Busan Bank Announces Recruitment of Participants for Startup Investment Competition 'B-Startup Challenge'

BNK Busan Bank will begin recruiting participating companies for the 5th Startup Investment Competition, the ‘2023 B-Startup Challenge,’ starting from the 22nd.

The ‘B-Startup Challenge’ was established to discover outstanding startup companies and revitalize the startup ecosystem. So far, it has produced a total of 19 award-winning companies and attracted follow-up investments totaling 22.4 billion KRW.

The competition is jointly hosted by Busan Bank, Busan City, and Busan MBC, and co-organized by the Busan Economic Promotion Agency and BNK Venture Investment.

This year’s competition targets startups nationwide that have been established within the last five years. The total investment amount of 300 million KRW is fully funded by Busan Bank. The prize money is awarded in the form of equity investment: 130 million KRW for the grand prize, 80 million KRW for the gold prize, 50 million KRW for the silver prize, 30 million KRW for the bronze prize, and 10 million KRW for the special prize.

Promotion of the 5th Startup Investment Competition ‘2023 B-Startup Challenge’.

Additionally, companies advancing to the finals will be offered the opportunity to participate in Busan Bank’s ‘SUM Incubator’ program. Award-winning companies will be linked to local government support projects, and companies that pass the preliminary round will be given opportunities for follow-up investment. Various other benefits will also be provided.

Kang Seok-rae, Head of Business Planning at Busan Bank, said, “We hope that this B-Startup Challenge will serve as a foundation for growth for early-stage startups. Busan Bank will continue to discover various projects that can act as a catalyst for startup companies.”

Applications for the competition will be accepted until June 9th through the Busan Startup Portal website. For inquiries related to the competition, please contact the Startup Support Team at the Busan Economic Promotion Agency.