Finding Solutions for Sustainable Development in Venture and Startup Companies

Ministry of SMEs and Startups and ADB Host 'Asia-Pacific Sustainable Development Business Model Contest'

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups and the Asian Development Bank (ADB) announced that they will accept applications from the 6th and hold the "Asia-Pacific Sustainable Development Business Model Contest" for four months to find solutions for sustainable development in the Asia-Pacific region through venture companies and startups.

Last September, the Ministry of SMEs and Startups jointly established the "ADB Venture Fund" worth 60 million dollars with ADB. The ADB Venture Fund is the first fund established jointly with an international organization, with the Korea Fund of Funds contributing 10 million dollars and the Ministry of Economy and Finance's e-Asia Knowledge Cooperation Fund contributing 5 million dollars. It focuses on investing in domestic and foreign startups that contribute to sustainable development in the Asia-Pacific region.

The Ministry of SMEs and Startups is taking a step further beyond establishing the joint fund by holding the "Asia-Pacific Sustainable Development Business Model Contest" to actively discover business models that can contribute to sustainable development.

The participants are domestic and foreign startups and university students who are (prospective) entrepreneurs, and the contest themes are selected as climate change response and gender equality, which are key issues among the seven major challenges in the Asia-Pacific region.

Through two rounds of judging, three final teams will be selected. The judging panel consists of ADB, impact venture capital, and others, and will select excellent business models based on expertise.

The five teams selected in the first round will receive IR strategy mentoring to produce better results, and the three final selected teams will receive the Minister of SMEs and Startups Award, ADB Ventures Award, and CEO of Korea Venture Investment Award, along with prize money of 10 million won, 5 million won, and 3 million won respectively. The final selected teams will also receive support for follow-up investment, such as holding IR sessions targeting domestic and international impact venture capitalists to commercialize their business models through investment attraction.

The application period is from the 6th to October 15th, and applications are accepted online through the contest’s dedicated website. Detailed information about the contest can be found on the website. The final judging and awards ceremony are scheduled to be held in conjunction with the "ADB Venture Roadshow" planned for the end of this year.

Yang Seung-wook, head of the Venture Investment Division at the Ministry of SMEs and Startups, said, "This is a valuable opportunity prepared through continuous cooperation with international organizations, and we ask for active participation from entrepreneurs and startups interested in ESG and sustainable development."

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