Ministry of SMEs and Startups Seeks 121 Companies for ‘2024 Super Gap Startup Promotion Project’

With a steadfast commitment to fostering innovation and entrepreneurship, particularly in fields such as system semiconductors and artificial intelligence (AI), South Korea’s Ministry of SMEs and Startups, led by Minister Oh Young-joo, has unveiled plans for the Super Gap Startup Promotion Project (DIPS 1000+), a pivotal initiative falling under the comprehensive Super Gap Startup 1000+ Project.

Ministry’s efforts are poised to cultivate a new breed of unicorns with unrivaled technological prowess. The Super Gap Project represents a collaborative effort between the public and private sectors aimed at identifying over 1,000 deep tech startups within a five-year span. These startups, renowned for their groundbreaking technologies, will be nurtured across ten emerging industries, including system semiconductors and artificial intelligence (AI), with the aspiration of propelling them into global unicorns.

The initiative encompasses two primary projects: the Super Gap Startup Development Project and Deep Tech Tips, both pivotal in fostering innovation and technological advancement.

The Super Gap Startup Development Project is poised to select 121 pioneering companies through a rigorous selection process. These selected enterprises stand to receive substantial financial backing, including up to 600 million won ($450k) in commercialization funds over a three-year period and an additional 500 million won ($375k) earmarked for technology development spanning up to two years. The allocation of these funds will be contingent upon thorough evaluations aligned with corporate demands. Furthermore, companies will be eligible to receive R&D support and assistance in securing policy funds, guarantees, and export projects.

Crucially, each field will be supported by a designated lead agency, facilitating comprehensive assistance throughout the entire growth trajectory of participating companies. This support encompasses product and service enhancement, identifying market demand, and attracting crucial investment.

Detailed information regarding the 2024 Super Gap Startup Promotion Project will be made available through the K-Startup portal and the official website of the Ministry of SMEs and Startups.

As the world looks on, the Korean government’s proactive support signals a beacon of encouragement for deep tech startups worldwide, underscoring its dedication to nurturing innovation and driving global technological advancement.

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