Challenge the Global Super-Gap Startups

Ministry of SMEs and Startups Announces '2024 Chogyeokcha Startup 1000+ Project' Program Notice

The Ministry of SMEs and Startups announced on the 9th that it will select promising new startups with outstanding technology in new industry fields and jointly invest public and private funds for commercialization and research and development (R&D) through the '2024 Super-gap Startup 1000+ Project.'

The Super-gap Project is a five-year initiative investing 2 trillion KRW jointly by the public and private sectors to nurture more than 1,000 deep-tech startups in 10 new industry fields such as system semiconductors and artificial intelligence (AI), which will lead the future of the national economy. Following the selection of 275 new startups last year, about 380 new super-gap startups will be selected this year.

Unlike general startup support projects for companies with less than 7 years of operation, this project targets deep-tech startups in new industry fields with up to 10 years of operation, reflecting the characteristic that these startups pursue long-term R&D, technology commercialization, and demonstration.

This year, 217 new deep-tech startups will be selected through three tracks: open competition, private recommendations, and ministry recommendations across 10 super-gap fields. Selected companies will receive up to 600 million KRW in commercialization funds over the next three years and, depending on corporate demand and evaluation, up to 500 million KRW in R&D funds for up to two years, totaling up to 1.1 billion KRW per company. They can also receive linked support such as policy funds, guarantees, and export assistance.

Additionally, 150 deep-tech startups among the super-gap 10 fields that have attracted investments of 300 million KRW or more from TIPS operators will be selected. Selected companies can receive up to 1.7 billion KRW per company, including 1.5 billion KRW in R&D funds over the next three years and up to 100 million KRW each for commercialization and overseas marketing funds.

Minister Oh Young-joo stated, "This year, we plan to focus all our capabilities on faithfully implementing the Startup Korea measures established last year to realize 'Startup Korea,' a global startup and venture hub in name and reality," adding, "We will concentrate support on super-gap startups to lead the future of our economy and nurture them into global unicorns that can realize Startup Korea."

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