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The Government Will Help Cultivate Prospective Youth Entrepreneurs for Smart City
-70 young talents selected in the car-sharing, microdust and smart home sectors
-Funding of up to 100 million KRW for initial funding such as prototype (Mar, 2000), customized consulting, etc. using vouchers
□ The Ministry of Land, Infrastructure and Transport (Minister Kim Hyun-mee, hereinafter called MOLIT) announced that it had worked with the Ministry of SMEs and Startups to invite (Apr 8-May 27) youths who have plans to begin startups in new technologies such as the smart city sector and selected 70 people (170 applicants).
ㅇ The startup ideas selected in this contest included various ideas and technologies related with smart cities such as living safety, smart homes, autonomous driving, environment, house-sharing, smart livestock, etc.
□ The government launched a pan-agency task force to foster youth startups for the fourth industrial revolution in July of last year to begin the startup support project in the new technology sector to expand new growth engines and to solve the job issue for youths under the age of 39.
ㅇ The smart city sector has recently expanded its market scope and there has also been growing interest for startups, and therefore, compared to 35 people selected last year, the scope of support was expanded to 110 people this year to select 70 people.
□ Prospective entrepreneurs selected in this contest will receive initial startup expenses for making prototypes, marketing and customized consulting (mentoring), etc. for as much as 100 million KRW in vouchers until March 2020 as funding for commercializing their startups.
ㅇ After starting up the business, they will also be supported in the form of participating in various smart city exhibits, participating in associated businesses with existing companies, and individual customized consulting for expert pools (about 100 people), and outstanding startup companies will continue to receive support so that they may grow further by linking with early startup (3 years or less) - startup leap (3 years or more).
□ MOLIT plans the following to not only provide support through startup funding, but also to establish and disseminate a smart city startup ecosystem.
ㅇ Plans are to establish an ‘incubating center’ that offers one-stop services in startup space and housing focusing on the national pilot city and innovation city to give startup, residential, distribution and sales spaces to competitive startups at low costs.
ㅇ It also plans to provide full support for research outcomes in the platform technology stage that is not yet complete to be developed even further through the smart city innovative personnel fostering project using the lean startup model-based testing and lab training so that ideas and technologies at universities can be linked to startups.
□ Meanwhile, the ‘Smartcity Solution Market Place’ will be constructed and operated from September to prevent creative and useful startup items being buried in the market due to difficulties with PR and marketing.
ㅇ In addition to solutions of various companies including initial startup companies, the solution market is also expected to provide ‘a place for information communication’ where national strategic R&D outcomes, college research outcomes, etc. are posted and local governments, public corporations, exporters, and overseas buyers, etc. participate as users.
□ MOLIT Urban Economy Division Manager Bae Sung-ho said, “Smart city is a field where various startups are possible simply with creative ideas related to the everyday life of cities.”
ㅇ He added, “We will actively establish the industrial ecosystem so that the outstanding products of startups can be selected and grown in the market.”
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