Recruitment of Participants for the 2nd Regulatory Free Zone Challenge

by Kim Chulhyun

Published 26 Apr.2022 12:00(KST)

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) announced on the 26th that it will hold the 'Regulatory Free Zone Challenge' and recruit participants to enhance the performance of the Regulatory Free Zone project.

This year, the challenge is divided into the 'Regulatory Free Zone Commercialization Challenge,' which discovers innovative business items using 71 demonstration tasks from 29 special zones, and the 'Demonstration Exception Regulation Discovery Challenge,' which identifies regulations blocking market entry of new technologies. The scope of mentoring has been expanded, and prize money has been newly introduced.

In addition, the final presentation and awards ceremony will be integrated with the Special Zone Expo to diversify the event program, and a panel of judges composed of famous venture capital (VC) investors and venture company representatives will be formed to create new opportunities.

The eligibility for applying to the 'Regulatory Free Zone Commercialization Challenge' is small and medium-sized enterprises and prospective entrepreneurs with innovative business ideas related to the 71 demonstration tasks of the Regulatory Free Zone. The 'Demonstration Exception Regulation Discovery Challenge' allows participation from SMEs, prospective entrepreneurs, research institutions, and associations.

Status of Designation of Regulatory Free Zones