Ministry of Environment and K-water Hold First 'Water Industry Innovation Startup Expo'... Support for Commercialization and Investment

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Environment and Korea Water Resources Corporation held the '2020 Korea Water Industry Innovation Startup Competition' on the 20th at El Tower in Yangjae, Seoul.

This competition, held for the first time this year, was organized to discover excellent technologies with creative ideas and commercialization potential, expand the base of the water industry, and utilize it as a driving force for innovative growth.

Over a three-month application period starting in June, a total of 528 university students and citizens participated, submitting 226 water management projects (ideas or technologies/products).

The submitted projects were evaluated by a 100-member public evaluation panel and through training camps for finalists, resulting in the selection of 18 projects. Among these, the top 8 projects will have their final rankings decided through on-site competitions on the day of the event.

To prevent the spread of COVID-19, partitions were installed at the venue and attendance was staggered.

Award winners will receive a total of 102 million KRW in prize money and commercialization funds as prizes, and will also be given opportunities to commercialize their projects with various support from the Korea Water Resources Corporation.

To support the commercialization of innovative ideas in the water sector and the expansion into the global market through solving international water issues, related organizations such as the Korean Intellectual Property Office, Korea Venture Business Association, United Nations Office for Sustainable Development (UN OSD), and the Sustainable Development Goals (UN SDGs) Association participated together.

Since July 2017, the Korea Water Resources Corporation has been operating growth acceleration programs at each commercialization stage through the newly established startup support organization, the 'Water Industry Innovation Division.' For the excellent projects selected this time, the corporation will provide nationwide dams and water purification plants under its management as performance testing sites.

Various follow-up support measures have also been prepared, including activating investment attraction and granting eligibility to participate in overseas competitions for nurturing startups (ImagineH2O) in cooperation with related organizations such as the United Nations Office for Sustainable Development and the Sustainable Development Goals Association.

Cho Myung-rae, Minister of Environment, said, "We will continue to develop policies to nurture young companies with excellent technologies through communication with the public, injecting new vitality into the water industry ecosystem."

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