Everyone's Startup Project to Foster 5,000 Entrepreneurs Officially Launched

National Startup Era Strategy Meeting Held on March 25
Announcement of the Everyone's Startup Project Implementation Plan

The government is officially launching the "Everyone's Startup Project," which aims to nurture 5,000 entrepreneurs who are ready to take on innovation. Moving away from the traditional support structure centered on selection and evaluation, the state has introduced a new approach of investing directly in startup talent.

On March 25, during the National Startup Era Strategy Meeting presided over by Deputy Prime Minister for Economy Koo Yoon Cheol, the government, together with relevant ministries, announced the "Everyone's Startup Project." This is a follow-up to the National Startup Era policy direction that was released in January.

The government plans to expand the scope of participation in this project from aspiring entrepreneurs to those seeking a second chance, identifying a total of 5,000 innovative entrepreneurs. To ensure balanced regional development, more than 70% of selected entrepreneurs will be from areas outside the Seoul metropolitan region. In addition, solutions developed by domestic artificial intelligence (AI) startups will be provided to help entrepreneurs further develop their ideas, while the government itself will become the first buyer of these AI startups' products. Proactive regulatory consulting will also be offered, identifying and resolving potential regulatory hurdles. Through a startup audition, the final winner will receive over KRW 1 billion in funding as well as a follow-up growth package, including support for global expansion. To focus funding on the final 100 entrepreneurs selected through the competition, a KRW 50 billion "Startup Boom Fund" will be established.

The government will also build a startup platform with participation from Korea's leading innovators. Over 100 startup organizations, including Primer, FuturePlay, Sopoong Connect, and the Korea Advanced Institute of Science and Technology (KAIST), will participate, taking responsibility for nurturing the entrepreneurs they select and receiving incentives based on performance. More than 500 established entrepreneurs, including Lee Seung Gun of Toss, Lee Seyoung of RYUTEN, and Park Sunghyun of Rebellions, will join as dedicated mentors. The "Everyone's Startup Platform," where all participants can gather, will also be newly launched. This platform is designed to be more than just an application and registration window; it will serve as a miniature startup ecosystem where entrepreneurs, organizations, and mentors can interact and communicate freely.

To ensure that experiences of failure during the journey become assets for future success, the government will also strengthen the re-challenge ecosystem. A "Challenge Career Certificate" will be issued for participation in the Everyone's Startup activities, with preferential treatment for those who take part in future startup support programs. Entrepreneurs who have already participated will also be given opportunities to reapply for the second round of Everyone's Startup. Han Seongsook, Minister of SMEs and Startups, stated, "We will grow Everyone's Startup Project into Korea's leading startup platform by linking overseas bases such as Singapore and Silicon Valley to attract international students and Korean entrepreneurs, integrating everyone's ideas, and connecting winners from AI competitions."

On this day, the government held simultaneous "Everyone's Startup Launching Ceremonies" in all 17 provinces and metropolitan cities nationwide. On March 26, the official opening of the Everyone's Platform will be accompanied by the start of recruitment announcements. The government will also hold a series of "Everyone's Challenges" to foster innovative startups in sectors such as AI transformation (AX), defense, and climate tech, and will soon announce a "Startup City Development Project" to promote regional growth for all.

Meanwhile, during the National Startup Era Strategy Meeting, the "Everyone's Local Commercial District Promotion Strategy" was also unveiled. This strategy aims to invigorate local startups by nurturing 10,000 local entrepreneurs and 1,000 local companies each year through a public evaluation process. Investment in local companies will also be expanded to up to KRW 200 billion by 2030, and 17 "glocal tourism commercial districts" will be created nationwide by 2030 to promote active tourism by foreigners. Fifty "local themed commercial districts," where visitors can enjoy unique local experiences and cuisine, will also be established over the same period. Minister Han stated, "We will meticulously push forward both strategies so that they can be firmly established in practice through concrete follow-up measures and continuous monitoring of implementation tasks in cooperation with relevant ministries."

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