South Korea launches startup project to recruit 10,000 entrepreneurs

South Korea’s Ministry of SMEs and Startups has launched the second phase of the ‘Everyone’s Startup Project,’ aiming to recruit 10,000 innovative entrepreneurs. The application period runs from August 20 to September 17.

The program has doubled its selection scale compared to the first phase. It features two main tracks: a General/Technology track for 8,000 participants and a Local track for 2,000 participants. To encourage diverse entrepreneurship, the eligibility for existing business owners has been expanded from those within three years of establishment to those within seven years.

Key features of the project include:

• Support for non-metropolitan participants, targeting over 70% of total selections. • Expanded incubation infrastructure with approximately 170 institutions, including private entities like Hana Bank and Shinhan Square Bridge. • Enhanced evaluation methods, including a multi-faceted review system by three mentors and an AI-driven verification model to check for plagiarism and AI-generated content.

Financial support varies by stage. Final winners in the General/Technology track can receive up to 1 billion KRW in combined prize money and investment. The Local track offers prize money of up to 100 million KRW for 13 selected individuals. Participants will also receive access to various AI solutions and mentoring services.