feature is expanding the first-round selection scale to 10,000 participants—double that of the First All Startup Project—and broadening the allowable uses of the 2nd million won startup activity funds to include online payment gateway (PG) businesses. Issues raised during the first round, such as platform security and mentor qualifications, will also be addressed.
The Ministry of SMEs and Startups announced the 'Implementation Plan for the Second All Startup Project' on the 13th during an emergency economic headquarters meeting chaired by Deputy Prime Minister Koo Yun-cheol, which also served as a Gyeong Je-gwan-gye (Minister) meeting, a special ministerial task force for people's livelihood and price management, and a national startup strategy conference.
The Second All Startup Project is characterized by an expanded support scale compared to the first round and strengthened incubation and support systems. First, the first-round selection scale will be doubled to recruit a total of 10,000 participants: 8,000 in general and technology fields, and 2,000 in local fields. The number of participants eligible for the national competition round, which offers up to 10 thousand won in prizes and investment funds, will also increase from 200 to 400.
Eligibility criteria have been expanded from 'pre-startups and re-entrepreneurs within three years' to include 're-entrepreneurs within three to seven years.' However, in line with the project's purpose of assisting new startups, over 80% of selected participants will be pre-startups. Additionally, more than 70% of selected participants will be entrepreneurs from non-metropolitan areas. Furthermore, priority points will be given to those who were rejected in the First All Startup Project, and a fast-track system will be linked for applicants with prior selection records in government support programs such as the Intellectual Property Office's 'All Ideas.'
Four specialized leagues will also operate. Thirty-three teams from university and youth leagues will be separately selected and supported, with priority advancement to the first round of the general All Startup Project. The social and global leagues will proceed independently from the general All Startup Project. Ten companies that pass the social league competition will receive up to 150 million won in commercialization funds, while 80 participants who pass the global league competition will each receive 3 million won.
Additionally, the allowable uses of startup activity funds, which provide 2 million won per person, will be expanded to include online payment gateway (PG) businesses. A Ministry of SMEs and Startups official stated, "There were many requests from challengers in the First All Startup Project to expand the allowable fund usage. However, for payments made through online PG services, we plan to obtain proof of where the payment was processed."
The AI solutions provided will also be carefully selected from approximately 50 companies in the AI and science and technology fields. Furthermore, participants advancing to regional auditions will be linked with cross-ministerial support programs such as graphics processing unit (GPU) access and customized export training.
Issues raised during the first round will also be improved. First, security will be strengthened on platforms such as the official website where personal information leakage controversies occurred, and a governance system will be established to enhance operational stability. The ministry will also comply with administrative procedures required for public information systems.
To resolve controversies surrounding mentors with questionable qualifications, qualification criteria will be codified. To prevent mentors from engaging in overlapping activities across multiple institutional investors, their participation will be limited to a maximum of two incubation institutional investors. Additionally, to prevent concerns over fairness in the review process, starting from the second round, joint reviews by three mentors and AI verification models will be introduced.
The Second All Startup Project will announce first-round successful applicants in October and proceed through regional auditions and zone auditions, similar to the first round, before advancing to the final round. The final round is scheduled to take place next year.
Noh Yong-seok, First Vice Minister of the Ministry of SMEs and Startups and Acting Minister, stated, "In the Second All Startup Project, we will open opportunities for more citizens to take on challenges and actively support re-challenges and entrepreneurship in various fields. We will also create a foundation that allows participants to grow together within the startup ecosystem even after their challenges."
[MoneyToday Startup Media Platform Unicorn Factory]
in FUTURE
