Startup for All Project to Foster 5,000 Entrepreneurs Officially Launched (Comprehensive)

National Startup Era Strategy Meeting Held on the 25th
Government Unveils Plans to Launch the Startup for All Project

The government is officially launching the "Startup for All Project," which aims to foster 5,000 entrepreneurs who are willing to take on the challenge of innovation. Moving away from the traditional support structure centered on selection and evaluation, the government has introduced a new approach in which the nation invests directly in entrepreneurial talent.

On March 25, at the National Startup Era Strategy Meeting chaired by Deputy Prime Minister for Economic Affairs Koo Yuncheol, the government jointly announced the "Startup for All Project" with relevant ministries. This follows up on the policy direction for the National Startup Era that was released in January.

With this project, the government plans to expand participation from prospective entrepreneurs to those seeking to restart their ventures, identifying a total of 5,000 innovative entrepreneurs. To promote balanced regional growth, more than 70% of the selected entrepreneurs will be from outside the greater Seoul area. Additionally, solutions developed by domestic artificial intelligence (AI) startups will be provided to help refine entrepreneurs' ideas, with the government itself set to become the first purchaser of these AI startups’ products. The government will also offer consulting services to proactively identify and resolve regulatory challenges. The final winners of the startup audition will receive financial support of over 1 billion won each and a follow-up growth package, including support for global expansion. To provide focused funding to the final 100 participants selected through the competition, a 50 billion won "Startup Boom Fund" will be created. At a post-briefing held on the same day, Sung Sook Han, Minister of SMEs and Startups, explained about the fund, stating, "The goal of the audition is for participants to establish their companies this year, and to receive investment in their first and second years. This fund was created to design the investment stages effectively."

On the 25th, Sung Sook Han, Minister of SMEs and Startups, held a post-briefing related to the National Startup Era Strategy Meeting. Ministry of SMEs and Startups

The government will also establish a startup platform in collaboration with leading innovators in Korea. More than 100 startup organizations, including Primer, FuturePlay, SofunConnect, and Korea Advanced Institute of Science and Technology (KAIST), will participate, taking responsibility for nurturing the entrepreneurs they select and receiving incentives based on performance. Over 500 experienced entrepreneurs, such as Lee Seunggun of Toss, Lee Seyoung of RYUTEN, and Park Sunghyun of Rebellion, will join as dedicated mentors. A new "Startup for All Platform" will be launched to bring everyone together. This platform will serve as more than just an application and registration portal; it will function as a small-scale startup ecosystem where entrepreneurs, organizations, and mentors can interact and network freely. Minister Han said, "I wanted to create a network where new and experienced entrepreneurs can connect and foster a sense of solidarity in entrepreneurship," adding, "I hope the platform becomes a place where entrepreneurs can meet peers and share their experiences."

The re-challenge ecosystem will also be strengthened so that failed experiences during the challenge process can become assets for future success. A "Challenge Experience Certificate" will be issued for participation in the Startup for All activities, and those who participate in future startup support programs will receive preferential consideration. Entrepreneurs who have participated once will be given the opportunity to apply again for the second round of the Startup for All project. Minister Han stated, "By linking the participation of international students and Korean entrepreneurs abroad through overseas bases such as Singapore and Silicon Valley, as well as connecting the All Ideas and AI Competition winners, we will grow the Startup for All project into Korea’s representative startup platform."

On this day, the government simultaneously held the "Startup for All Launch Ceremony" in all 17 provinces and metropolitan cities nationwide, and will begin accepting applications with the opening of the Startup for All Platform on March 26. In addition, a series of "Startup for All Challenges" will be held to foster innovative startups in various industries such as AI transformation (AX), defense, and climate tech. The government also plans to announce the "Startup City Creation Project" to promote regional growth for all.

Meanwhile, at the National Startup Era Strategy Meeting, the "Startup for All Local Market Promotion Strategy" was also announced. To vitalize local entrepreneurship, the government will foster 10,000 local entrepreneurs and 1,000 local companies annually through a public evaluation system. Investment in local companies will be expanded to up to 200 billion won by 2030, and 17 "Glocal Tourism Zones" will be created nationwide by 2030 to encourage active tourism by foreigners. Fifty "Local Theme Districts," where people can enjoy and experience unique local foods and attractions, will also be established during the same period. Minister Han stated, "Through concrete follow-up measures and continuous monitoring of implementation tasks with relevant ministries, we will ensure that both strategies are firmly established in the field without delay."

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