Breaking Through 73:1 Competition Ratio, 12 Startups Emerge in the Startup Ecosystem
Start of Business Execution Phase for the 'Jeong Ju-young Startup Competition'
[Asia Economy Reporter Kim Cheol-hyun] Asan Nanum Foundation (Chairman Jang Seok-hwan) announced on the 30th that it has finalized the 12 teams advancing to the finals of the '11th Chung Ju-yung Startup Competition' and has begun the business execution phase.
The teams selected through a highly competitive ratio of 73 to 1 include six teams in the corporate track: Nabi Effect, Disquiet, Munis, Splab, LRHR, and Camelo Tech; and six teams in the preliminary track: Sonus, Albam, Ecotect, Why Not Edu, TM R Founders, and Plumd, making a total of 12 teams.
They will carry out actual business operations over the next six months. During the business execution phase, they will receive support for office space at 'Maru180,' an entrepreneurship platform operated by the Asan Nanum Foundation. Additionally, leading domestic venture capital and accelerator experts such as Kang Ji-ho, CEO of Antler Korea; Kim Seo-jun, CEO of Hashed; Kim Hyung-soo, partner at Forest Partners; Kim Ho-min, CEO of SparkLabs; Lee Taek-kyung, managing partner at Mashup Angels; and Choi Kyung-hee, partner at Sopung Ventures, will serve as mentors providing dedicated mentoring.
In addition to mentoring, seed money necessary for initial business funding will be provided: 5 million KRW for the corporate track and 2 million KRW for the preliminary track. Furthermore, the 12 teams advancing to the finals will have access to special lectures by field experts and senior entrepreneurs over six months, as well as presentation consulting for the demo day.
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Teams that advance to the demo day and win awards will receive a total prize of 180 million KRW. Cheon Sung-woo, head of the startup team at Asan Nanum Foundation, stated, "This year, we are holding the competition by distinguishing between preliminary startup teams and startups established within two years to support the growth of more early-stage startups. We will do our best to ensure that the 12 teams, who have overcome the high competition ratio of 73 to 1 and started the business execution phase, complete their entrepreneurial journey with an entrepreneurial spirit."
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