'60 Candidates Selected for "SobuJang Startup"... 3 Months of Mentoring'

Support for Commercialization Up to 200 Million Won for 20 Final Companies This Year Through Evaluation

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 27th that it has selected 60 candidate companies that passed the second evaluation of the 'Startup 100' in the materials, parts, and equipment sector.

The Startup 100 in materials, parts, and equipment was established to activate startups in the materials, parts, and equipment sector, which is a core element of manufacturing competitiveness, strengthen corporate capabilities, and build a stable domestic supply chain.

In a challenge format tailored to the characteristics of startups, candidate companies are selected according to the technology demands of demand companies, mutually matched, and then work together to refine business tasks for about three months before final selection.

The 60 candidate companies selected this time were chosen through a second evaluation process including disqualification checks, document screening, technical feasibility, and business viability over about two months from May 19 to the 22nd of this year, targeting 686 companies that applied for the Startup 100 project in materials, parts, and equipment.

By sector, there are 15 companies (25%) in smart engineering, 12 companies (20%) in artificial intelligence (AI) and Internet of Things (IoT), 12 companies (20%) in bio and cosmetics, 12 companies (20%) in new materials, and 9 companies (15%) in renewable energy.

The startups selected this time will receive about three months of education and mentoring from experts including representatives from demand companies such as SKC, Doosan Heavy Industries & Construction, and Hanwha Solutions. In October this year, after a pitching evaluation involving a professional evaluation panel and a public jury, 20 companies will be finally selected.

The Ministry of SMEs and Startups plans to select 100 materials, parts, and equipment startups over five years, starting with the final selection of 20 companies this year. The finally selected companies will receive support including commercialization support (up to 200 million KRW), policy funds for high growth (up to 10 billion KRW), and additional points for research and development (R&D) projects (up to 5 points).

Yoon Seok-bae, Director of Startup Ecosystem Formation at the Ministry of SMEs and Startups, said, "Based on division of labor cooperation that connects the strengths of demand companies and startups, we will infuse the innovation of startups into the materials, parts, and equipment industry to create new value."

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