Public IR evaluations to be held across all 17 cities and provinces Tuesday through Thursday

Selected 200 to receive 10 million won in commercialization funding

Program has already helped 20 companies attract 2.9 billion won in private investment

A talk concert held as part of the 2026 Modu-ui Changup Campus Tour at Chung-Ang University in Dongjak-gu, Seoul, on May 13 [Ministry of SMEs and Startups]
A talk concert held as part of the 2026 Modu-ui Changup Campus Tour at Chung-Ang University in Dongjak-gu, Seoul, on May 13 [Ministry of SMEs and Startups]

The Ministry of SMEs and Startups will hold regional auditions to select participants for the next stage of "Modu-ui Changup," a national startup initiative open to the general public.

The ministry announced Monday that the auditions will run Tuesday through Thursday at Creative Economy Innovation Centers and other regional startup agencies across all 17 cities and provinces nationwide.

Modu-ui Changup — which translates roughly as "Everyone's Startup" — is a government program designed to help anyone with an idea take the journey from prototype development to actual business launch.

The auditions will draw from a pool of 500 general and technology-track participants who cleared round one of the program, which originally attracted 62,944 applicants. From that group, 200 will be chosen to advance to round three — regional auditions held by broader geographic zone.

The evaluation process has also been upgraded. Rather than relying primarily on mentors, the ministry has assembled panels of investors and technology specialists. Participants will pitch their startup ideas and business models through open investor relations presentations, with judges assessing the depth of idea development, the quality of each item and its potential for market entry.

Throughout round two, the ministry has provided participants with technical mentoring, initial commercialization funding of up to 10 million won ($7,470), regulatory review support and access to AI solutions. GPU support and guaranteed loan programs backed by five major financial groups — KB, Shinhan, Hana, Woori and NH — have also been made available.

Early results from that support are beginning to show. Twenty companies among the round-two participants have attracted about 2.9 billion won in private investment, while 458 patent applications and 192 business registrations have been filed — a sign that startup ideas are translating into real ventures and investment deals.

The regional audition venues will also serve as networking spaces for the broader local startup community, not just the competing participants. Programs on offer include displays of participants' ideas and prototypes, talks by veteran entrepreneurs, investor matching events, a re-challenge clinic for those who have previously fallen short, and a showcase of locally distinctive products.

Particularly notable is that the auditions will take place simultaneously across all 17 cities and provinces. Aspiring entrepreneurs outside Greater Seoul will have the same opportunity to have their business concepts evaluated before investors and technology experts. The structure is designed to tap local startup infrastructure to identify promising founders and connect them with follow-on commercialization support.

Results from the regional auditions are expected to be announced next week. The 200 selected participants will each receive 10 million won in commercialization funding along with mentoring from veteran entrepreneurs. Those who go on to make the final 100 after subsequent auditions held across five national zones will be eligible for up to 100 million won ($74,700) in commercialization funding through a formal agreement.

Jo Gyeong-won, the Ministry of SMEs and Startups' director general for startup policy, said the regional auditions represent "a real-world stage where ideas and prototypes refined through mentoring and incubation programs are assessed for their commercial viability from the perspective of professional investors and the market." He added that the ministry would "build a practical support system so that entrepreneurial talent — whether on their first attempt or trying again — can consistently develop their capabilities."


boo@heraldcorp.com