30 Teams Selected for the 13th Chung Ju-Yung Startup Competition by Asan Nanum Foundation
Reading Time: 2 minutesThe Asan Nanum Foundation has selected 30 teams to participate in the 13th Chung Ju-Yung Startup Competition, aimed at discovering promising startups in Korea, and held a workshop on June 13th and 14th before the business execution phase. These 30 teams, chosen from a highly competitive pool with a 47:1 ratio, represent various fields such as healthcare, mobility, content, and education. The competition features 10 early-stage startups in the ‘Growth Track’ and 20 prospective startups in the ‘Challenge Track.’
The selected teams will enter the business execution phase for the next six months, receiving various benefits such as office space, seed money, expert consulting, and mentoring. They will move into the ‘MARU Seed Zone,’ a short-term residency space within the startup hub MARU located on Teheran-ro. Growth Track teams will receive 8 million KRW, and Challenge Track teams will receive 3 million KRW as initial business funds. Additionally, the 30 startup representatives will regularly network with mentors comprising leading venture capitalists, accelerator partners, and experienced entrepreneurs to gain insights and knowledge in their respective fields.
Furthermore, through the ‘MARU Benefit’ program, startups can access essential solutions such as recruitment, legal services, translation, and cloud credits for free or at discounted rates. They will also receive support for marketing, global expansion, and more. The ‘MARU Connect’ program allows them to apply for mentoring from experts across 37 different fields.
After the six-month business execution period, the Asan Nanum Foundation will conduct preliminary evaluations to select 12 finalist teams for Demo Day in November. The finalist teams will showcase their business pitches on the Demo Day stage, with prize money totaling 240 million KRW awarded to the winning teams.
Lim Sang-won, CEO of InBlog, who attended the workshop, expressed, “I am delighted to be selected as one of the teams in the Growth Track of the 13th Chung Ju-Yung Startup Competition. I am looking forward to the growth we will achieve through this competition and will do my best in the business execution phase to reach the Demo Day stage in November.”
Chun Sung-woo, head of the startup team at the Asan Nanum Foundation, stated, “This year, we received the highest number of applications ever for the Chung Ju-Yung Startup Competition, allowing us to meet a diverse range of teams and once again confirming the intense interest in the competition as a gateway for startups. The Asan Nanum Foundation will spare no effort in supporting these selected teams to fully challenge themselves and grow over the next six months.”
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