Ministry of SMEs and Startups Supports Global Expansion of 8 AI Companies

[Financial News] The Ministry of SMEs and Startups announced on the 29th that it has selected a total of 8 companies to pilot the 'AI Specialized Global Accelerating Program' focusing on the U.S. market, where technology demand, capital, and talent are concentrated, to support the global expansion of domestic AI startups.
This program is a project that supports the overseas expansion and growth of startups by linking global expansion funds necessary for local commercialization, market verification, and networking along with a tailored overseas local accelerating program for promising startups in the AI field. It was prepared by reflecting the high demand of AI companies for localization support and overseas expansion consulting as part of the 'Global Accelerating Support Project' that promotes tailored overseas expansion support by industry and field of startups.
The Ministry of SMEs and Startups believes that entering overseas markets, which have large market sizes and venture investment amounts and lead global technology trends, is essential for the commercial success of AI startups. 
In response, the Ministry of SMEs and Startups has prepared a tailored program in collaboration with local accelerators and global companies, including △AI solution proof-of-concept and enhancement △matching with overseas buyers and VCs △localization consulting for products and services.
A total of 54 companies applied for this recruitment, recording a high competition rate of 6.75 to 1. The Ministry of SMEs and Startups selected 8 AI startups with innovation and global growth potential through document and presentation evaluations.
Jo Gyeong-won, the startup policy officer of the Ministry of SMEs and Startups, said, "To secure dominance in the increasingly competitive global AI market, it is important to enhance the global competitiveness of excellent domestic AI startups," adding, "The Ministry of SMEs and Startups will continue to actively support the growth of AI startups through comprehensive support from technology development (R&D) to manpower, capital, sales channels, and overseas expansion."

stand@fnnews.com Seo Ji-yoon Reporter