[StartupRecipe] National Startup Competition ‘Startup for All’ booms

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National Startup Competition ‘Startup for All’ booms

The second cohort of Startup for All, a nationwide entrepreneurship initiative led by South Korea’s Ministry of SMEs and Startups, has attracted 92,838 applicants, nearly 30,000 more than its first cohort.

The number of applicants increased 47.5% from the 62,944 recorded in Cohort 1, despite the second application period being nearly half as long. Young people accounted for a growing share of applicants. Those aged 39 and under represented 71.8% of the total, up 3.8 percentage points from the first cohort. Teenagers made up 15.4%, while applicants in their 20s accounted for 36.4%.

Applicants in their teens and 20s therefore represented more than half of all participants, highlighting the strong participation of younger people in the program.

The second cohort also saw a significant increase in applications from outside the Seoul metropolitan area. Non-capital-region applicants accounted for 63.3% of the total, up from 53.4% in the first cohort.

The ministry has responded by doubling the number of Round 1 selections from 5,000 to 10,000. It is also targeting a share of more than 80% for prospective founders and more than 70% for participants from outside the capital region among those selected for the second cohort.

The first cohort is already producing early business results. Of the 62,944 people who applied to Cohort 1, 5,000 were selected for Round 1 and 1,100 advanced to Round 2. Some participants have secured investment of 100 million won or more during the incubation process.

A Seoul-based participant secured 200 million won for an AI operations and management solution, while a participant from Gwangju raised 100 million won in seed funding for coreless motor technology. The latter is now pursuing a connection with TIPS, the government’s startup R&D support program.

Another notable feature of the second cohort is the number of repeat applicants.

A total of 19,111 people, or 20.6% of all Cohort 2 applicants, had previously applied to Cohort 1 but were not selected. Their return suggests that the program is providing applicants with an opportunity to re-enter the process rather than treating the initial application as a one-time opportunity.

Among participating institutions, Hoseo University and Hannam University recorded the highest number of applications nationwide in both cohorts. Each institution collected 1,200 ideas in Cohort 1 and 1,000 in Cohort 2, bringing the two-cohort total to 2,200 applications apiece.

Screening for Cohort 2 Round 1 is currently underway. The 10,000 selected participants will proceed to the next stage following incubation and evaluation.

Cohort 1 is scheduled to select its final 200 participants in December, with Cohort 2 expected to follow a similar schedule.

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