This Year, 20 'SoBuJang Startups' Selected... Up to 15.5 Billion KRW Support

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 5th that it will promote the 'Innovative Startup 100' discovery and nurturing project in the materials, parts, and equipment sector.

This Materials, Parts, and Equipment Startup 100 project focuses on discovering and nurturing innovative startups that are highly related to future new industries such as bio, artificial intelligence (AI), and renewable energy, and can respond to 135 technology demands in the materials, parts, and equipment sector previously submitted by large corporations. Applications will be accepted starting from the 6th, with candidate companies selected in June this year and final selections scheduled for September.

It plans to select 100 materials, parts, and equipment startups over five years, including 20 this year. After the first and second evaluations, 60 candidate companies will be selected. The candidate companies will receive about three months of education and mentoring from large corporations and the Creative Economy Innovation Center, followed by a final pitching evaluation involving a professional judging panel and a public judging panel to be selected as part of the Materials, Parts, and Equipment 100.

Applicants must be startups within seven years of establishment or pre-startup companies and can apply by choosing one of two tracks: ▲ technology demand tasks from large corporations, or ▲ autonomous tasks. Existing large corporations in materials and parts such as Hyundai Heavy Industries, Hyosung, POSCO, and Doosan, as well as companies like L'Or?al, Green Cross, and Innisfree, will participate in nurturing innovative startups in the bio sector.

(Pre-)startups corresponding to the 135 demand tasks submitted by large corporations apply under the technology demand task track, while those not corresponding apply under the autonomous task track. The 20 companies finally selected will receive up to 15.5 billion KRW in funding, including 200 million KRW for business advancement and funds for high growth and research and development (R&D).

Candidate companies not selected will also be supported with programs such as investment linkage through the Creative Economy Innovation Center.

An official from the Ministry of SMEs and Startups said, "Connecting startups' innovative technologies with the infrastructure of large corporations is very important for technological independence in materials, parts, and equipment," adding, "Through this project, we will inject innovative momentum not only into materials, parts, and equipment but also into the manufacturing industry with growth potential."

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