Ministry of Land, Infrastructure and Transport to Support 100 Million KRW to Find Smart City Entrepreneurs

▲ 2020 Preliminary Startup Package Smart City Preliminary Entrepreneurs Recruitment Poster (Provided by the Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Lee Chun-hee] The Ministry of Land, Infrastructure and Transport announced on the 17th that, together with the Ministry of SMEs and Startups, it will hold a contest from the 17th of this month until the 20th of next month to support commercialization for general citizens, youth, and university students interested in startups in the smart city sector.

Through this '2020 Preliminary Startup Package Smart City Preliminary Startup Recruitment' contest, 70 selected preliminary startups can receive up to 100 million KRW in commercialization funds for prototype production and marketing. The funds will be provided by issuing vouchers with a set amount limit to users, who can then purchase products and services using a dedicated card. Along with this, participants will also receive startup education suitable for their industry and dedicated mentor support.

This year, the age limit for preliminary startup applicants has been removed to provide opportunities for middle-aged and older individuals as well. The total project budget has increased by 400 million KRW from 3.9 billion KRW last year to 4.3 billion KRW this year, and the average support amount is expected to rise from 46 million KRW to 51 million KRW.

The Ministry of Land, Infrastructure and Transport plans to go beyond simple financial support and also invest in programs aimed at the qualitative growth of startup companies. To ensure that startup companies' achievements lead to actual promotion and sales, exhibition spaces will be provided at international events, and participation spaces will be offered in the online 'Solution Market,' where solution demanders and suppliers can freely trade.

Those wishing to participate in the support project should submit a business plan online by 6 p.m. on the 20th of next month. Afterwards, candidates will be selected through document evaluation and presentation evaluation.

Lee Ik-jin, Director of the Urban Economy Division at the Ministry of Land, Infrastructure and Transport, said, "We strongly recommend that anyone interested in startups in the smart city sector, which is expected to bring revolutionary changes to citizens' lives, take on this challenge."

This content was produced with the assistance of AI translation services.