686 Applications for 'So-Bu-Jang Startup 100'... Competition Rate 34 to 1

[Asia Economy Reporter Moon Hyewon] A total of 686 startups applied for the ‘Materials, Parts, and Equipment (hereafter SoBuJang) Startup 100’ project promoted by the Ministry of SMEs and Startups, resulting in a competition rate of 34:1 as of the 6th. The Ministry of SMEs and Startups analyzed that the high competition rate is due to the anticipated reorganization of the global value chain (GVC) after the COVID-19 pandemic and the renewed emphasis on domestic manufacturing innovation capabilities.

By support sector, the applications were distributed as follows: Smart Engineering 30%, AI·IoT 23%, New Materials 22%, Bio·Cosmetics 14%, and Renewable Energy 11%.

This project was newly established to discover innovative startups that are highly related to future new industries such as Bio, AI, and Renewable Energy, and that can meet the technology demands for materials and parts from large corporations.

The Ministry plans to nurture 100 companies over five years, including 20 companies this year.

The 20 companies selected this year will be chosen through first and second rounds of competition, selecting 60 candidate companies, which will then be matched with regional Creative Economy Innovation Centers and large corporations to receive education and mentoring support for three months.

Afterwards, through a pitching evaluation involving a professional judging panel and a public judging panel, the companies will be selected as the ‘SoBuJang Startup 100.’

The 20 companies finally selected will receive up to 15.5 billion KRW in funding, including 200 million KRW for business advancement, as well as funds for high growth and R&D.

The Ministry of SMEs and Startups stated, “We expect that by preparing for changes in the global supply chain aimed at protecting domestic manufacturing after COVID-19, and by fusing startups’ innovation with existing technologies, the creation of new industries will also be possible.”

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