Everyone’s Startup to Begin Second Round of Recruitment on the 20th... Quotas Set for Aspiring and Non-Metropolitan Founders

10,000 Participants to Be Selected by Early October, Eligibility Extended to Entrepreneurs Who Restarted Within 7 Years
At Least 70% Chosen from Non-Metropolitan Areas, Over 80% Must Be Aspiring Founders
More Incubation Entities Added, Co-Evalua

The second round of the “Everyone’s Startup” project, which has attracted the greatest interest among all startup support programs to date, will begin accepting applications from August 20. The number of finalists will double compared to the previous round, with 70 to 80 percent of all selected participants being prospective founders or founders based outside the Seoul metropolitan area. Major corporations and mid-sized companies will join as incubator organizations, and the mentoring system will be improved by introducing a joint review system with three mentors.

Key Details of the Second Everyone's Startup Project. Ministry of SMEs and Startups

On August 13, the Ministry of SMEs and Startups announced the “Second Everyone's Startup Project Implementation Plan” at a combined meeting of the Emergency Economic Headquarters, the Economic Affairs Ministers' Meeting, the Special Task Force for Livelihood Price Control, and the National Startup Era Strategy Meeting.

The ministry plans to launch the second project on August 20 and select a total of 10,000 participants by early October. Specifically, 8,000 will be chosen for the general and tech tracks and 2,000 for the local track. Subsequently, 2,000 participants will be selected through regional auditions and 400 from a nationwide competition.

Starting with the second round, not only prospective founders but also those who have restarted a business within the past seven years are eligible to apply. Taking the project’s intent into account, a quota has been set so that more than 80 percent of participants will be prospective founders and more than 70 percent will be from outside the Seoul metropolitan area. The selection ratios are similar to the previous round, in which 74 percent of successful candidates were from non-metropolitan areas. Applicants who reapplied after failing the first round will receive preferential treatment, and talents discovered through Everyone’s Idea or the University League will be connected to a fast-track process.

The number of incubators will be expanded and the qualifications for mentors will be strengthened. With major and mid-sized companies such as Hana Bank, Shinhan Square Bridge, and Korea Water Resources Corporation joining as incubators, the total will increase to approximately 170 organizations. Mentor qualifications will be formalized, and each mentor will be limited to working with a maximum of two organizations.

Specialized leagues will also be operated so that people with diverse backgrounds can participate. The “Youth League” offers startup experience to teenagers, while the “University League” uses a hackathon format for student startup clubs, giving finalist teams the opportunity for priority entry into Everyone’s Startup. A new “Social Innovation/Social Venture League” will also be established to address social issues. The “Global League,” aimed at entrepreneurs pursuing overseas expansion, will work with local startup organizations in the United States, Singapore, and India to provide support for commercialization and mentoring.

Based on feedback from the first recruitment process, the evaluation system has also been refined. The application form for idea proposals will be expanded from three to six sections, allowing for a more detailed assessment of applicants’ competencies. Three mentors will jointly review each application, and each incubator organization will be required to hold a review committee. An “AI validation model” will also be introduced to determine the extent to which AI was used in the application, as well as to check for potential external data plagiarism.

A “challenge career certificate” will be issued so that participation in Everyone’s Startup will be recognized as official career experience. Preferential treatment will be given when applying for future startup support programs or R&D (research and development) opportunities.

To spread startup culture nationwide, a startup community will be established as well. The program will operate a “Startup Club,” where experienced entrepreneurs share their know-how, and a “Collaborative Club” to support peer networking among applicants. Regular networking events will be held for Everyone’s Startup applicants, investors, and support organizations, including IR events in connection with TIPS (Tech Incubator Program for Startup), offering opportunities for investment attraction and participation in TIPS.

Following last June’s confusion caused by the personal data leak after the announcement of first-round finalists, the ministry will overhaul its personal data management system and establish a continuous security check system in collaboration with external experts.

No Yongseok, the First Vice Minister of SMEs and Startups, stated, “The second Everyone’s Startup Project will open up more opportunities for people to take on new challenges, actively support those making a second attempt and startups in various fields, while also building a foundation for continued growth within the startup ecosystem even after the initial challenge.”

This content was produced with the assistance of AI translation services.