Asan Nanum Foundation Hosts the 11th 'Chung Ju-yung Startup Competition'

Recruiting Promising Startups Nationwide for Demo Day by the 15th of Next Month
Total Prize Money of 180 Million KRW Awarded to 12 Teams

[Asia Economy Reporter Kim Cheol-hyun] Asan Nanum Foundation (Chairman Jang Seok-hwan) announced on the 15th that it will hold the '11th Chung Ju-yung Startup Competition' to discover promising startups nationwide.

This competition will be conducted over approximately eight months, following the sequence of recruitment, screening, business execution, and demo day. Starting this year, the competition is divided into two tracks: the 'Preliminary Track' for prospective startup teams and the 'Corporate Track' for startups established within two years.

A total of 12 teams advancing to the business execution stage after the first document screening and second interview will be assigned office space at 'Maru,' the entrepreneurship platform operated by Asan Nanum Foundation, where they can carry out their actual business activities for about six months. Seed money, the initial funding necessary for the business, will be provided at 5 million KRW for the Corporate Track and 2 million KRW for the Preliminary Track.

Programs to support growth have also been prepared. Leading domestic venture capitalists and accelerator experts will provide one-on-one dedicated mentoring to assist the business execution stage. Additionally, expert lectures by field specialists and networking opportunities will be held, along with advisory support for preparing presentations aimed at attracting investment at the demo day.

Teams that advance to the demo day and win awards will receive a total prize of 180 million KRW. The competition is open to prospective startup teams or companies within two years of establishment nationwide, with a minimum of two members per team. For the Corporate Track, the cumulative investment amount must be within 500 million KRW as of the application date.

Jang Seok-hwan, Chairman of Asan Nanum Foundation, said, "This year marks the 10th anniversary since Asan Nanum Foundation started the Chung Ju-yung Startup Competition," adding, "We look forward to the birth of young entrepreneurs who will carry on Asan's entrepreneurial spirit and will wholeheartedly support the eight-month competition process."

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