Competition ratio hits 9.3 to 1; 40.4% are returning applicants

Youth make up 65.3%; 74% from outside Greater Seoul; selection doubled in size

Each participant receives 2 million won in startup funds and AI solution support

Noh Yong-seok, first vice minister of SMEs and Startups, poses for a photo with participants at a youth entrepreneurship talk concert held at Chungnam National University in Daejeon on Sept. 14. [Ministry of SMEs and Startups]
Noh Yong-seok, first vice minister of SMEs and Startups, poses for a photo with participants at a youth entrepreneurship talk concert held at Chungnam National University in Daejeon on Sept. 14. [Ministry of SMEs and Startups]

A total of 10,000 participants have been selected for the first round of the second iteration of "Modoo's Startup," a nationwide public entrepreneurship support program.

The Ministry of SMEs and Startups said Thursday that about 93,000 people applied for the program, producing a competition ratio of 9.3 to 1. Of those selected, 8,000 came from the general and technology track and 2,000 from the local track.

Those aged 39 or under accounted for 65.3 percent of all selectees, while participants from outside Greater Seoul made up 74 percent.

Within the general and technology track, IT was the most common field at 28 percent, followed by lifestyle at 19 percent and education at 10 percent. In the local track, lifestyle-related ideas accounted for 49 percent and food and beverage for 39 percent.

Some 40.4 percent of all selectees had previously applied to the first round and returned for another attempt. These applicants used feedback from earlier evaluations and re-applicant mentoring sessions to refine their startup ideas and business models.

One returning applicant selected in the general and technology track proposed using vacant urban spaces to sell subscription-based houseplants. Having been eliminated in the first round, the applicant used mentoring to flesh out the technical implementation, a phased commercialization plan and a revenue model.

There were also cases of participants turning personal experience into a startup idea. One applicant who achieved a perfect score on all subjects of the 2026 College Scholastic Ability Test proposed a stick-type coffee brand made with lion's mane mushroom extract sourced from Yeosu, South Jeolla Province, drawing on their own experience with afternoon drowsiness and side effects from caffeine consumption during exam preparation.

This second recruitment round drew attention for the number of ideas born from everyday inconveniences. A notable feature was that personal experience — not just professional startup credentials or technical expertise — served as a springboard for entrepreneurial ventures. The ministry plans to provide selectees with startup activity funds and mentoring to help their ideas develop into viable business models.

Organizers who took part in the evaluation said the quality of business plans was higher than in the first round. Incheon National University, which operates the general and technology track, said applicants demonstrated genuine commitment to the problems they sought to solve and that the specificity of their business plans had improved.

The 10,000 selectees will kick off their entrepreneurial activities with launch ceremonies held across all 17 cities and provinces on Tuesday.

Each selectee will receive 2 million won ($1,490) in startup activity funds. Early-stage mentoring and AI solutions to help develop their ideas will also be provided.

The roughly 83,000 applicants who were not selected will also be given a chance to try again. The ministry will run offline re-applicant mentoring sessions nationwide from Oct. 26 through Dec. 14. Registration opens Friday on the Modoo's Startup platform.

Jo Gyeong-won, the ministry's director general for startup policy, said the experience reinforced his sense that a startup culture where failure becomes a credential is taking hold, given how many people came back with stronger ideas after falling short in the first round. "The government will provide full support to ensure that the efforts of these 10,000 participants lead to real startups and real growth," he said.


boo@heraldcorp.com