SMEs ministry selects 40 startups for social innovation league

The SMEs ministry said Friday it has selected 40 participants to advance to the final stage of its 'Everyone's Startup: Social Innovation Social Venture League.' The winners were chosen from a pool of 1,788 applicants, including 905 prospective founders and 883 early-stage companies, reflecting a competition ratio of 17.9 to one in the initial document review.

The second-round review, conducted by a committee of industry experts on September 10 and 11, filtered the field down to 11 prospective founders and 29 companies with less than seven years of operation. Projects focusing on boosting productivity for small merchants through artificial intelligence accounted for the largest share at 30 percent, followed closely by initiatives aimed at filling gaps in local community care services at 27.5 percent.

Participants in their 30s made up the largest demographic group among the survivors, representing 32.5 percent of the total, while those in their 40s and 50s comprised the next largest cohorts. Standout proposals included a technology using water and ultrasound to recycle valuable metals from batteries and a subscription service providing vocational training for the hearing impaired.

Each of the 40 selected teams will receive intensive mentoring valued at 5 million won from private accelerator managers and venture capital firms. This support covers solution refinement, investment consulting, marketing, sales channel development, and legal advice.

From this group, a final ten winners will be announced during the 2026 Venture Week event in December, with each receiving up to 150 million won in commercialization funds. "Companies that solve the biggest social problems can grow into the best innovative enterprises and take the lead in future markets," said Noh Yong-seok, the ministry's first vice minister serving as acting minister. He added that the government would spare no policy support to help these entrepreneurs leap into social ventures equipped with both innovation and growth potential.