Kyowon Group, "Co-Growth with Startups"... Hosting an 1.1 Billion Won Public Contest

'2021 Teacher Deep Change Startup Prize' Contest

Kyowon Group announced on the 27th that it will hold the '2021 Kyowon Deep Change Startup Prize' contest.

[Asia Economy Reporter Junhyung Lee] Kyowon Group announced on the 27th that it will hold the '2021 Kyowon Deep Change Startup Prize' contest under the theme of 'Towards Unexpected Synergy.' The application period is until July 31 of this year.

The contest fields are divided into three categories: Edutech, Information and Communication Technology (ICT), and Lifestyle. Kyowon Group plans to select promising startups in the Edutech field that have innovative services for infants and toddlers or are involved in new media content areas such as the metaverse. In the ICT field, they are looking for startups with creative ideas in AI services based on big data. In the lifestyle field, the company expects participation from startups related to new business ideas targeting single-person households and elderly households.

This year, the restriction on startup companies has been lifted. Until last year, Kyowon Group limited applicants to early-stage startups and growth companies. However, from this year, all startups with innovative ideas and technological capabilities can apply.

The selected startups will receive a total of 1.1 billion KRW in prize money and investment funds. Kyowon Group plans to conduct pre-investment by simultaneously reviewing support and investment starting this year. Additionally, through mentoring by Kyowon Group experts, they will explore collaboration methods such as business potential and technology commercialization.

A Kyowon Group official said, "Through this contest, we will develop a model where excellent startups and Kyowon Group affiliates can organically cooperate and expand opportunities for mutual growth," adding, "We hope many teams will participate as we have reduced unnecessary programs and extended the support period."