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We are LUMOS, developer of the automated government funding management solution.
Today, we will take a detailed look at the Startup Hub University Support Program.
While many are familiar with the Preliminary Startup Package and the Initial Startup Package, this may be your first time hearing about the Startup Hub University Support Program. This program operates entirely on government subsidies without requiring private investment. Under this program, the government selects regional hub universities to distribute government funding for commercialization.
You may be wondering about the funding scale. The subsidy ranges from a minimum of 50 million KRW to a maximum of 100 million KRW. This is a larger funding amount than the Preliminary Startup Package and is comparable in scale to the Initial Startup Package. Let us examine the details of the support program along with the figures below.
The image above shows the cover page of the 2023 Startup Hub University Support Program announcement.
1. Program Objective
Sharing the same objective as the Preliminary Startup Package, this program focuses on promoting rapid growth through commercialization support for entrepreneurs with outstanding technologies and business models.
2. Eligibility
Preliminary Entrepreneurs
Basic Requirement: Individuals who do not hold a registered business license (sole proprietorship or corporation) under their name as of the announcement date.
Exception: Individuals who closed a business within the last three years from the announcement date may apply, provided they intend to start a new business in the same or a different industry or category.
3. Agreement Period
Based on the 2023 criteria, the agreement period is within 8 months from the effective date of the agreement.
4. Selection Scale
Approximately 354 selectees in total
Consistent with the nature of a university-centered startup initiative, the selection is divided into specific target ratios. Let us review the breakdown:
Regional Preliminary Entrepreneurs (60%)
The applicant's resident registration address as of the announcement date must be within the selected region.
Of this quota, 50% is reserved for university-affiliated preliminary entrepreneurs. Consequently, university-affiliated applicants constitute 30% of the total selection pool.
University-affiliated Preliminary Entrepreneurs: Preliminary entrepreneurs who are verified as current faculty, staff, or registered students (including enrolled and on leave of absence) at a university as of the announcement date.
General Preliminary Entrepreneurs (40%)
Outstanding preliminary entrepreneurs are selected regardless of their resident registration address.
While this structure may appear complex, the example table below provides a clear, simplified breakdown.
5. Evaluation Procedure and Required Documents
The evaluation procedure consists of two stages: document review and interview presentation.
Document Review: Candidates for the presentation stage are selected based on an evaluation of the business plan and supporting documentation.
Interview Presentation: An in-person evaluation assesses commercialization potential, team capabilities, entrepreneur motivation, and details provided in the business plan.
6. Evaluation Criteria
The business plan template is identical to existing government startup commercialization templates, and the evaluation criteria remain consistent as detailed below.
To improve your prospects in the document review stage, please refer to the "How to Write an Effective Business Plan" series published on the LUMOS blog.
7. Application Process and Funding Scope
Applications must be submitted online through the K-Startup portal.
The scope of supported expenses is identical to the eligible expense categories of the Preliminary and Initial Startup Packages.
This concludes our overview of the Startup Hub University Support Program. This program offers a highly advantageous opportunity for university students. Furthermore, since 40% of the selection pool is open to general applicants, it serves as an excellent additional funding channel for prospective founders preparing to launch their businesses.
Please note that you may apply for both this program and the Preliminary Startup Package concurrently. However, you must choose only one at the final agreement stage, as dual participation is strictly prohibited.
The LUMOS blog provides critical updates on government support programs, as well as practical guides on managing business expenses and drafting successful business plans.
