The Ministry of SMEs and Startups will provide up to 200 million won in commercialization funds to 20 innovative startups that will lead the way in technological independence in the small business sector.

The Ministry of SMEs and Startups (MSS) announced that it will recruit 20 innovative startups from the 8th to the 29th of the same month to secure advanced manufacturing capabilities in the materials, parts, and equipment sectors and create new markets.

In 2022, 49 companies, including Samsung Electronics and Hyundai Motor Group, participated as demand companies and presented 77 technology demands, including 'extreme ultraviolet (EUV) equipment' and 'photocurable composite materials for 3D printing'. Through matching and collaboration with selected startups in the future, the company aims to reduce the dependence of the small and medium-sized equipment industry on foreign countries and contribute to replacing domestic production.

The 'Materials, Components, and Equipment Startup 100' project is a project that will discover 20 small and medium-sized enterprise startups each year starting in 2020 and connect them with the technological demands of large corporations to build a stable domestic supply chain.

This program provides startups with the infrastructure of large corporations to help them overcome challenges such as test beds and market development, while large corporations can secure innovative new business items and technologies, providing them with opportunities for future growth.

The selection evaluation for applicants in 2022 will be conducted in two stages: document and presentation evaluations on the potential and feasibility of startups, focusing on technological capabilities, growth potential, and scalability.

Not only private sector experts but also purchasing and technology personnel from demand companies participate in the entire evaluation process to discover and select startups that meet actual market demand and ensure smooth operation. We plan to ensure commercialization and supply chain formation.

Selected startups will receive up to KRW 200 million in commercialization funds and related support such as loans, guarantees, technology development, and investment attraction to help them achieve rapid commercialization results.

More detailed information, including application qualifications and support conditions, can be found on the Ministry of SMEs and Startups (www.mss.go.kr) and K-Startup (www.k-startup.go.kr) websites starting March 8.

(Prospective) startups wishing to apply can submit business plans, RFPs, etc. online at the K-Startup website (www.k-startup.go.kr) from March 8 to 16:00 on the 29th of the same month.