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Ministry of SMEs and Startups begins in earnest to foster start-ups with a space, aviation, and AI gap
Date 2024.05.22View 351

On the afternoon of the 20th, Minister of SMEs and Startups Oh Young-joo and Contact CEO Seong-hee Lee and other attendees are holding a meeting at Contact in Jijok-dong, Yuseong-gu, Daejeon. On this day, the Ministry of SMEs and Startups additionally selected 232 companies to be supported by the '2024 Super Gap Startup 1000+ Project', which selects and supports super gap startups. [Photo = Yonhap News]

At Contact, which was selected as a super gap startup in 2024 by the Ministry of SMEs and Startups 20 days later, about 20 people, including representatives of super gap startups such as artificial intelligence (AI) and quantum technology, and executives and employees of host organizations such as the Korea Aerospace Research Institute, attended, and a new super gap was launched. A startup signboard hanging ceremony and meeting were held.

The event held the on-site voices of new super-gap startups in five fields, including aerospace/marine, AI, and quantum technology, which have expanded from this year among the 10 super-gap fields such as system semiconductors, life (bio)/health care (healthcare), etc. It was prepared to discuss ways to enter the global market by reflecting and fostering policies.

In order to take the lead in the global space market, which has recently been rapidly expanding centered on the private sector, seven super-gap startups in the space and aviation fields were selected for the first time, and key support organizations such as the Startup Promotion Agency and the Korea Aerospace Research Institute, the lead organization, are one. The Ministry of SMEs and Startups announced that it will focus on providing support to space startups.

The Super Gap Startup 1000+ Project (DIPS 1000+) will select and provide intensive support to more than 1,000 excellent deep tech startups that will lead the future of the national economy in 10 new industries through a joint public-private partnership over a five-year period from last year to 2027. This is a project to foster global unicorns through .

Startups were recruited through various methods such as general public offering, private verification, and ministry recommendation, and the final 217 companies were selected through strict and transparent evaluation by the highest level domestic and international evaluation committee and public evaluation panel with a high competition rate of 13.1:1.

Newly selected startups will receive direct funding of up to KRW 1.1 billion over the next three years, including up to KRW 600 million in commercialization funds and up to KRW 500 million in technology development (R&D) funds after separate evaluation depending on corporate demand, and receive policy funds, guarantees, exports, etc. You can receive linked support.

According to the Ministry of SMEs and Startups, as companies with advanced technological capabilities are selected, startups founded by researchers accounted for 80.2% (174 companies) of the total, and the average cumulative investment as of last year was 8.9 billion won and the average investment by 2023 was 1.8 billion won. It was found that excellent startups that had been verified were selected.

In addition, among the startups that received support from the innovation startup package project for three years starting in 2020, 15 startups with excellent global technological performance, sales, employment, and investment performance were selected through a separate evaluation, and four of these companies received support through the support project. It has grown and achieved remarkable achievements, including being listed on KOSDAQ.

Excellent startups selected for follow-up support will receive follow-up support for commercialization funds for global scale-up of up to 1 billion won over the next two years.

In the case of follow-up support startups, the average cumulative sales over the past three years was KRW 8 billion, the average employment was 95, and the average cumulative investment amount was KRW 16.5 billion, showing a high possibility of growing into a unicorn company through future scale-up support.

Minister of SMEs and Startups Oh Young-joo said, “At the meeting, we were able to confirm that deep tech startups in new industries such as AI, space, and aviation are new growth engines that can take responsibility for our country’s economy.” He added, “The participation of deep tech startups in the Super Gap Project is an opportunity.” “We will focus all our policy capabilities to support the company so that it can grow into a unicorn that will lead the global market.”