Busan Hosts National Student Startup Idea Competition; Total Prize Pool of 73.5 Million Won

[Financial News] Promising high school, college, and graduate student startup teams from across the country will gather in Busan to showcase their startup ideas and compete over their potential for commercialization.


Busan Metropolitan City Government and the Busan Technology Startup Investment Agency announced on the 6th that they will hold the final round of the 12th Busan Startup Idea Competition at Exhibition Hall 1 of BEXCO on the 7th.
The competition was organized to identify innovative startup ideas from high school, college, and graduate students nationwide and support aspiring entrepreneurs in pursuing and developing their businesses. This year, the event is being held in conjunction with FLY ASIA, an international startup event, giving participating students an opportunity to experience the actual startup ecosystem and connect with investors and business representatives.
A total of 346 teams applied for this year's competition, once again demonstrating the strong enthusiasm for youth entrepreneurship. After document and preliminary evaluations, 15 teams advanced to the final round, overcoming competition of 23 to 1.
Six finalist teams are from Busan and nine are from other regions, bringing together young people from across the country. The total prize pool for the final round is 73.5 million won. The Busan Mayor's Award will go to one team with a prize of 15 million won, while the awards from the presidents of 11 universities will each carry 5 million won. The KOSAF Chairperson's Award comes with 1.5 million won, and the Busan Anchor Center Director's Award and the Busan Technology Startup Investment Agency Director's Award each come with 1 million won.
A special lecture will also be held to share entrepreneurs' firsthand experiences and insights. In addition, an interactive event will allow visitors to predict the final results, with various prizes and coffee coupons awarded through a draw.
The competition will begin at 1 p.m. on the 7th at the IR Stage inside the FLY ASIA venue. The program will include the judging, a special lecture on entrepreneurship, a public participation event, and an awards ceremony.
Kim Su-jin, head of the Busan Technology Startup Investment Agency, said, "This competition marks a starting point for the creative ideas of young people from across the country to move into the worlds of investment and entrepreneurship. In particular, since it is being held in conjunction with FLY ASIA, I hope participants will have the opportunity to network with various startup stakeholders and take their ideas to the next level. We will strengthen follow-up support and links to startup support programs so that the competition leads to actual startups rather than ending as a one-off event."
[email protected] Byeon Ok-hwan Reporter