South Korea is taking bold steps to empower its small and medium-sized enterprises with a comprehensive support program that promises to transform how businesses innovate and compete on the world stage.

Starting January 9th, the Ministry of SMEs and Startups is opening applications for its flagship 2026 technology innovation development project, which will provide 22.3 billion won (approximately $15.6 million USD) to 70 forward-thinking companies. This isn't just about funding—it's about nurturing the next generation of global leaders in technology and innovation.

What makes this initiative particularly exciting is its flexibility and inclusiveness. In a game-changing move, the Ministry has removed the previous restriction of 124 strategic item categories, allowing businesses to propose their own innovative projects autonomously. This shift recognizes that entrepreneurs often know best where innovation is needed and gives them the freedom to pursue their most promising ideas.

The program offers multiple pathways tailored to different business needs and aspirations. The export-oriented track provides up to 1 billion won per company over two years, specifically designed to help businesses secure their position in global markets. Companies pursuing strategic technologies like carbon neutrality and national strategic technologies will receive preferential consideration, aligning business success with national priorities.

Beauty enthusiasts have reason to celebrate too. The program is significantly expanding support for Korea's renowned K-beauty sector, broadening its scope beyond functional ingredients to include beauty devices and dermacosmetics. Ten companies will receive up to 500 million won each over two years, reinforcing Korea's position as a global beauty innovation leader.

Perhaps most inspiring is the program's commitment to social responsibility. A newly established "social venture" category will support five companies working to address pressing challenges like climate change and aging populations. These businesses will be evaluated not just on technological achievements but on their "social ripple effect"—their contribution to community development and societal wellbeing.

The "jump-up linkage" program represents another exciting opportunity, supporting companies already participating in the Ministry's Jump-Up Program as they work toward becoming global leaders. Similarly, the super-gap linkage track will continue nurturing future growth engines identified through the Super-Gap Startup 1000+ Project.

Hwang Young-ho, director general for technology innovation policy at the Ministry, emphasized the program's importance: "In an environment of intensifying global competition, technological prowess is a key factor that determines a corporation's survival and growth. We will strengthen support for technological innovation focusing on small and medium-sized enterprises with high export potential."

This comprehensive approach demonstrates South Korea's commitment to creating an ecosystem where businesses of all types can thrive—whether they're pursuing export dominance, social impact, or breakthrough innovations. By removing barriers, providing substantial financial support, and recognizing diverse forms of value creation, the government is paving the way for a vibrant, innovative, and socially conscious business landscape.

For entrepreneurs and innovators across South Korea, this represents more than funding—it's an invitation to dream bigger, innovate bolder, and build a better future for everyone.