'Challenge! K-Startup 2020 Innovation Startup League' Officially Begins

Recruitment of Participants for the Preliminary League of the Buddha Joint Startup Competition

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) and the Korea Institute of Startup & Entrepreneurship Development (President Kim Kwang-hyun) announced on the 13th that they are recruiting participants for the 'Challenge! K-Startup 2020 Innovation Startup League' through 19 Creative Economy Innovation Centers nationwide.

From today until June 15, participants are being recruited for the Innovation Startup League, which serves as the Ministry's preliminary league for the joint ministry startup competition 'Challenge! K-Startup 2020.' Anyone who is a startup founder within 7 years or a prospective entrepreneur with promising startup ideas can participate.

Outstanding startup companies selected through each ministry's competition will advance to the joint ministry startup competition 'Challenge! K-Startup 2020 Integrated Finals' and compete for the top prize of 300 million KRW. This year, 'Challenge! K-Startup' is held jointly by a total of seven ministries, including three new ministries participating for the first time.

The grand champion teams will receive the Presidential Award, Prime Minister's Award, and prize money, along with follow-up support programs such as startup support, research and development (R&D), and patents.

The Innovation Startup League has seen a total of 20,264 participants over four years since 2016. Among the 50 grand champion teams, 28 teams (56%) originated from the Innovation Startup League, discovering many promising startups. In the past three years, the grand prize winners of the finals?Designoble in 2019, Innerbottle in 2018, and Everspin in 2017?were all from the Innovation Startup League.

This year as well, participants will be recruited at Creative Economy Innovation Centers nationwide, and through regional preliminaries and comprehensive preliminaries, 55 teams will be selected to advance to the integrated finals. Additionally, the Creative Economy Innovation Centers will provide mentoring to teams that pass the regional preliminaries and those advancing to the integrated finals to help them achieve good results in the competition. The Innovation Startup League accepts online applications through the K-Startup website until June 15, with recruitment announcements available for reference.

Kim Kwang-hyun, President of the Korea Institute of Startup & Entrepreneurship Development, said, "Challenge! K-Startup is a startup support program designed to discover promising startups and widely spread the entrepreneurial spirit," adding, "We hope many entrepreneurs will take on the challenge."