South Korea picks 10,000 for second ‘Startup for All’ amid 9.3:1 competition

The Ministry of SMEs and Startups said on the 15th that it selected 10,000 entrants for Round 1 in the second "Startup for All" project, which drew applications from about 93,000 people.

Of the 10,000 entrants, 8,000 were selected in the general/technology track and 2,000 in the local (regional) track. Even though the number of selections, which was 5,000 in the first round, was doubled, the competition rate reached 9.3 to 1.

Among those selected, 65.3% were young people age 39 or under, and 74.0% lived outside the Seoul metropolitan area. By field, in the general/technology track, IT was the largest at 28%, followed by lifestyle (19%) and education (10%). In the local track, the proportions were high in daily life (49%) and food and beverage (39%).

Overall, 40.4% of the entrants were reapplicants from the first round. Based on the review feedback disclosed in their earlier attempt and re-challenge mentoring, they refined their ideas and business models and tried again.

A reapplicant in the general/technology track proposed an idea to use neglected vacant urban spaces to sell companion plants as a subscription product. A challenger in the local track who achieved perfect scores in all subjects on the 2026 College Scholastic Ability Test envisioned a stick-type coffee brand made with ingredients such as lion's mane mushroom extract from Yeosu, South Jeolla, drawing on an experience of relying on caffeine while preparing for the exam.

Major operating organizations in charge of reviews said ideas and commercialization plans had become more concrete than in the first round. The University of Incheon, which operates the general/technology track, added that ideas were impressive when they showed sincere reasons for solving the problem rather than just presenting a finished business plan.

The North Jeolla Center for Creative Economy and Innovation, which operates the local track, said reapplicants improved their ideas and business models by reflecting previous evaluations and mentoring feedback. Going forward, it plans to focus on strengthening market validation, revenue models, and sales channel strategies to ensure they lead to actual local startups.

The 10,000 selected this time will begin startup activities starting with a launch ceremony on the 20th in 17 cities and provinces nationwide. All selected participants will receive 2 million won in startup activity funds, and, along with early-stage mentoring from operating organizations, will also be provided with an artificial intelligence (AI) solution to quickly advance their ideas.

The roughly 83,000 who were not selected will also have a chance to refine their ideas. From the 26th to Dec. 14, offline re-challenge mentoring will be offered. Applications to participate can be submitted on the "Startup for All Platform" starting on the 16th.