Total Prize Money of 10 Million KRW... SME and Venture Growth Case Contest in the Land, Infrastructure and Transport Sector

Won Hee-ryong, Minister of Land, Infrastructure and Transport

The Ministry of Land, Infrastructure and Transport announced on the 21st that it will hold the 'Il.Chwi.Wol.Jang.' contest for small and venture companies in the land and transportation sector starting August 22.

Starting in 2020, this event, now in its third year, was planned to discover and spread excellent cases of companies achieving growth and private job creation through technology development.

The contest targets small and venture companies in the land and transportation sector that have demonstrated outstanding commercialization (sales increase) and new hiring performance over the past year (July 2021 to June 2022) based on excellent technology. Applications can be submitted on the Corporate Support Hub website from August 22 to September 23.

In particular, this year, half of the awards will be given to startups (saessak companies) and young entrepreneurial companies established less than seven years ago, and additional points will be awarded during evaluation for young entrepreneurial small and medium enterprises.

The selection of award-winning companies will be made for seven companies based on a comprehensive evaluation of job creation performance and sales results over the past year, efforts for coexistence with local communities, and revitalization of the regional economy.

The grand prize includes the Minister of Land, Infrastructure and Transport Award and a cash prize of 5 million KRW, while the excellence and encouragement awards include the Korea Agency for Infrastructure Technology Advancement President's Award and cash prizes ranging from 2 to 3 million KRW.

Additionally, all participating companies, including award winners, will be matched with corporate support programs operated by the Ministry of Land, Infrastructure and Transport for further assistance.

Lee Woo-je, Policy Planning Officer of the Ministry of Land, Infrastructure and Transport, stated, "Fostering startups such as young entrepreneurs and small and venture companies is the driving force for job creation and the starting point for our economic development that opens future opportunities. We will spare no effort in providing practical policy support by preparing various corporate support policies and programs to realize innovative and creative ideas."

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