SMEs ministry to split Jump-up program into three tracks by revenue

The SMEs ministry said Thursday it will divide its Jump-up support program into three tracks by revenue next year, expanding a single-track scheme that backs small and medium-sized companies with scale-up ambitions.

Minister Lee So-young announced the change during a visit to LK Chem, a semiconductor materials maker in Cheonan, South Chungcheong Province, the first stop on a two-day tour of the Chungcheong region that the ministry billed as her first regional field trip since taking office.

Under the 2027 plan, companies with annual revenue of 10 billion won ($7.54 million) or more will be placed in Jump-up 100, which focuses on establishing management foundations. Firms above 50 billion won ($37.7 million) will enter Jump-up 500, aimed at new businesses and new markets, and those above 100 billion won ($75.4 million) will be assigned to Jump-up 1000 for global expansion. The ministry aims to nurture 1,500 national Jump-up companies by 2030.

Five policy areas will be linked to the program: research and development, artificial intelligence conversion, securing skilled workers, financial support and regulatory improvement.

Thursday's meeting brought together five companies from the first and second cohorts of the program – LK Chem, KL Cube, Young Poong Electronics, Saehan and Erucos Agricultural Corp. – along with strategy advisers Samjong KPMG and Boston Consulting Group. Attendees from the first cohort presented their scale-up results, and the companies raised regulatory and operational difficulties they face as they grow.

Six semiconductor-sector Jump-up companies are attending Semicon West 2026 in San Francisco, which runs from Oct. 13 to 15, the ministry noted.

"Large-scale investment in the three mega-projects that the government is pursuing as national priorities must go beyond the trickle-down effects of large companies and lead to higher sales at capable advanced small and medium-sized enterprises and to quality local jobs," Lee said.

She added that the ministry would expand a strong growth ladder so that smaller companies acting as the backbone of regional growth engines can become mid-sized enterprises, and would work closely with relevant ministries to quickly resolve the difficulties raised at the meeting, including those involving research and development, overseas expansion and regulation.

The ministry said it would continue regional visits across the country after the Chungcheong trip, which also includes Daejeon, Osong, Sejong and Cheongju, to examine local industry conditions and policy demand.