KOREAN NET

The Ministry of SMEs and Startups (MSS, Minister OH Youngju) announced on Monday, May 13, that the Center for Creative Economy Innovation (CCEI) will launch the "Startup-Build up Strategy for Startups (BuS) Program" (hereinafter referred to as Startup-BuS). The program is scheduled to be piloted in five centers in Gyeonggi-do, Incheon, Chungcheongbuk-do, Ulsan, and Gwangju in 2024, with nationwide expansion planned for 2025.

The Startup-BuS program has three main differentiation points. Firstly, it allows local deep-tech startups to receive support all year round. Unlike most startup support projects that select companies to be supported at the beginning of the year, this program will search for and support local startups throughout the year. To apply for the Startup-BuS program, startups can participate in mini-pitching days held at each center every week. The program will kick off with the 815 Investor Relations (IR) event on Thursday, May 16, at Gyeonggi-do CCEI.

The second point of differentiation of the Startup-BuS program consists of a fast-track program that can take companies from the seed stage to follow-on investment in less than a year. This program is designed to support startups in the fast-paced startup ecosystem, allowing them to make follow-up investments within the shortest possible time frame. Startups identified as promising startups can receive direct initial investment from CCEI within three months, participate in TIPS within six months, and receive follow-up investment within 12 months.

In addition, joint IR events will be held every April, July, and October to showcase locally selected and fostered startups through Startup-BuS to both Korean and international investors. This will help link promising local startups to follow-up investments.

< Startups-BuS's Rapid Investment Support System >

Provide customized growth support for startups with investment by matching seed investment within three months, TIPS within six months, and follow-up investment within 12 months.

The third feature of the Startup-BuS initiative is a program that facilitates the acceleration of deep-tech technologies. This technology-based acceleration will be supported by leveraging the human and material resources of CCEIs nationwide in the deep-tech field. For instance, if a startup requires patent analysis in the biotech field or consultation in specialized areas such as pharmacological toxicity analysis or administrative procedures for FDA approval, the startup will have the opportunity to be connected with relevant experts on a 1:1 basis, with support provided in the form of vouchers. In this scenario, the vouchers will be customized to the startup's needs and could be valued up to KRW 50 million, based on the startup's technological progress.

CHO Gyeong-won, Director General for Startup Policy, stated, "We will establish a support system to identify and nurture startups with a focus on local CCEIs," he added. "Additionally, we will promptly implement the Startup-BuS program to assist local deep-tech startups in sustained growth through investments."

Global Media Relations: Rachel Minjo CHUN
+82-(0)44-204-7104 / rachelmchun@korea.kr