This Year's 'Jeong Ju-young Startup Competition' Kicks Off... Recruiting Promising Startups

Total Prize Money of 240 Million KRW for 14 Teams

Asan Nanum Foundation (Chairman Jang Seok-hwan) announced on the 15th that it will hold the '12th Chung Ju-yung Startup Competition' to discover promising startups nationwide. The Chung Ju-yung Startup Competition is a practical startup support program that began in 2012 and is now in its 12th edition this year. It has produced many promising startups such as MyRealTrip, Classum, and Doodlin.

This competition will be conducted over approximately eight months, from recruitment and screening to business execution and Demo Day. The competition is divided into the 'Challenge Track' for pre-startup teams and the 'Growth Track' for startups established within two years. The scale has been increased from last year, selecting a total of 14 teams and raising the total prize money from 180 million KRW to 240 million KRW.

A total of 14 teams advancing to the business execution stage will be provided with office space and seed money necessary for business operations. All teams will be assigned office space at Maru, an entrepreneurship platform operated by Asan Nanum Foundation, for about six months to carry out their actual business. The seed money is 5 million KRW for the Challenge Track and 10 million KRW for the Growth Track.

Teams that advance to Demo Day and win awards will receive a total prize of 240 million KRW. Pre-startup teams or companies within two years of establishment nationwide are eligible to apply. The cumulative investment amount must be within 500 million KRW as of the application date.

Jang Seok-hwan, Chairman of Asan Nanum Foundation, said, "Although these are difficult times for everyone, I believe the indomitable spirit of challenge still exists among young entrepreneurs who dare to pursue possibilities, so we have expanded the scale of the competition." He added, "Through the Chung Ju-yung Startup Competition, Asan Nanum Foundation will support the passion of those who want to take on the challenge of entrepreneurship across the country."

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