Ministry of Land, Infrastructure and Transport and LX Host 'Spatial Information Utilization Startup Idea Contest'

[Asia Economy Reporter Lee Chun-hee] The Ministry of Land, Infrastructure and Transport announced on the 15th that it will hold the "Spatial Information Utilization Startup Idea Contest," hosted by the Ministry and organized by the Korea Land and Geospatial Informatix Corporation (LX), from the 16th of this month until the 31st of next month.

Now in its 5th year, this contest aims to foster the spatial information industry by discovering commercialization ideas using digital twins and spatial information. It is part of a comprehensive startup support program that provides startup funds, office space, and consulting necessary for business operations.

Spatial information is considered a foundational resource for leading key projects of the Korean New Deal, such as digital twins, big data, smart cities, and autonomous vehicles. It is recognized as a field requiring focused national development and ecosystem creation. The Ministry plans to actively discover and support spatial information startup companies through this contest and other initiatives, aiming to create jobs and establish the spatial information industry as a major national industry in the future.

Submitted ideas will undergo a first document screening on November 1st and a second presentation evaluation. A total of 12 teams will be selected, with 6 teams each in the preliminary startup and startup company categories. Winners will receive certificates and up to 30 million KRW in commercialization funds, along with opportunities for package-type startup support including office space and consulting. The "Spatial Dream Center," a startup incubation support space located within the LX Seoul Regional Headquarters in Gangnam-gu, Seoul, will provide office space for up to three years, along with IT infrastructure and consulting services (accounting, legal, technology development support, etc.).

Additionally, participants with outstanding ideas will be invited to events hosted by the Ministry, such as client briefing sessions and technology pitching days, to promote publicity and commercialization and to provide opportunities to meet potential clients.

Further details about the contest can be found on the National Spatial Information Portal or the LX website. For more detailed inquiries, please contact LX.

Nam Young-woo, Director of the Land Information Policy Division at the Ministry, stated, "We will strive not only to support startups through this contest but also to nurture professionals and promote R&D for new technology development, thereby strengthening the spatial information industry and its ecosystem."

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