Korea eyes creation of 100 defense-focused startups by 2030

Korea will provide support to nurture 100 defense-focused startups by 2030 in an effort to strengthen the defense industry's growth potential and better adopt cutting-edge technologies, government officials said Monday. As part of the blueprint to foster defense startups, the government will also aim to nurture 30 venture companies capable of generating 100 billion won ($69 million) in yearly sales by 2030, according to the Defense Acquisition Program Administration (DAPA) and the Ministry of SMEs and Startups. Under the plan, the government will offer opportunities for startup companies to cooperate with military branches and existing defense contractors to lower their entry barrier into the market. The plan also calls for supporting research and development (R&D) for startups from the early stages of arms development, and ensuring that they take part in defense contracts on an equal footing with big corporations. The Ministry of SMEs and Startups and DAPA plan to assess the progress of the plan through a pan-government control tower to ensure its implementation.