10,000 selected for Round 1 of the second ‘Everyone’s Startup’... 40% of people rejected in the first edition try again

[Financial News] More than 40% of participants selected for a government startup support program had been rejected once and then tried again. This is seen as a sign that a startup culture of refining ideas and trying again after failure may be spreading. The high share of young people and participants from outside the capital region has also raised hopes of broadening the base of entrepreneurship.
According to the Ministry of SMEs and Startups on the 15th, about 93,000 people applied for the second ‘Everyone’s Startup’ project, and 10,000 were selected to advance to Round 1. Of those, 8,000 were selected in the general and technology fields, and 2,000 in the local field. Even though the number of places was doubled from the first round, the competition rate was 9.3 to 1.
The most notable aspect of this selection was the share of people trying again. Participants who had been rejected in the first edition and reapplied accounted for 40.4% of all those selected. They refined their ideas and business models using feedback from earlier evaluations and mentoring for those trying again.
Participation by young people and regional entrepreneurs also stood out. Among those selected for Round 1, 65.3% were 39 or younger, and 74.0% were from outside the capital region.
By startup field, information technology (IT) was the largest category in the general and technology track, at 28%, followed by lifestyle (19%) and education (10%). In the local track, which supports region-based startups, everyday living (49%) and food and beverage (39%) made up the largest shares.
Those selected for Round 1 of the second project will begin taking part in the full-fledged startup support program with launch ceremonies being held on the 20th across all 17 cities and provinces nationwide. The Ministry of SMEs and Startups will provide those selected with 2 million won in startup activity funds, along with early-stage mentoring and artificial intelligence (AI) solutions to further develop their startup ideas.
Support to help rejected applicants try again will also continue. The Ministry of SMEs and Startups will offer in-person mentoring for those trying again from the 26th through December 14, targeting about 83,000 people who were not selected this time. Applications to participate can be submitted on the Everyone’s Startup platform starting on the 16th.
Jo Gyeong-won, the Ministry of SMEs and Startups’ Director General for Startup Policy, said, “Seeing so many people take on the challenge with improved ideas after overcoming their disappointment with the first edition made me realize that a startup culture in which failure becomes experience is taking root.” He added, “We will support these 10,000 people’s efforts so they lead to actual startups and growth.”
[email protected] Kim Hyeon-cheol Reporter