Regulatory Free Zone Challenge Online Pre-Voting Begins

Anyone Can Participate... 10% Weight Applied to Comprehensive Evaluation

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[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) announced that from the 19th, online pre-voting for the '2022 Regulatory Sandbox Challenge' will begin.

The finals of the 2022 Regulatory Sandbox Challenge feature a total prize of 62 million KRW, with 10 projects competing in the 'Regulatory Sandbox Commercialization Challenge,' which discovers innovative business items utilizing regulatory sandbox demonstration projects, and 4 projects in the 'Demonstration Exception Regulation Discovery Challenge,' which identifies regulations blocking market entry of new technologies. This year’s Regulatory Sandbox Challenge received a total of 105 project applications by May, and after regional and national preliminaries, 14 projects advanced to the final round.

Online pre-voting allows voters to select one project with high technical achievement, business potential, and feasibility in each category: the Regulatory Sandbox Commercialization Challenge and the Demonstration Exception Regulation Discovery Challenge. Anyone can register as an evaluator through the popup window on the Regulatory Sandbox Challenge website and participate in the pre-voting.

Online pre-voting is available until 5 minutes after the final presentation evaluation ends and will be reflected with a 10% weight in the overall evaluation results. The final evaluation is determined by combining 80% from professional judges’ evaluation and 10% from on-site evaluation. Winning companies in the Regulatory Sandbox Commercialization Challenge can receive up to 500 million KRW in growth-sharing funds, and by participating as special zone operators in the relevant field, they can receive regulatory exceptions and financial support to proceed with commercialization through demonstration.

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