FKI Launches Program to Nurture 100 Innovative Startups

The Federation of Korean Industries has begun nurturing 100 innovative startups it expects to lead future industries. The plan goes beyond one-off support such as basic entrepreneurship training, linking startups to actual business cooperation with large companies and ultimately to investment, in order to strengthen their competitiveness in practical terms.

The federation said on Sept. 28 that it had selected the final 100 teams for its "Plus Startup" project and held a kickoff meeting at the FKI Tower in Seoul's Yeongdeungpo district. Plus Startup connects startups directly with large companies and partner firms, supporting practical growth through mentoring by working professionals, business cooperation, market development and investment matching.

Participating supporters include Youngone, Amorepacific, Hoban Construction, Poongsan, Nexus, Air Liquide Korea, LX, Galaxy Corporation, Bithumb, Kyungshin Holdings, KT and Danal. The 100 selected teams entered a 12-week incubation period starting that day. They will explore specific business cooperation plans with large corporate partners through "Meet-up Day" events and make investor relations pitches to venture capital firms. The program concludes with an awards ceremony for outstanding companies at a results-sharing event in December.

A total of 474 teams applied for the project, a ratio of 4.7 applicants per slot. Of those selected, 70% are early-stage companies founded within the past seven years, while the remaining 30% are prospective founders. By sector, information technology and software companies including artificial intelligence made up the largest group with 26, followed by healthcare and biotechnology with 21, manufacturing and materials with 17, finance and fintech with seven, and environment and energy with six. Startups in new industry fields totaled 57.

"The goal of this project is to provide practical business cooperation opportunities in which large companies and startups grow together by directly using the business community's infrastructure," said Lee Sang-yoon, executive managing director at the federation. "Through 12 weeks of close incubation, we will actively nurture innovative companies that can become a new growth engine for the Korean economy."