Starbucks Launches 'Startup Challenge'... Accepting Ideas Until the 28th

In August 2020, the '2020 Starbucks Startup Cafe' lecture was held at the Starbucks Seongsu Station branch. Photo by Starbucks

[Asia Economy Reporter Moon Hyewon] Starbucks Korea announced on the 5th that it will hold the Starbucks Startup Cafe 'Startup Challenge,' a startup idea competition, in collaboration with the Ministry of SMEs and Startups.

Now in its third year, the Startup Challenge was designed to foster a healthy youth startup culture ecosystem. In 2020 and last year, a total of 207 prospective entrepreneurs applied, producing 20 award winners.

Idea submissions will be accepted until the 28th. Anyone who participated in the 2022 Starbucks Startup Cafe as a prospective entrepreneur or is an early-stage entrepreneur with less than one year of experience can participate. University students who have been entrepreneurs for less than three years are also eligible.

Submitted startup idea proposals and business plans will undergo online document screening, pitching for those advancing to the presentation evaluation, mentoring on presentation material composition, and offline presentation evaluation. The final 10 teams will be selected and announced on the 28th of next month.

The grand prize includes the Minister of SMEs and Startups Award and the Starbucks Korea CEO Award for one team each, the Excellence Award from the Seoul Center for Creative Economy and Innovation for one team, and Idea Awards for seven teams, totaling 10 teams and prize money of 16.5 million KRW. Follow-up support programs from the Seoul Center for Creative Economy and Innovation, such as ongoing startup mentoring and legal consultation, will also be provided.