Pre-Startup Teams That Overcame 26-to-1 Competition Face Off
Challenge! K-Startup 2022 Integrated Finals Fully Underway
[Asia Economy Reporter Kim Cheol-hyun] The curtain has risen on the integrated finals of 'Challenge! K-Startup 2022,' the largest domestic startup competition with a total prize of 1.5 billion KRW. The Ministry of SMEs and Startups (Minister Lee Young) held the kickoff event for the integrated finals of 'Challenge! K-Startup 2022' on the 28th at Dongdaemun Design Plaza in Seoul.
This competition is jointly hosted by 11 government ministries including the Ministry of SMEs and Startups, Ministry of Education, Ministry of Science and ICT, Ministry of National Defense, Ministry of Culture, Sports and Tourism, Ministry of Gender Equality and Family, Ministry of Environment, Ministry of Land, Infrastructure and Transport, Korean Intellectual Property Office, Korea Forest Service, and Defense Acquisition Program Administration. This year’s competition began with an integrated announcement on January 28 and continued with preliminary leagues by each ministry until early September, with a total of 5,420 teams participating, recording an average competition rate of 26 to 1, and 210 teams advanced to the integrated finals.
The integrated finals are divided into the Startup League and the Pre-Startup League depending on whether the teams have already started their businesses, and through the integrated final presentation evaluation held over four days starting from the 25th of next month, 30 teams will advance to the 'King of Kings' competition. The final 'King of Kings' competition, which will determine the top 20 award-winning teams, will be held from November 23 to 24, followed by an awards ceremony.
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Park Yong-soon, Director of Startup Promotion Policy at the Ministry of SMEs and Startups, said, "The preliminary league competition rate this year was 26 to 1, so just advancing to the integrated finals already indicates a startup with great growth potential," and added, "We hope that through various programs such as business matching and mentoring during the integrated finals and the King of Kings competition, participating companies will have the opportunity to grow one step further."
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