In what could be positive news for the startup ecosystem in Korea amidst the looming recession and cold winter of investment freezing, the Korean Ministry of SMEs and Startups has announced a funding package for 2023.
The Ministry has confirmed that in 2023, 13,520.5 billion won ($10.6 million) will be invested in fostering ventures and startups. The Ministry of SMEs and Startups announced that it would implement policies focusing on the global expansion of ventures and startups and the scale-up of small and medium-sized enterprises.
The target of support for TIPS, a venture/startup private partnership startup program, will be expanded from 500 companies to 700 companies, raise to 2 trillion won ($1.5 billion) that will be invested in 10 new businesses and new technologies (system semiconductor, bio, mobility, eco-friendly energy, robots, big data AI, cyber security network, aerospace and marine, next-generation nuclear power plant, quantum technology, etc.) over five years.
It also presented a goal of creating 1,000 super-gap startups by 2027. Universities with excellent startup support capabilities are designated as ‘startup-oriented universities’ to promote university-initiated startups.
The role of the fund is also redefined. The fund will alleviate the burden caused by the contraction of the investment market while focusing on areas where investment is not active, such as early startups, youth, women, and regions, and areas aiming for a super-gap. It also plans to attract private funds, such as expanding the global fund managed by private parent funds and foreign VCs to more than 8 trillion won ($6.3 billion) by the end of 2023.
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