Choi Tae-won's Heart Rate Rises at Innovative Teen Ideas...

January 2 Korea Chamber of Commerce 'National Development Project' Award Announcement
Final 6 Teams Selected Through Public Contest
Participants Say "Increased Realism Brings Hope"

[Asia Economy Reporters Choi Dae-yeol, Hwang Yoon-joo] "Everyone dreams of a better society. However, it is difficult to not only keep such ideas in mind but also put them into action. Even if they are manifested through actions, gaining recognition from the majority of society members is another level of challenge."

The National Development Project Contest, conducted by the Korea Chamber of Commerce and Industry (KCCI), started from this thought. It is a project initially planned when KCCI Chairman Chey Tae-won took office, aiming to gather ideas from individual citizens to find solutions to social problems or to lay the groundwork for national development through private sector initiatives. Based on collective intelligence, experts?businesspeople actively working on the front lines?help refine ideas and turn them into business items to be launched in the market. The final stage of the National Development Project, which began in June and has been ongoing for nearly half a year, will be revealed on the 2nd of next month. It has gained public attention by adopting an audition format from terrestrial broadcasting and adding entertainment elements.

Six teams advanced to the finals after the first and second rounds. These include ‘Korea Game,’ mentored by Chairman Chey Tae-won; ‘Sasohan Tonghwa’ (Minor Calls), mentored by POSCO Group Chairman Choi Jung-woo; ‘Nae Gwie Candy’ (Candy in My Ear), supported by Chairman Jang Byung-kyu; ‘Paeopdo Chang-eopman-keum’ (Closing a Business is Like Starting One), developed by Intel Korea President Kwon Myung-sook; ‘Kosssak,’ by Silban Group CEO Jung Kyung-sun; and ‘Our Neighborhood Hospital Has Changed,’ by Deloitte Korea Vice President Kim Hyun-jung. Over 4,704 entries were submitted during the 100-day application period, followed by document screening and on-site evaluations including 100-second pitching.

‘Korea Game’ was an idea submitted by a middle school student and received the highest number of ‘Shinbaksu’ (a coined term meaning ‘new and fresh,’ quantified as a score). The idea originated from pondering how to revitalize the economy of Gangjin, Jeonnam, the student’s grandmother’s hometown. It uses augmented reality (AR) to hide treasures across the country, allowing game participants to find them, thereby helping to stimulate the local economy. The game also adds fun by trading game items through non-fungible tokens (NFTs).

Chairman Chey Tae-won reportedly provided enthusiastic mentoring on the AR game prototype and ways to combine travel and accommodation.

‘Sasohan Tonghwa’ is an idea from an office worker at a general trading company. It combines video calls with a dementia diagnosis test to increase reliability. As society ages, national costs for dementia care inevitably rise, but this idea suggests that simple video calls with parents could save trillions of won in healthcare expenses. Chairman Choi Jung-woo and POSCO En2B President Lee Yoo-kyung focused their mentoring on legal issues and commercialization potential.

‘Nae Gwie Candy’ is an idea for emotional laborers such as call center workers. An employee of a quasi-governmental agency who frequently handles complaint calls intends to develop earphones or phones that filter abusive language using artificial intelligence (AI) technology to protect emotional laborers. Chairman Jang advised focusing more on software than hardware, citing Krafton’s data accumulation case, and exchanged opinions multiple times both face-to-face and remotely. The idea ‘Paeopdo Chang-eopman-keum,’ submitted by a self-employed person, is a platform for business closure transactions among self-employed individuals. Given that 9 out of 10 self-employed businesses close in Korea, it reflects concerns about an efficient closure system. President Kwon gathered venture companies with similar platform experience to suggest development potential and sustainability.

The family team’s idea ‘Kosssak, Not Kosdaq’ focuses on agriculture, a sector attracting interest from global consulting and venture industries. In a reality where many overseas seeds must be sustained through royalties, the idea is to create a trading platform like Kosdaq to protect food security. CEO Jung, who is also the grandson of the late Hyundai Group Honorary Chairman Chung Ju-yung, proposed establishing the world’s first social venture with the company’s mission as an ‘accelerator for domestic farmers.’

‘Our Neighborhood Hospital Has Changed’ is an idea to use medical data to address the problems of ‘3-minute consultations’ and improve hospital accessibility during night and weekend hours. Vice President Kim provided assistance by suggesting starting with what is possible given regulatory constraints.

The final grand prize-winning team will receive 100 million won, along with business opportunities and up to 4.5% equity in the company. Other teams also have business opportunities. A major advantage is the ability to utilize the know-how and infrastructure of companies. One participant who received mentoring said, "Since companies are directly involved, feasibility, innovation, and sustainability have greatly improved," adding, "It feels like a mild-flavored idea has been transformed into a spicy one."

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