KCCI's 'National Development Contest' Receives Over 400 Entries Within One Month of Launch

August, 'Gilrajabi Audition' Held... Application Deadline September 24
'Eco-friendly' Theme Most Common, Followed by 'Youth Entrepreneurship and Job Support'

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is giving a greeting at the press conference for the National Development Project Contest held on the afternoon of the 7th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] Innovative ideas are flooding in for the first-ever "National Development Project Contest" initiated by the Chaebol-led Korea Chamber of Commerce and Industry (KCCI), addressing topics such as "ways to reduce housing costs for youth," "social utilization of retirees' talents," and "solutions to regulations entrenched by vested interests."

KCCI announced on the 4th that the contest received about 400 submissions. Since applications opened in mid-June, an average of around 20 entries have been submitted daily.

The contest featured ideas aimed at solving long-standing societal issues such as economic support for the younger generation, disaster and safety, eco-friendliness, and regulatory challenges through new technologies like AI, metaverse, robotics, and green energy.

By theme, eco-friendly ideas accounted for the largest share at 18%. Solutions were proposed for reducing problematic delivery packaging and containers, as well as eco-friendly transportation methods. This was followed by "Youth Entrepreneurship and Job Support" (17%), "Fourth Industrial Revolution-related Technologies" (11%), "Regional Balanced Development" (10%), "Low Birthrate and Aging" (9%), and "Support for Small Business Owners" (5%).

By category, companies accounted for 37% of total submissions, university affiliates (professors, students, etc.) 6%, and the remaining 57% came from the general category. Among companies, startups made up 60% of submissions, the largest share, while large corporations such as Samsung, Hyundai Motor, SK, Lotte, POSCO, and Hanwha also participated. Universities like Korea University, Soongsil University, and Kookmin University submitted numerous entries.

"Grand Prize Winner to Receive 100 Million KRW + Up to 4.5% Equity Stake"

A total prize pool of 229 million KRW has been prepared for this contest. The grand prize winner will receive 100 million KRW. If the winning idea is commercialized, the winner will be granted up to a 4.5% equity stake.

This is the first time in history that equity stakes are offered in addition to prize money for ideas selected in a contest. If a corporation is established based on the winning idea and investments of around 10 billion KRW are made, the idea provider will receive an additional equity stake valued between 100 million and 450 million KRW on top of the prize money. The idea provider may also participate as a member of the project to realize their idea in the future.

Since the appropriate value of the idea must be assessed under commercial law, the exact equity percentage will be determined later through evaluation by an accredited appraiser.

A pilot event called the "Preview Audition" for the National Development Project was also announced. For submissions in the "company" category received by July 15, an audition will be held in mid-August. This aims to publicly showcase company entries in advance to enhance public understanding of the contest.

Company members wishing to participate in the preliminary audition should select the "company" category and complete their final project submission by July 15. The secretariat will select 10 teams through a separate document screening to receive audition opportunities. Selected teams will pitch for about 10 minutes and receive feedback from judges.

Participation in the company category is still possible after July 15. In this case, company participants will undergo the same selection process as other categories without the preliminary audition. Companies not selected for the "Preview Audition" can revise and improve their submissions and resubmit by September 24 to advance through document screening to the next stage.

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