South Korea to offer trade secret certification for startup applicants after data leak

The South Korean government, through its Ministry of SMEs and Startups, will begin providing trade secret original certification services to applicants of its 'Startup for All' program. This initiative aims to protect the intellectual property of startups following a significant data leak that compromised the information of 5,000 applicants.

First Vice Minister Roh Yong-seok issued an apology for the breach, which involved an artificial intelligence solutions company exploiting a website vulnerability to access applicant data, including email addresses and summaries of their business ideas. The ministry plans to conduct thorough external investigations and security inspections to prevent recurrence.

A trade secret original certification serves as a legal safeguard, verifying the existence and possession of confidential business information at a specific time, which can be crucial in establishing ownership during legal disputes. The 'Startup for All' program, an audition-style incubation project, selected 5,000 candidates out of approximately 63,000 applicants in its first round. Of these, 1,000 will proceed to further stages, with about 100 finalists competing for up to 1 billion won (US$654,500) in support.