The Korean Ministry of SMEs and Startups announced that it has selected 51 ‘baby unicorn’ companies that are highly likely to grow into global unicorns (unlisted companies with a corporate value of over 1 trillion won).
The baby unicorn fostering project aims to discover promising startups with proven innovative business models and growth potential, nurturing them into preliminary unicorn companies with a corporate value exceeding 100 billion won. In the previous year, 200 companies were selected out of 299 applicants, resulting in a competition rate of approximately 6 to 1.
The baby unicorns selected this time will receive a new market development fund (up to 300 million won/USD 225k). In addition, when applying for special guarantee (up to 5 billion won/USD 3.76 million), policy funds (up to 10 billion won/USD 7.4 million), and R&D (up to 2 billion won/USD 1.5 million) funds, you will receive preferential treatment and can receive up to 17.3 billion won (USD 13 million).
Starting this year, we will enhance our support for baby unicorns to facilitate their expansion into international markets. It holds investment roadshows (IR and investment consultations) for global venture capital and leading overseas corporate venture capital (CVC) and supports global talent recruitment.
This year, promising startups with high potential to grow into unicorns with innovative business models and technology were selected. In terms of industry, bio/health companies accounted for 43.1% (22 companies), followed by information and communication technology-based platforms at 37.3%, and general manufacturing/services at 19.6% (10 companies).
Endotlight, which achieved excellent results in the public evaluation, was highly evaluated as a technology that easily implements 3D (three-dimensional) modeling for creating and modifying virtual three-dimensional objects on the web.
Darisoft developed an AI (artificial intelligence)-based road analysis device installed in vehicles to detect damage, cracks, and falling objects on the road and provide risk information to managers in real time. It is expected to grow into a global unicorn as it is receiving very high attention from the United States, India, and Europe.
Minister of SMEs and Startups Young Lee said, “Baby unicorns are achieving remarkable growth based on innovative business models and technological prowess, even in difficult economic conditions. We will support them so that they can advance into the global market and achieve scale-up.”
2023 baby unicorn 200 fostering project final list of selected companies
Neo Ken Bio, Agricultural Corporation Foody Warm, Nuclicks Bio, leg soft, The Tribe, Deaver, Diorigin, diovis studio, Live Anywhere, Research Therapeutics, Recon Labs, microt, MINDs AI, Medisapiens, mirimjin, Bath Genbio, verse work, vspartech, visual, Cellaputics Bio, share it, Schupas, snoo i lab, CSIM, Aine Blume, Atoplex, Algorithm Labs, Alsemi, Edith Biotech, STC Lab, Azos Bio, Endatlight, mxt biotech, Opto Electronics, Wise AI, UCI Therapeutics, Ingenium Therapeutics, in-easy, Interx, info mining, Eleven Corporation, join and join, wow, GE Motion, Campfire Animeworks, Koga Robotics, Colosseum Corporation, Coptic, trio, T Cube It, Plastal
Also Read,
- Ministry of SMEs & Startups unveils “Fostering Plans for Entrepreneurial Small Business Owners” to empower local brands
- Korean Ministry selects venture fund managers worth $245 million to support startups & entrepreneurship
- Korean Ministry selects 60 promising startups for the ‘Baby Unicorn’ project 2022
- Korea’s ‘Baby Unicorn 200 Nurturing Project’ adds 41 more promising startups for fostering scheme
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