Korean Businessmen's Association Launches Nationwide Startup Project "Plus Startup"

Building a Private-Led Startup Ecosystem 100 Teams of Aspiring and Early-Stage Entrepreneurs to Be Selected Support Includes Consulting and Partnerships

The Korean Businessmen's Association is set to foster the startup ecosystem by combining major corporations' expertise and business community networks. The initiative aims to pass on the spirit of challenge embodied by the first generation of entrepreneurs who led South Korea's industrialization to future generations.

On August 9, the association announced the launch of "Plus Startup," a public entrepreneurship project mobilizing private-sector leadership to invigorate the startup ecosystem, in celebration of its 65th anniversary.

"Plus Startup" is a program designed to support any citizen with innovative ideas in pursuing and growing a new business. Notably, this project expands on the association's previous entrepreneurship initiatives, such as "Godsaeng Hanki" and the "Future Leaders Camp," by widening their scope to include the discovery, nurturing, and investment stages for aspiring and early-stage entrepreneurs.

The project is particularly meaningful in that it provides opportunities for aspiring entrepreneurs who lack capital and experience to take on new challenges, while offering resources from the business community to founders who have experienced failure, thus paving the way for them to make a comeback.

The program targets aspiring entrepreneurs and startup companies with less than seven years of operation. However, for startups in emerging industries such as artificial intelligence (AI), semiconductors, bio/healthcare, digital health, robotics, advanced manufacturing, climate/energy, and content tech, those with up to 10 years in business are also eligible to apply.

A total of 100 teams will be selected for the program. There will be approximately 30 teams in the aspiring entrepreneur track and 70 teams in the early-stage startup track, each receiving customized support across a 12-week period tailored to their stage of growth.

Korea Federation of Economic Organizations

Aspiring entrepreneurs will receive support ranging from commercialization training to establishment of a corporation, while early-stage startups will benefit from assistance in fundraising and advancing their investor relations capabilities. Specifically, the program offers one-on-one consulting with former executives of major corporations, technical validation (Proof of Concept, PoC) and open innovation (OI) commercialization support, business partnerships and investment connections with large and medium-sized enterprises, as well as participation opportunities in the association's entrepreneurship programs such as "Godsaeng Hanki" and the "Future Leaders Camp."

Notably, a corporate open innovation results presentation and performance-sharing session will be held at the end of the year to recognize outstanding teams and further promote startup achievements. The association plans to actively support collaboration and business linkage between startups and large corporations by expanding member company participation.

Applications will be accepted from August 10 to 28 via the official Plus Startup website or the Korean Businessmen's Association's website.

The association stated, "Fostering startups is a core social responsibility for companies," adding, "We will strive to ensure that Plus Startup is not just a one-off event but becomes a successful case that strengthens the foundation of our industry."

The association further emphasized, "If we wish to see K-Companies achieve global success stories, nurturing innovative startups is essential. On our 65th anniversary, we will continue the spirit of challenge of Korea's pioneering entrepreneurs and establish a private sector-linked support model that combines the competencies of the business community—thereby continuously creating new opportunities for our economy to advance."

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