The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced on the 26th that it had finally selected 50 'baby unicorn' companies with a high potential to grow into global unicorns.
The Baby Unicorn Incubation Project is part of the 'Global Unicorn Project', which discovers innovative companies whose corporate value has been verified by the investment market and promotes their growth into globally competitive unicorn companies. 'It has been carried out since 2020, and a total of 350 companies have been selected as of this year. This year, a total of 217 companies applied, and 50 companies were finally selected, recording a competition rate of approximately 4.3:1.
Among the 50 companies selected, approximately 86% (43 companies) are companies that possess technology in 10 deep tech fields such as AI and big data. They recorded an average of 'corporate value of 32.1 billion won, investment attraction amount of approximately 5.61 billion won, sales of approximately 4.4 billion won, and approximately 30 employees,' and were selected as promising companies whose technology and corporate value have been verified by the investment market.
Among the selected companies, SketchSoft Inc. is a company that provides a 3D drawing application service linked to generative AI. It generates sales in 120 countries around the world through interactive computer graphics software technology that allows users to automatically create 3D graphic drawings using only a 2D pen and touch input.
iFlow Co., Ltd. is an in-wheel motor manufacturer. It is a deep-tech company that possesses innovative technologies that can be utilized in next-generation mobility, robots, aerospace, etc. that require small, high-output motors by securing commercialization technology for axial flux-type motors (AFPMs) that can be made small and lightweight.
The selected companies will be supported with market development funds (up to 300 million won) and special guarantees from the Technology Guarantee Fund (up to 5 billion won). Starting this year, a ‘performance-linked guarantee system’ will be introduced so that if the selected companies achieve certain results in ‘follow-up investment, sales,’ etc., they will be provided with additional guarantees without separate screening, thereby supplying the funds necessary for scale-up.
In addition, we operate ▲local global IR and global technology fair participation ▲global market entry program operation through cooperation with KOTRA trade centers ▲global consulting program for strategic global market entry, etc.
Minister Oh Young-joo said, “Since being selected, baby and potential unicorn companies have been consistently attracting follow-up investments and successfully completing initial public offerings (IPOs), showing results,” and added, “We will steadily expand policy support so that baby unicorn companies can advance beyond ‘potential unicorns’ to become ‘global unicorns.’”
- See more related articles
You must be logged in to post a comment.