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Searching for Smart City Young Entrepreneurs... Applications Received until May 7
□ Ministry of Land, Infrastructure and Transport (Minister Kim Hyun-mee, hereinafter called MOLIT) will work together with the Ministry of SMEs and Startups, etc. to begin a contest for general citizens, students, etc. to support promising young talents who are interested in starting up a business in the smart city sector from April 8 to May 7.
ㅇ Up to 100 million KRW will be provided in the form of vouchers to help with initial startup funds such as prototype production, marketing and customized consulting (mentoring) for smooth startup commercialization to 110 future entrepreneurs selected through this contest.
□ The government launched a pan-government task force to foster youth entrepreneurs for the 4th industrial revolution in July of last year and began startup support projects in the 4th industrial revolution new technology sector to solve youth job issues and to expand new growth engines for people under the age of 39.
ㅇ This year, a total of about 500 future entrepreneurs will be recruited for the fourth industrial sectors including smart cities, and social venture startups.
□ There has been a recent growth in the market as well as interest for startups for smart cities, and therefore, the amount of support is scheduled to be significantly increased (35 people in ‘18 to 110 people in ’19)
ㅇ Last year, 204 people applied for smart city startups and 35 were selected. Currently, 30 of them started up their business and five are preparing for their startup. Through this, 29 jobs were created, six intellectual property rights including trademarks and patents were acquired, and it has posted 875 million KRW in sales.
ㅇ The startups exhibited various ideas and technologies related to smart cities such as smart parking, energy, environment, health care, mobility, smart farm, etc.
□ In order to establish and expand the smart city ecosystem, in addition to startup funding support, the MOLIT is planning to engage in the following.
ㅇ It plans to establish an ‘incubating center’ that provides one-stop services such as startup space and residence focusing on the national pilot city and innovation city, and it is also planning to offer competitive startups with startup, residential, distribution and sales spaces at low costs.
ㅇ It also plans to support startup clubs in universities and provide startup support programs so that ideas and technologies in universities can lead to startups through the smart city innovative personnel fostering project.
□ MOLIT Urban Economy Manager Bae Sung-ho said, “Smart city is a representative new industry sector of the fourth industrial sector in which startups are possible by combining creative ideas with new IT technologies related to everyday life in the city.”
ㅇ He added, “We hope that many young adults who are interested in new technology startups will participate in the concept and advance their dreams for the future.”
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