'100 Sobujang Startup' Candidate Companies Narrowed Down to 60

170 SoBuJang Innovative Startups Passing First Gate Begin Technical Validation

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) announced on the 15th that it will begin the technical evaluation for the full selection of candidate companies for the 'Sobujang Startup 100,' an initiative to discover innovative startups leading the strengthening of competitiveness in materials, parts, and equipment.

'Sobujang Startup 100' classified the support fields into five major areas where startups have strengths and new market creation is needed, considering the characteristics of startups: smart engineering, artificial intelligence (AI)·Internet of Things (IoT), new materials, bio, and renewable energy. Additionally, to promote collaborative division of labor between demand companies and startups, it matched 131 technology demands required by 41 demand companies. As of the application deadline on April 27, 686 startups applied, recording a high competition rate of 34 to 1. The challenge method is applied, where candidate companies are selected, mentored for three months, and then finally selected.

During the document evaluation conducted from May 19 to June 4, in addition to reviewing basic requirements such as default on debt and special relationships with demand companies, a simplified technical evaluation such as 'validity of problem recognition' and 'appropriateness of team composition' was conducted, selecting a total of 170 companies.

This technical evaluation applies the Korea Technology Finance Corporation's 'startup specialized evaluation system,' quantitatively assessing the likelihood of future success of the technology (reflected at 40%), and the results of the qualitative evaluation (reflected at 60%) to be held in early July will be combined to select candidate companies. The qualitative evaluation is conducted by a professional evaluation team including technology and purchasing experts from demand companies, assessing the 'validity of technology development strategy,' 'possibility of mutual benefit realization with demand companies,' and also conducting in-depth discussion evaluations on 'transition to the digital economy' and 'upstream and downstream business effects.'

The selected candidate companies will receive about three months of education and mentoring from a professional mentor group including experts from demand companies, providing solutions to difficulties startups face in productizing ideas and problems with existing products. After completing this process, candidate companies undergo a final pitching evaluation involving a professional evaluation team and a public jury, and are selected for the 'Sobujang Startup 100.' The 20 companies finally selected will receive step-by-step support from planning, development, to commercialization.

A Ministry official stated, "To achieve technological independence in materials, parts, and equipment, we will discover and nurture innovative startups with growth potential through strict technical verification, injecting innovative momentum into the entire manufacturing industry."

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