FKI Offers 'Growth Ladder' for Startups to Nurture 100 Teams

The Federation of Korean Industries (FKI) announced on September 28 that it has finalized the selection of 100 teams for the "Plus Startup" project, which aims to discover and nurture innovative startups to lead South Korea's future economy, and will launch a 12-week incubation program.

Rather than offering simple startup education or one-time support, "Plus Startup" focuses on directly connecting major conglomerates and partner companies in various industries with startups to support their practical growth, ranging from on-site mentoring and business cooperation to market expansion and investment linkage.

A total of 474 teams applied for the recruitment targeting prospective founders and early-stage startups, recording a competition rate of 4.7 to 1. The final 100 teams were selected through a first-round document screening and a second-round online presentation interview.

Among them, 70 teams are early-stage startups within seven years of foundation, and 30 teams are prospective founders.

By industry, 26 teams were selected in IT and software, 21 teams in healthcare and biotech, and 17 teams in manufacturing and materials.

Among them, startups in new industries such as artificial intelligence (AI) and big data technology accounted for more than half with 57 teams.

Major conglomerates such as Youngone Corporation, Amorepacific, Hoban Construction, and Poongsan are participating as business partners for the startups. Through a 12-week matching process with working-level departments, they will pursue various customized programs including expert mentoring, reviews of business cooperation, and market path development.

The 100 selected teams will kick off a 12-week systematic incubation program starting with a kickoff meeting held at the FKI Tower in Yeouido, Seoul, on the same day.

During this period, the startups will explore specific business cooperation measures with major conglomerate partners and hold investor relations (IR) sessions for venture capitalists (VCs).

Outstanding companies are scheduled to be awarded at a performance sharing event in December.

Lee Sangyun, Executive Vice President at the FKI, said, "The goal of this project is to directly utilize the economic sector's infrastructure to provide practical business cooperation opportunities where large corporations and startups can grow together," adding, "Through 12 weeks of close incubation, we will actively foster innovative companies that will become new growth engines for the South Korean economy."
(Photo provided by FKI, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.