South Korea expands entrepreneurship project to support 10,000 innovators

South Korea’s Ministry of SMEs and Startups has announced the second phase of its ‘Everyone’s Entrepreneurship Project,’ set to begin on August 20. The initiative aims to select 10,000 innovative entrepreneurs by early October, doubling the scale of the first phase.

To encourage re-entry into the market, the eligibility criteria for re-entrepreneurs have been expanded from within three years of previous business closure to within seven years. The program maintains a focus on inclusivity, aiming to select at least 80% prospective entrepreneurs and over 70% from non-metropolitan regions.

The second phase introduces several new specialized tracks, including a ‘University League’ for startup clubs, a ‘Youth League’ for middle and high school students, a ‘Social Innovation Social Venture League’ to address social issues, and a ‘Global League’ to support entrepreneurs in the US, Singapore, and India.

To improve quality and integrity, the ministry is implementing an ‘AI verification model’ to check for AI-generated content and plagiarism during the screening process. Additionally, the number of participating incubation institutions will increase to approximately 170, including new partnerships with major corporations like Hana Bank and Shinhan Squarebridge.