TheVentures Selected as Operator for "Everyone's Startup" Project... Fostering Innovative Entrepreneurs
On April 2, TheVentures, a venture capital (VC) firm specializing in global early-stage investments, announced that it has been selected as the official operating organization for the Seoul regional general and technology tracks of the government-led startup audition, “Everyone’s Startup Project,” hosted by the Ministry of SMEs and Startups.
Through this program, TheVentures plans to offer tailored mentoring for entrepreneurs. The entire process—from idea discovery, business model review, proof of concept (PoC), product-market fit (PMF) exploration, to investment pitching—will be carried out in close collaboration with the entrepreneurs. TheVentures also intends to consider direct investment and recommendations for TIPS (Tech Incubator Program for Startup Korea) for outstanding teams that complete the program.
TheVentures has shortened the investment review period to within a week by implementing an internally developed artificial intelligence (AI) investment manager, the first of its kind among domestic investment firms. Since its establishment in 2014, it has invested in startup teams across 12 countries in various sectors. As a TIPS operating institution, it has produced more than 50 successful companies over the past two years and discovered startups that were selected by Y Combinator (YC), a leading accelerator in Silicon Valley, USA.
Everyone’s Startup is a government program that allocates 155 billion won to support startups in different stages. A total of 5,000 participants will be selected, including 4,000 in the general and technology tracks. Through regional auditions, the final winners will receive a prize of 500 million won, and investments of about 500 million won will be made.
Applications for the general and technology tracks of Everyone’s Startup will be accepted via the official website until 4:00 p.m. on May 15. Applicants can select TheVentures as the operating institution when applying.
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Cheolwoo Kim, CEO of TheVentures, said, “We will discover and nurture competitive entrepreneurs by leveraging the innovation proven by our pioneering AI investment manager and the experience of our globally minded, entrepreneur-turned partners.”
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