Ministry of Science and ICT Launches 'Adventure and Challenging AI Startup Competition'

Addressing Investment Blind Spots for Early-Stage and Small-Scale Companies
Through Technology-Focused Evaluation

The Ministry of Science and ICT announced on October 28 that it will officially launch the 'Adventure and Challenging AI Startup Investment Target Discovery Competition' to support early-stage artificial intelligence (AI) startups that possess innovative technological capabilities and growth potential but have faced difficulties in attracting investment.

This competition aims to provide investment opportunities to promising AI companies that have not been discovered through revenue-focused evaluation criteria. The Ministry explained that it has reflected the challenges raised during the 'AI Startup Investment and Support Activation Roundtable' and the 'Adventure and Innovative AI Investment Promotion Roundtable' held in August and September.

'Adventure and Challenging AI Startup Investment Target Discovery Competition' poster. Provided by the Ministry of Science and ICT.

This competition moves away from the traditional revenue and performance-based evaluations, instead focusing on technological excellence, the innovativeness of business models, and growth potential as the core evaluation factors.

The final evaluation criteria consist of: △Technology and Innovation (30%), △Suitability for Venture Investment (30%), △Marketability and Business Potential (30%), and △Team Competence (10%).

In particular, companies that have been established for less than three years or have no record of attracting investment will receive additional points at each stage (2 points, based on a total score of 104), increasing the chances for early-stage and small-scale companies that are often overlooked by investors.

The competition will be conducted in the form of an investor relations (IR) presentation. Applications will be accepted from today until November 11, and after document screening and presentation evaluations, eight teams will be selected to advance to the final round on December 18.

The finalists will receive a total of 80 million won in prize money, including 30 million won for the grand prize winner, as well as mentoring and consulting, extra points for government support programs, office space at Venturerium, opportunities to participate in overseas IR events, and actual investment opportunities.

The Ministry of Science and ICT plans to provide continued support so that participants can establish a foundation for sustained growth, not just participate in a one-time competition.

The judging panel will include a diverse group of experts such as venture capitalists (VCs), accelerators (ACs), university technology holdings, large corporation CVCs, AI technology and startup specialists, and local VCs from Silicon Valley.

Ryu Jemyung, Second Vice Minister of Science and ICT, stated, "This competition will serve as an opportunity to help innovative startups leap forward through bolder investments than before," adding, "We will strive to create an investment environment and support system that enables AI startups to continuously take on new challenges."

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