The Startup Competition Ignites in the Southeast Mega City

218 Preliminary Startup Teams Supported in Busan, Ulsan, and Gyeongnam with 16:1 Competition Ratio
Final 14 Teams Selected Through Mentoring and Evaluation... Southeast Region Startup Atmosphere 'Heated'

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The ‘Southeast Mega City Startup Idea Competition,’ jointly launched this year for the first time by Busan City, Ulsan City, and Gyeongnam Province to promote startup cooperation in the Southeast region, is expected to be a huge success.

As of the application deadline on the 28th, a total of 218 teams applied, recording a high competition rate of 16 to 1.

This competition was initiated as a new startup support project adopted at the 2nd Southeast Win-Win Development Council working-level meeting in December last year, where the metropolitan local governments in the Southeast region cooperated to overcome the less favorable startup environment compared to the metropolitan area.

The competition began with a joint recruitment announcement by Busan City, Ulsan City, and Gyeongnam Province on June 29. After document and presentation evaluations (August 3?24) and customized education mentoring (September 8?11), the final 14 teams (7 pre-startups and 7 startup companies) will be selected at the integrated finals on September 22.

The 14 teams selected will receive a total prize money of 100 million KRW, including 10 million KRW for the grand prize (2 teams), 7 million KRW for excellence awards (6 teams), and 4 million KRW for encouragement awards (6 teams), along with various benefits such as commercialization support, investment support, and linkage support.

The awards ceremony is scheduled to be held on November 5 at the Grand Mercure Ambassador Changwon, where a rocket pitching session and a talk section exploring the activation of the Southeast startup ecosystem will also take place.

Kim Yoon-il, Director of the Job Economy Office of Busan City, said, “This competition, which started with a high competition rate, is expected to be the first step in startup cooperation in the Southeast region and to relieve the startup thirst in the stagnant Busan, Ulsan, and Gyeongnam areas.”

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