KAMCO Holds 'Digital New Deal Startup Competition' Utilizing Public Data

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 5th that it will hold the 'Public Data Utilization Startup Competition.'

This competition was prepared to discover and nurture business models utilizing public data such as Onbid auction information and to support startups. The event is jointly hosted by KAMCO and the Seoul Creative Economy Innovation Center.

The competition proceeds through idea submissions, startup mentoring, and business model evaluation. Anyone who is a prospective entrepreneur or a startup within three years of establishment can apply. Applications are open from today until the 31st of next month.

The theme of the contest is 'Application (App) and Web-based Business Models Utilizing KAMCO Public Data.' Business models combining public data from other institutions or private data can also be submitted. In the preliminary round, business feasibility and public data utilization will be evaluated, and 10 teams will receive development support funds of 1 million KRW each. IT startup expert mentoring will also be provided to help develop the selected ideas into business models.

In the final round held in November, the final business models of the 10 teams that passed the preliminary round and mentoring will be evaluated and awarded. One grand prize team will receive 10 million KRW, one excellence prize team will receive 6 million KRW, and two outstanding prize teams will receive 3 million KRW each. The four teams selected in the final round will receive follow-up support such as intensive mentoring, investment linkage, corporate promotion, and preferential office space from the Seoul Creative Economy Innovation Center.

Namgung Young, head of KAMCO's Public Development Headquarters, said, "We hope this competition will be an opportunity for public data and innovative ideas to come together and develop into innovative businesses."

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