South Korea’s Ministry of SMEs and Startups has selected 160 small businesses from a pool of over 7,000 applicants for its ambitious Strong Small Business Growth Support Program, aimed at transforming traditional enterprises into global lifestyle and innovation companies valued at over KRW 1 trillion.
The competitive selection process drew 7,147 applications nationwide, creating a highly selective 33-to-1 ratio that underscores the intense interest among Korean entrepreneurs seeking to scale their operations for international markets.
The ministry implemented a comprehensive evaluation system beginning with document reviews in March. From the initial applicant pool, 640 businesses advanced to the first audition phase. These companies then underwent intensive document reviews and presentation evaluations across four distinct categories, with online sellers evaluated separately.
The 390 finalists from the main categories competed through presentations before judges ultimately selected the final 160 participants.
The program centers on the government’s LICORN concept—an acronym for Lifestyle & Local Innovation unicorn—representing Seoul’s strategic vision to develop small businesses into unicorn-status companies worth over KRW 1 trillion. This initiative specifically targets lifestyle and local innovation sectors, reflecting South Korea’s broader economic strategy to transform traditional small businesses into globally competitive enterprises that leverage the country’s cultural products and lifestyle innovations.
The selected companies will receive significant government support, including up to KRW 60 million in commercialization funding for product and service development.
Companies demonstrating exceptional performance will have the opportunity to secure additional funding through the Final Pitching Competition, which offers an extra KRW 40 million in support. This dual-funding structure provides both immediate development capital and performance-based incentives for the most promising enterprises.
The final audition is scheduled to take place August 25–28 at IBEX Studio near Gwangmyeong Station. During the four-day event, the companies will compete for additional funding and official recognition from the program, including access to the KRW 40 million supplementary pitching competition.
The timing allows participating companies several months to refine their business models and prepare presentations that could secure substantial government backing for their international expansion plans.
