Southeast Region Mega City Startup Idea Competition
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do and the Gyeongnam Creative Economy Innovation Center are recruiting prospective entrepreneurs and startup companies to participate in the 2022 Southeast Mega City Startup Idea Competition until September 2.
The '2022 Southeast Mega City Startup Idea Competition' is the largest startup competition in the Southeast region, jointly organized by Ulsan City, Busan City, and Gyeongsangnam-do to discover and support outstanding startups that will lead the Southeast regional economy.
Starting in 2020, the competition was held in Gyeongnam and Busan, and this year it will be held for the third time in Ulsan.
According to the Gyeongnam Center, in 2020, a total of 218 teams participated with a competition rate of 16 to 1, and in 2021, 229 teams participated with a competition rate of 17 to 1.
In 2020, Share & Service won the grand prize in the prospective entrepreneur category, and Team Plback won in the startup company category. Last year, Proxy Healthcare won the grand prize in the prospective entrepreneur category, and Manmanhanyeoseok won in the startup company category.
A center official stated, “Including Proxy Healthcare Co., Ltd., which won the grand prize last year, the total investment attraction scale of 18 companies reached 11.3 billion KRW as of 2021, with sales of 7 billion KRW, showing a steep growth trend. Proxy Healthcare Co., Ltd. and Netspa have also achieved great results this year by attracting follow-up investments of about 9.5 billion KRW.”
This year, applications are open without regional restrictions for ▲ prospective entrepreneurs and startups less than 3 years old, and ▲ startups between 3 and 7 years old.
Startup companies and prospective entrepreneurs based in or residing in the Busan, Ulsan, and Gyeongnam areas, as well as companies selected for Bug's Day jointly hosted by the Busan, Ulsan, and Gyeongnam centers, will receive additional points.
The competition prize money totals 100 million KRW, distributed as follows: ▲ Grand Prize 10 million KRW for 2 teams ▲ Excellence Award 7 million KRW for 6 teams ▲ Encouragement Award 4 million KRW for 6 teams ▲ Special Award 2 million KRW for 4 teams.
The preliminary round will be conducted through document screening and online presentation evaluation by category, with 15 teams of prospective entrepreneurs and startups less than 3 years old, and 15 teams of startups between 3 and 7 years old advancing to the integrated final round.
The Gyeongnam Center will provide group education and individual customized mentoring for companies that pass the preliminary round and plans to select the final 7 teams in each category at the integrated final round around November.
The top 3 teams with the highest scores in each category at the integrated final round will make their final presentations at the competition's last event, the 'Roadshow.' The final rankings will be determined by combining the integrated final round scores and the audience evaluation scores.
The Roadshow will be held on December 2 at the Ulsan Startup Festa (USF2022), featuring final presentations by 6 teams, rocket pitching, startup lectures, and company exhibitions.
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