Recruitment of 40 Teams for the 3rd Batch of Global Startup Academy Enrollment

New Investment Attraction Support Program Launched Starting This Year

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) announced on the 3rd that it will recruit 40 startup companies to enroll in the 'Global Startup Academy.'

Established in 2020, the Global Startup Academy is a program that provides integrated support including close mentoring by world-class startup planners, specialized education in data, network, and artificial intelligence (D.N.A.) fields, up to 50 million KRW in commercialization funds, workspace, and overseas networking for startups with innovative items.

The 3rd cohort will begin with a public announcement on the 4th, followed by selection evaluations in March and April, and the program will run for about nine months from late April to late December. This year, the eligibility has been expanded to startups less than three years old across all fields that can utilize D.N.A. technologies. The mentoring of enrolled teams will be handled by world-class startup planners including 500 Startups, SOSV, Plug and Play, Startupbootcamp, and Techstars. Notably, from this year, global startup planners responsible for close mentoring will participate from the evaluation stage to accurately assess the global expansion capabilities of the enrolled teams.

Global Startup Academy Support Details

Support for investment attraction for enrolled teams has also been strengthened. A mentoring program covering the entire investment attraction process, from preparing investor relations (IR) materials to pitching mentoring and mock practice, has been newly established for enrolled teams. For outstanding enrolled and graduated teams, the Ministry plans to connect them with the Korea SMEs and Startups Agency’s early-stage company exclusive investment program called 'Seed Company SEED Investment' and recommend excellent enrolled teams to internal and external investment attraction briefings, providing various investment opportunities. Up to 50 million KRW in commercialization funds, open workspace located in G Tower, Guro, Seoul, and networking support through collaboration with international organizations will be maintained at the same level as last year.

Kang Shin-cheon, Director of the Technology Startup Division at the Ministry, said, "The Global Startup Academy is the optimal startup globalization nurturing platform combining mentoring, education, commercialization funds, and office space provision," adding, "We hope promising startups can fully utilize it as a foothold to enter the global market."

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