Supporting Global Expansion of Promising AI Startups

Selection of Participants for the 'AI-Focused Global Accelerating Program'
Average Competition Rate Reaches 6.75 to 1

On May 29, the Ministry of SMEs and Startups announced that it would launch a pilot "AI-Focused Global Accelerating Program" centered on the U.S. market, where world-class technology demand, capital, and talent are concentrated, to support the global expansion of domestic artificial intelligence startups. The ministry also revealed that a total of eight companies have been selected for the program.

The "AI-Focused Global Accelerating Program" is designed to support promising startups in the AI sector by providing tailored overseas local accelerating programs, as well as linking them with global expansion funds necessary for local business development, market validation, and networking. This initiative aims to help startups expand and grow internationally. As part of the "Global Accelerating Support Project," which provides customized overseas expansion support by industry and sector, the program was created in response to the high demand from AI companies for localization support and overseas expansion consulting.

So far, the Ministry of SMEs and Startups has supported AI startups through various initiatives, including TIPS, the Super Gap Startup 1000+ Project, the Startup Leap Package, and the OpenAI Collaboration Project. For AI startups to achieve commercial success, entering overseas markets that are ahead in terms of market size, venture investment, and global technology trends is essential.

Accordingly, this project has been designed in collaboration with local accelerators and global companies to provide customized programs such as ▲demonstration and advancement of AI solutions, ▲matching with overseas buyers and VCs, and ▲localization consulting for products and services, so that domestic AI startups can receive practical support in entering global markets.

A total of 54 companies applied for the eight available spots, resulting in a high competition ratio of 6.75 to 1. The Ministry of SMEs and Startups selected eight AI startups with innovation and global growth potential through document review and presentations. Through this project, domestic AI startups are expected to secure overseas customers and investors early on, creating a turning point for global scale-up.

Cho Kyungwon, Director of Startup Policy, stated, "In order to secure leadership in the increasingly competitive global AI market, it is important to enhance the global competitiveness of outstanding domestic AI startups," and added, "The Ministry of SMEs and Startups will continue to actively support the growth of AI startups through comprehensive support, ranging from R&D and talent to funding, sales channels, and overseas expansion."

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