Suncheon City Successfully Concludes the '2021 Suncheon Startup Idea Competition'

Targeting IoT Buoy Service 'Oden (ODN)'

[Suncheon=Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City, Jeollanam-do (Mayor Heo Seok) announced on the 7th that it has concluded the five-month journey of the ‘2021 Suncheon Startup Idea Competition,’ which began in July.

The final round held at Suncheon’s Brew Works involved presentations of ideas by 18 teams, followed by a Q&A session with the judges.

To assess the investment potential of the submitted ideas, leading domestic venture capitalists and accelerators attended, and the vivid scenes of the competition were broadcast live on YouTube.

The grand prize was awarded to ODN, an IoT buoy service aimed at popularizing smart aquaculture and building aquaculture big data.

In addition, the Excellence Award A teams included Castblack, Selbio Co., Ltd., TL Co., Ltd., and Nanurian, while the Excellence Award B teams comprised Garojureum Co., Ltd., Beautysoop, Suncheon Beer, Du-il ENC, and Safe Dream Co., Ltd., totaling nine teams.

The grand prize team received a prize of 30 million KRW, and the Excellence Award A and B teams each received 10 million KRW.

The winning teams will receive commercialization support funds ranging from a minimum of 90 million KRW to a maximum of 150 million KRW over three years, along with incubation and acceleration specialized education and programs for startups.

Furthermore, the grand prize and Excellence Award A teams will be granted startup space and housing support benefits.

Mayor Heo Seok of Suncheon said, “Through the creation of the Suncheon startup ecosystem, we will provide startup opportunities and offer full support so that the dreams of all entrepreneurs can become a reality in Suncheon, the land of opportunity.”

The Suncheon Startup Idea Competition is a program held to discover entrepreneurs with excellent ideas who will operate businesses diligently in the region, and this year marks its second edition.

After document screening, preliminary rounds, hackathon, IR demo day, and the final round, 10 teams out of 190 were finally selected to start their businesses in Suncheon.