"Calling All Startups Nationwide" 2021 B-Startup Challenge Held... Fulfill Your Dreams in the 'Startup Mecca' Busan

National Busan Startup Investment Competition, Total Investment of 300 Million KRW, Applications Open Until April 16

For Companies Within 5 Years of Establishment, Judged by Private Investors in the Capital Area, Follow-up Investment Opportunities

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] A nationwide competition to select startup companies with excellent items and technologies, with a total investment of 300 million KRW, will be held in Busan.

The Busan Metropolitan City (Acting Mayor Lee Byung-jin) announced that it will recruit startup companies to participate in the 3rd "2021 B-Startup Challenge" from March 29 to April 16.

The B-Startup Challenge is a startup investment competition targeting nationwide startups with excellent items and technologies to strengthen the competitiveness of the regional startup ecosystem. It started in 2019 and is now in its third year.

The competition offers a total investment of 300 million KRW and is open to startups established within the last five years nationwide. It is a nationwide startup investment attraction competition jointly hosted by Busan Metropolitan City, BNK Busan Bank, and Busan Cultural Broadcasting, and organized by the Busan Economic Promotion Agency.

This year’s investment fund increased by 100 million KRW compared to the 2nd competition last year. The grand prize is 130 million KRW, gold prize 80 million KRW, silver prize 50 million KRW, bronze prize 30 million KRW, and special prize 10 million KRW, all fully funded by BNK Busan Bank.

The investment will be primarily conducted through equity investment, but any portion exceeding 15% equity will be converted into prize money through subsequent negotiations.

BNK Venture Investment, the Korea Accelerator Association, and private investors from the Seoul metropolitan area will participate extensively as judges, providing a great opportunity for startups seeking investment.

As a special benefit linked to this competition, the top 10 finalists will receive support from Busan Bank’s 'SUM Incubator' program, and Busan Cultural Broadcasting will produce separate promotional broadcast programs for the winning companies, among various follow-up supports.

Applications for the competition will be accepted online through the Busan Economic Promotion Agency Startup Support Center website until April 16. After document screening in April and face-to-face screening and preliminary rounds in May, the final 10 companies will advance to the finals held at BNK Busan Bank on June 10.

Previously, the 2nd competition winner, Wayne Hills Ventures Co., Ltd., secured follow-up investments exceeding 1 billion KRW and signed a video production contract for BNK Busan Bank deposit products.

Also, AI Platform Co., Ltd. was selected as a blockchain-based medical MyData platform operator by Busan City. Sonic Dutch Korea Co., Ltd. achieved results such as a $210,000 export contract with a Russian jewelry retailer.

Acting Mayor Lee Byung-jin of Busan said, “Last year’s 2nd competition winners are experiencing explosive growth through increased sales, employment, and various follow-up investments,” adding, “We expect nationwide excellent entrepreneurs to show great interest in this opportunity to demonstrate unlimited potential and growth possibilities.”

For more details, contact the Busan City Job Startup Division or the Busan Economic Promotion Agency.

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