Ministry of SMEs and Startups Opens Recruitment for Participants in Korea's Largest Startup Competition

by Choi Donghyeon

Published 27 Mar.2022 12:00(KST)

Recruitment of Participants for the General Category of Innovation Startups in 'Challenge! K-Startup 2022'

<article>Ministry of SMEs and Startups Opens Recruitment for Participants in Korea's Largest Startup Competition</article>

[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups announced on the 27th that it will recruit participants for the 'Challenge! K-Startup 2022' Innovation Startup General League from April 28 to May 16.

'Challenge! K-Startup 2022' is the largest government-wide startup competition in Korea, operated collaboratively by the Ministry of SMEs and Startups and 11 other ministries. Each ministry holds 10 preliminary leagues, selects outstanding teams from each league, and through the integrated finals (210 teams) and the champions' tournament (30 teams), selects the final winners (20 teams).

Among the 10 preliminary leagues, the 'Innovation Startup League' is divided into the 'General League' for individual entrepreneurs and the 'Club League' for startup clubs (such as startup circles and hobby groups).

The 'Innovation Startup General League' currently recruiting participants is conducted for entrepreneurs within 7 years of establishment who possess promising startup ideas, unlike the 9 preliminary leagues operated in specialized fields by each ministry. It is operated through 19 Creative Economy Innovation Centers nationwide.

At each regional Creative Economy Innovation Center, entrepreneurs will compete in regional preliminaries through document and presentation evaluations, and a total of 115 teams will be selected to advance to the comprehensive preliminaries.

In the comprehensive preliminaries, the final 46 teams advancing to the finals will be selected through presentation evaluations.

Additionally, each Creative Economy Innovation Center supports the growth of participating teams by providing continuous mentoring, including business capability enhancement and investor relations (IR) pitching skill development, targeting teams that pass the regional preliminaries and those advancing to the integrated finals.

Meanwhile, the newly established 'Innovation Startup Club League' this year will have startup-focused universities selected in February host regional preliminaries (6 regions) and select teams advancing to the finals, with separate recruitment planned for May.