Toss Hosts Next 'Unicorn' Discovery Competition

[Asia Economy Reporter Kiho Sung] Toss announced on the 6th that it will hold the startup competition "Pound" with an investment attraction fund of 1 billion KRW.

This competition was organized to actively discover promising prospective entrepreneurs and startup companies both domestically and internationally, and to invigorate the startup ecosystem. The name of the competition, "Pound," simultaneously means "discovered" a problem to be solved and "founded" a company.

Applications can be submitted through the competition website until the 23rd of this month. Both prospective entrepreneurs and existing startup operators are eligible to apply, and anyone with an "idea that can change the world by integrating IT technology" can participate. Since the pre-registration began in December, over 600 teams have already expressed their intention to participate.

Toss will select the finalists through document screening at the end of January and hold the finals from March to April to choose three ultimate winning teams. They will receive a total investment of 1 billion KRW, distributed differentially, and will be provided with benefits such as coaching and partnerships for growth even after the competition ends.

Judges include Toss CEO Seunggun Lee and Chief Strategy Officer Hyunwoo Seo, along with famous domestic VCs and startup industry leaders. The judges will be divided into three groups to mentor the candidates they select directly and compete for the championship.

In particular, the competition process will be produced as a total of six episodes and streamed through Toss's YouTube channel. Toss expects that the fresh ideas of the founders being transformed into products and their intense competition will be conveyed interestingly, raising public awareness of startups.

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