The Ministry of SMEs and Startups said on the 12th that it will hold the first of its regional auditions, part of the third-round selection process for the "Startup for All" project, from the 13th to the 15th at Centers for Creative Economy and Innovation and other designated regional startup agencies across all 17 cities and provinces. Startup for All is a nationwide project designed to help anyone with an idea pursue everything from prototype development to launching an actual business.
The regional auditions involve 500 contenders in the general and technology tracks who cleared the first round and advanced to the second, out of 62,944 applicants in the first open call. The auditions will select 200 people to compete in the third round, which will be held by region groupings.
The ministry has provided second-round participants with technology mentoring, early-stage commercialization funding of up to 10 million won, regulatory screening, access to artificial intelligence solutions and graphics processing units. It has also linked them to guarantee programs offered under agreements with the country's five major financial groups — KB, Shinhan, Hana, Woori and NH. As a result, 20 of the second-round companies have attracted about 2.9 billion won in private investment. They have also filed 458 patent applications and completed 192 business registrations.
Unlike earlier rounds, which centered on mentor-led evaluations, these regional auditions will use judging panels made up of investors and technology experts. Based on contenders' investor relations pitches, the panels will assess how far each idea has been developed, the strength of the product and its potential to enter the market. The auditions will also feature programs reflecting local characteristics, including exhibition space for participants' ideas and prototypes, insight lectures by experienced founders, investment matching days, clinics for those making a second attempt and local sales events.
Results of this first set of regional auditions are scheduled to be announced next week. The 200 selected contenders will receive 10 million won in commercialization funding and mentoring from experienced founders. Those who go on to be named among the top 100 through auditions in five region groupings will sign agreements and receive commercialization funding of up to 100 million won. Cho Kyung-won, director general for startup policy at the ministry, will visit the audition site in Daegu on the 13th at the Daegu Center for Creative Economy and Innovation. Daegu had the highest application rate outside the greater Seoul area in the first round, at 7.4%.
"These regional auditions are a real-world stage where ideas and prototypes refined through mentoring and other incubation programs are evaluated from the perspective of professional investors and the market," Cho said. "We will continue to build a practical support system so that startup talent making first and repeated attempts can steadily develop their capabilities, along with follow-up support for those advancing to the regional round."