Ministry of SMEs and Startups Partners with Large Corporations to Host 'Startup Convergence Contest'

'The Power of Connection, Digital Dream 9' Applications Open from 31st to Next Month 20th
A New Contest Where Large Corporations Propose Challenges and Startups Solve Them

At the 'Power of Connection Digital Dream 9' project launch ceremony held at Tipstown in Seoul on the 30th, a commemorative photo is being taken. (From left: SKT Executive Director Jaehwan Lee, KT Executive Director Jungho Park, KBS Head Heungsu Seo, LG U+ Executive Director Changguk Choi, MS Division Head Hongguk Jang, Minister of SMEs and Startups Youngsun Park, Lotte Central Research Institute Executive Director Junghoon Lim, L'Or?al Executive Director Okyeol Bae, Theborn Korea Executive Director Taebong Cheon, Philips Head Hyoseok Kim, Dassault Syst?mes CEO Joon Jeong, LG Display Executive Director Heeyeon Kim)

[Asia Economy Reporter Kim Heeyoon] On the 30th, the Ministry of SMEs and Startups unveiled the tasks for the ‘Power of Connection, Digital Dream 9’ contest at Tipstown in Gangnam-gu, Seoul.

Power of Connection, Digital Dream 9 is a new type of contest where large corporations propose challenges and startups solve them. Large corporations aim to leverage external creative ideas and technologies to create opportunities for new markets and new businesses, while startups are expected to establish growth foundations through collaboration with prominent companies. The fields are set to represent the post-COVID-19 era, including Artificial Intelligence (AI) and content, immersive media, future mobility, digital healthcare, food tech, and eco-friendly materials. The Ministry of SMEs and Startups, along with representatives from large corporations and experts from universities and research institutes, planned the tasks.

The Ministry of SMEs and Startups announced the tasks for the new type of contest "The Power of Connection, Digital Dream 9," where nine major corporations present challenges and startups solve them, on the 30th. Table = Provided by the Ministry of SMEs and Startups

About 10 startups selected through a three-stage screening will be given up to two months to enhance their solutions. They will also have opportunities for consulting and mentoring from large corporations and universities/research institutes. In November, three final teams will be selected through pitching. The Ministry will support the selected startups with commercialization funds (100 million KRW), technology development (up to 400 million KRW), and special technology guarantees (up to 2 billion KRW). Startups wishing to take on the challenge of solving the proposed tasks can apply through the K-Startup Startup Support Portal from the 31st until August 20th.

Minister Park Young-sun of the Ministry of SMEs and Startups stated, “It is necessary to create an ecosystem where large corporations and startups can grow together through collaboration,” adding, “Based on the results of this contest, from next year we will establish the ‘Large-Startup Solver Platform’ that connects startups to solve problems faced by large corporations.”

This content was produced with the assistance of AI translation services.