Ministry of Science and ICT Devotes Efforts to Strengthening Technological Capabilities in Data, Network, and AI
Guarantee of 500 million KRW in R&D funding and up to 3 billion KRW in financial support over 3 years

Starting this year, the government, together with large corporations and policy financial institutions, will act as a facilitator for startups equipped with innovative technologies and ideas in ICT fields such as Data, Network, and AI (DNA).

The Ministry of Science and ICT is launching a public-private partnership-based ICT startup nurturing project to strengthen the technological capabilities and support the growth of promising domestic ICT startups. In this project, the government and large corporations discover and nurture startups, while the Korea Credit Guarantee Fund provides guarantees.
Depending on the project, the government and large corporations (hereinafter referred to as mentor companies) jointly discover ICT startups and support cooperation for the next three years to accelerate the development of core technologies and help startups succeed in the market.

Moving away from existing government-led support methods, this project actively utilizes the infrastructure of mentor companies and aims to secure new growth engines for the future by enhancing support efficiency and establishing itself as a key player in the open innovation ecosystem.

Eligible applicants are ICT small and medium-sized enterprises and venture companies within five years of establishment that are currently receiving or have received support from startup support programs operated by large corporations. A total of 16 startups will be selected through an open call on the theme of DNA-centered information and communication projects.

Selected companies will be provided with R&D funding of 200 million won per project annually (100 million won in the first year) for three years (a total of 500 million won), and the Korea Credit Guarantee Fund will provide financial support (guarantee of up to 3 billion won) following a review.

Mentor companies actively support startups during the project period by utilizing the infrastructure of their own startup support programs to provide technology and commercialization support, sales channel assistance, investment linkages, and testbeds.
Choi Woo-hyuk, Director General of Information and Communication Industry Policy at the Ministry of Science and ICT, stated, “This new initiative, launched this year, will create an exemplary public-private cooperation model by having the government and large corporations leverage their respective strengths to provide simultaneous support for R&D and incubation.” He added, “We will do our utmost to help ICT startups overcome difficulties such as market access challenges and funding shortages early on, enabling them to focus on improving their innovative technological capabilities so that they can leap forward as high-growth companies.”

The Ministry of Science and ICT plans to select companies to be supported in June after conducting an evaluation following a 38-day business announcement from March 11 to April 17.