First Regional Auditions for Startup for Everyone Project; 200 to Be Selected

Open IR evaluations to be held for 500 contestants
Commercialization funding and mentoring from experienced entrepreneurs

The Ministry of SMEs and Startups said on October 12 that it will hold the first regional auditions for its Startup for Everyone Project and select 200 participants.

Noh Yongseok, First Vice Minister of SMEs and Startups, delivers opening remarks at the "Startup Festival for Everyone in Chungnam, NEXT STAGE," held on the 15th of last month at Yu Gwan-sun Gymnasium in Cheonan, South Chungcheong Province. Ministry of SMEs and Startups

From October 13 to 15, the ministry will hold regional auditions at Centers for Creative Economy and Innovation and other local startup support organizations across all 17 cities and provinces.

At the regional auditions for Startup for Everyone, 200 participants will be selected to advance to the third round, the regional auditions, from among 500 contestants who passed the first round and advanced to the second round. A total of 62,944 people applied in the first call for applications.

The ministry has supported participants advancing to the second round with technology mentoring, up to 10 million won in early-stage commercialization funding, regulatory screening, and access to AI solutions. It has also connected them with additional support, including GPU resources and guarantees under agreements with five major financial groups.

Among the participants advancing to the second round, 20 companies have attracted approximately 2.9 billion won in private investment, filed 458 patent applications, and completed 192 business registrations.

This year’s regional auditions will go beyond mentor-centered evaluations, with judging panels comprising investors and technology experts. Based on the contestants’ public investor-relations (IR) pitches, the panels will assess the development of their ideas, the quality of their products and services, and their potential to enter the market.

The audition venues will serve as open networking spaces where members of the local startup ecosystem can participate alongside audition contestants. Various programs are also planned, including exhibition spaces for contestants’ ideas and prototypes, talks by experienced entrepreneurs, an investment-matching day, a second-chance clinic, and a local sales fair.

The audition results are expected to be announced next week. The 200 selected participants will receive commercialization funding of 10 million won and mentoring from experienced entrepreneurs. After five regional auditions, those selected among the top 100 will receive up to 100 million won in commercialization funding after signing an agreement.

Jo Gyeongwon, Director General for Startup Policy at the Ministry of SMEs and Startups, said, “These regional auditions are a practical proving ground where ideas and prototypes refined through incubation programs such as mentoring are assessed for their commercialization potential from the perspectives of professional investors and the market. We will continue to build a practical support system, not only by providing follow-up support to those advancing to the regional rounds but also by helping aspiring entrepreneurs steadily develop their capabilities.”

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