Jeong Ju-young Startup Competition Selects 11 Teams That Overcame 110 to 1 Competition Ratio

Entering the Business Execution Phase... Incubating at Maru180 for 10 Weeks

[Asia Economy Reporter Kim Cheol-hyun] Asan Nanum Foundation (Chairman Han Jung-hwa) announced on the 22nd that it has finalized 11 teams advancing to the finals of the '9th Chung Ju-yung Startup Competition' and has entered the business execution phase.

The teams selected through a highly competitive ratio of 110 to 1 are ▲Dr. Tail ▲Medipal ▲Bluebeaker ▲Argos ▲Jinjihan Company ▲Cormina ▲Curio Studio ▲Craving Collector ▲Team Island ▲Payap ▲Hayan.ai.

They will receive dedicated mentoring for 10 weeks at the startup support center 'Maru180' operated by Asan Nanum Foundation and will execute their actual business. Mentors include leading domestic venture capital and accelerator experts such as Kim Kwang-soo, Partner at Bon Angels; Kim Young-duk, Executive Director at Lotte Accelerator; Kim Ho-min, CEO of SparkLabs; Park Hee-eun, Partner at Altos Ventures; and Han Sang-yeop, CEO of SOPOONG.

In the business execution phase, in addition to mentoring, a maximum of 2.5 million KRW in 'seed money' and up to 2.4 million KRW in living expenses for teams from provinces will be provided. During this period, specialized accelerating education programs necessary for early startups such as marketing, HR, investment, and presentation will be conducted for the teams advancing to the finals. They will also enjoy benefits as Maru180 resident companies, including support for overseas expansion, IT service provision, and recommendations to venture capital investors.

Teams advancing to the finals will be awarded prize money including a grand prize of 50 million KRW. Park Ji-young, Team Leader of the Startup Center at Asan Nanum Foundation, said, "This year’s Chung Ju-yung Startup Competition saw a record-high competition with as many as 1,220 teams applying. This competition rate is an indicator of the enthusiasm of domestic youth for startups, and Asan Nanum Foundation will spare no effort in systematic acceleration and full support for early startup teams during the business execution phase."

The Chung Ju-yung Startup Competition, a practical startup support program conducted to discover and support startups, started in 2012 and is now in its 9th edition. The final competition will be held on August 27 at Moss Studio in Gangnam-gu, Seoul.