Government Growing New Industry Startups... "344 Billion Won Support Over 3 Years"

Ministry of SMEs and Startups 'Super-gap Startup 1000+' Project
270 Companies Selected for Commercialization and R&D Funding Support

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The government has selected 270 startups in 10 new industry sectors and will provide a total of 344 billion KRW in public-private joint support over three years.

The Ministry of SMEs and Startups announced on the 10th the 'Super-gap Startup 1000+ Project,' which selects 270 new startups in super-gap sectors to support investment, commercialization, and research and development (R&D) funding.

The project announcement involves selecting promising startups in 10 super-gap sectors to support technology commercialization and R&D. The 10 sectors are △system semiconductors △bio-health △future mobility △eco-friendly energy △robots △big data & AI △cybersecurity & networks △aerospace & marine △next-generation nuclear power △quantum technology.

While the general startup support project targets companies with less than 7 years of operation, this project expands the eligibility to companies with less than 10 years of operation.

Minister Lee Young of the Ministry of SMEs and Startups spoke at CES 2023 held in Las Vegas, USA, on the 6th (local time).
[Image source=Yonhap News]

Additionally, the project consists of two parts: the 'New Industry Startup Nurturing Project' and the 'Deep Tech TIPS Project.'

First, regarding the details of the New Industry Startup Nurturing Project, 150 excellent deep tech startups will be selected in five major fields that align with global trends, technology, and market demand, and will lead the future of the national economy. The five fields are system semiconductors, bio-health, future mobility, eco-friendly energy, and robots.

The support scale is 90 billion KRW for commercialization and 14 billion KRW for R&D, totaling 104 billion KRW. Selected companies will receive direct funding of up to 600 million KRW for commercialization and 500 million KRW for R&D over the next three years, totaling 1.1 billion KRW, and can also connect to policy funds, guarantees, and export support.

Separately, among startups in the 10 super-gap sectors, 120 deep tech startups with longer technology development periods, relatively higher costs, and that have received investments of 300 million KRW or more from TIPS operators will be selected.

The Deep Tech TIPS support scale is a total of 240 billion KRW for public-private joint investment, commercialization, and R&D. Companies selected after receiving 300 million KRW investment from TIPS operators can receive up to 1.7 billion KRW per company from the Ministry of SMEs and Startups over the next three years, including 1.5 billion KRW for R&D and up to 100 million KRW each for commercialization and overseas marketing funds.

Detailed announcements can be found on the K-Startup portal and the Ministry of SMEs and Startups website. Individual project announcements containing support conditions, details, recruitment schedules, and application methods will be implemented between January and February.

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