Minister Paik Kun Visits AI Startup Site: "Launching Competition to Support Innovation"

First Minister to Visit AI Startup Site Among Related Departments
Up to 10 Teams to Be Selected and Supported Through Competition by Year-End

Paik Kun, Minister of Science and ICT, has begun working on measures to secure funding for the discovery and investment in early-stage artificial intelligence (AI) startups.

Paik Kun Background, Minister of Science and ICT. Photo by Yonhap News

On September 18, Minister Paik presided over a roundtable at the Korea Telecommunications Operators Association (KTOA) in Gangnam-gu, Seoul, seeking innovative and exemplary support measures. He is the first minister among related government departments to visit an AI startup site.

Previously, President Lee Jaemyung announced an investment plan of over 30 trillion won in the AI sector at the National Growth Fund National Report Meeting. He also expressed his strong commitment to strategic investment, bold entrepreneurship, and active support for AI and deep-tech companies through the launch of the National AI Strategy Committee and the Youth Startup Imagination Concert.

The Ministry of Science and ICT has also responded by holding events such as the Government-Mobile Carrier AI Investment Cooperation Declaration and the AI Startup Investment and Support Activation Roundtable, listening to the challenges faced by early-stage and small-scale AI startups that struggle to attract investment.

Minister Paik has decided to introduce a competition to boldly discover and invest in companies with high investment value. Representatives from the three major mobile carriers, which are limited partners of the Korea IT Fund (KIF), also attended the roundtable and expressed their willingness to cooperate.

The government plans to select up to 10 winning companies by the end of the year through the so-called "Innovator Challenge." The evaluation will be conducted by experts from various fields, including venture capital firms responsible for managing investment funds, startup incubators and accelerators, and AI technology and entrepreneurship specialists.

The winning companies will be given priority investment opportunities based on KIF funds, access to office space operated by KTOA, and the chance to participate in overseas investor relations events. Additional benefits, such as extra points in the Ministry of Science and ICT’s startup support programs, will be provided to encourage rapid growth. Detailed implementation plans will be announced next month.

After the roundtable, Minister Paik visited "Ventureium," a venture incubation center operated by KTOA, where he listened to the concerns of young entrepreneurs and offered encouragement.

Minister Paik stated, "We will strive to create an investment environment where young entrepreneurs can have hope and actively take on challenges," adding, "The government will boldly discover and support not only AI startups but also innovative AI transformation (AX) startups connected to a wide range of technologies and industries, including space, satellites, and defense."

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