Suncheon-si Hosts Startup Idea Competition Hackathon

An Idea-Centered Competition Without Distinction Between Prospective and Existing Entrepreneurs

[Suncheon=Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City, Jeollanam-do (Mayor Heo Seok) announced on the 14th that it will hold a hackathon for the ‘2021 Suncheon Startup Idea Competition’ to discover startup founders with excellent ideas who will operate businesses diligently in the region. The event will take place over two days from the 16th to the 17th at the Suncheon Citizen Cooperation Center.

A hackathon refers to an event in the programming field where developers, designers, and others form teams and continuously produce results as if running a marathon. Recently, various sectors including government and private organizations have adopted and utilized the hackathon method.

The hackathon will be conducted in a way that induces the emergence of collective intelligence through joint team formation and collaboration among teams, focusing on idea analysis, advancement, and deriving improvement plans suitable for the ‘2021 Suncheon Startup Idea Competition.’

On the first day, a mentoring program by field will support teams in preparing ways to advance their ideas, and each team will carry out autonomous development activities.

On the second day, based on team development activities and results, 20 teams will be selected for the finals through presentation evaluations.

The finals are scheduled to be held in early December, where 10 teams will be selected through final evaluations combining citizen crowdfunding and investment attraction performance.

To enhance the practical effects of the competition, Suncheon City has introduced an investment system plan that expands commercialization support funds when external investment is attracted during the competition period and after the finals. The city plans to encourage startup teams to lead investment attraction activities through business plan presentation (IR) consulting and investor networking arrangements.

The city will award prize money of 30 million KRW to the first-place team and 10 million KRW each to teams placing second through tenth.

Selected teams will receive commercialization support funds ranging from a minimum of 90 million KRW to a maximum of 150 million KRW over three years, along with benefits such as startup space and housing support.

Incubating and accelerating specialized education and programs for startups are also prepared.

For more detailed information about the Startup Idea Competition, please contact the competition headquarters.

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