Incheon City to Host 'Youth Startup Competition' in October... Discovering and Supporting Business Ideas
Incheon City will hold a Youth Startup Competition on October 23 to discover excellent ideas and support promising young entrepreneurs.
The competition is open to young (prospective) entrepreneurs nationwide who are under 39 years old and have been running a technology-based startup business for less than 7 years. Preference points will be given to residents of Incheon or those whose headquarters are located in Incheon.
The city will recruit participants until August, select 12 teams through the first stage of document screening starting in September, and then choose the final 6 teams through the second stage of face-to-face presentation evaluation. The selected 6 teams will advance to the finals on October 23. In preparation for the finals, Incheon City will provide mentoring and intensive consulting to strengthen their capabilities. At the final round, awards and a total prize money of 46 million KRW will be given: 1 grand prize team (Mayor's Award), 2 excellence prize teams (Mayor's Award), and 3 outstanding prize teams (Incheon Center for Creative Economy & Innovation Director's Award).
Additionally, the 6 winning teams from this competition will be exempt from document screening if they participate in Incheon City's key project, the 'Youth Overseas Expansion Base Project,' and will receive various benefits such as office space within the Incheon Center for Creative Economy & Innovation and linkage to startup support programs. However, entrepreneurs and companies from other regions must relocate to Incheon or move their business sites to Incheon to be eligible for support.
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An official from Incheon City stated, "The Youth Startup Competition will serve as a catalyst to commercialize entrepreneurs' excellent ideas," and added, "Through the competition and related projects, we hope that promising entrepreneurs from across the country will be attracted to Incheon and create a synergistic effect together with existing companies in Incheon."
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