'2024 Startup Incubating Competition' Held
87 Startup Teams and 41 Contributors to Startup Infrastructure Awarded
The Ministry of SMEs and Startups announced on the 20th that it held the '2024 Startup Incubating Competition and Integrated Startup Infrastructure Performance Report Meeting' at the Westin Chosun Busan.
The 'Startup Incubating Competition' is a startup event held for the first time this year by integrating various startup competitions that were previously held separately by each startup infrastructure to enhance their outcomes. Moving away from the typical pitching competition format, promising startup teams were specially selected from about 500 companies using startup infrastructures nationwide and underwent a 3-month intensive incubation, supporting prototype production and business model advancement in a 'nurturing and growth-oriented' competition format.
A total of 552 teams participated across 5 divisions in this competition, and after preliminary and final rounds, 87 teams received awards. The grand prizes (Minister of SMEs and Startups Award) were awarded to Adiv in the Item division, EMCity in the Early Commercialization Manufacturing division, RealTimeMediCheck in the Early Commercialization Service division, MediThings in the Growth Commercialization Manufacturing division, and Glaud in the Growth Commercialization Service division.
The final winners received certificates along with prize money of up to 5 million KRW, and even after the competition, continuous benefits such as priority admission to nationwide startup infrastructures, priority participation in support programs, and support for product mass production linkage through the Korea Industrial Complex Corporation will be provided.
Additionally, at this awards ceremony, 41 individuals who contributed to building the startup ecosystem foundation, including excellent startup infrastructure institutions and dedicated personnel, were honored to encourage those working on the front lines nurturing startups.
After the awards ceremony, about 300 dedicated personnel from startup infrastructures nationwide gathered by region to present excellent programs and operational cases reflecting regional characteristics and discussed ways to strengthen sustainable exchange and cooperation among startup infrastructures.
Lim Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, stated, "This event is significant as a place to celebrate the achievements of startup infrastructures and startup companies that strongly support the Korean startup ecosystem and to explore future development directions together." He added, "I hope that each startup infrastructure will unite as one to become a stepping stone for a new leap in the startup ecosystem."
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