SMEs ministry opens applications for social innovation venture league

The SMEs ministry said Thursday it is accepting applications for "Everyone's Startup: Social Innovation Social Venture League," a program designed to foster startups that solve pressing social problems through innovative technology and business models.

The initiative focuses on five areas: filling gaps in local community care, expanding employment and social participation, improving energy costs and efficiency for small businesses and vulnerable groups, boosting productivity for merchants using artificial intelligence, and promoting resource circulation. Eligible participants include prospective founders or established companies operating for less than seven years.

Selection will occur in three stages, beginning with a document review to choose approximately 100 firms, which will receive 2 million won each for impact activities. A subsequent presentation evaluation will narrow the field to about 40 companies for intensive mentoring valued at 5 million won per firm, covering solution refinement, field applicability reviews, and public data utilization. Companies selected at this stage may also receive linked impact guarantees depending on their technical and business viability assessments by the Technology Guarantee Fund.

The final ten teams will be selected during a public evaluation event at the 2026 Venture Week in December. These finalists will receive ministerial commendations and commercialization funds ranging from 80 million won to 150 million won. Applications are being accepted online through the Technology Guarantee Fund ONE platform until August 19.

Noh Yong-seok, the first vice minister serving as acting head of the ministry, said companies solving the biggest social issues are positioned to become the most significant innovators and capture future markets. He described social ventures as innovative firms that convert market failures and social difficulties into new technological and business opportunities, adding that the government would spare no policy support to help these entrepreneurs leap forward.