MSS to Identify 50 Baby Unicorns by 2025 – 43 Deep Tech

The Ministry of SMEs and Startups has gathered innovative technology companies that will lead Korea's future economy in one place. On the 26th, 50 "Baby Unicorn" companies with the potential to grow into global unicorns proudly made their names. The Baby Unicorn fostering program, launched in 2020, has discovered a total of 350 companies to date. This time, only 50 out of 217 applicant companies were selected, recording a high competition rate of 4.3 to 1. In particular, 43 companies, approximately 86% of the selected firms, possess technologies in the top 10 deep tech fields such as AI and big data, clearly demonstrating the technological innovation capabilities of Korea's startup ecosystem. On average, these companies boast a solid foundation for growth, recording a corporate value of 32.1 billion KRW, investment attraction of 5.61 billion KRW, sales revenue of 4.4 billion KRW, and 30 employees. By sector, AI and big data were dominant with 24 companies, followed by bio-health (7 companies) and eco-friendly energy (6 companies). Notably, 'Sketchsoft,' which generates sales in 120 countries globally with its 3D drawing app utilizing generative AI, and 'eFlow,' which leads the next-generation mobility market with its innovative in-wheel motor technology, are drawing attention. The selected Baby Unicorn companies will receive up to 300 million KRW in market development funds and a special guarantee of up to 5 billion KRW from the Korea Technology Finance Corporation. The 'Performance-linked Guarantee System,' newly introduced this year, will provide additional guarantees when companies achieve certain performance milestones, thereby supplying funds necessary for scale-up in a timely manner. In addition, comprehensive support such as local IR for global market entry, participation in exhibitions, KOTRA cooperation programs, and global consulting has also been promised. This program is the core of a phased fostering strategy, starting with Baby Unicorns valued at less than 100 billion KRW, passing through preliminary unicorns (valued at 100 billion KRW or more, but less than 1 trillion KRW), and ultimately growing into 'Global Unicorns' valued at 1 trillion KRW or more. Minister Oh Young-ju stated, "We will consistently expand policy support to help Baby Unicorn companies leap beyond preliminary unicorns to become global unicorns," expressing expectations that these companies will become key players leading Korea's future economy.