KIC China Hosts Startup Competition in Beijing... Smart Farm Company FarmConnect Takes 1st Place

Published 22 Mar.2024 09:40(KST)

Awarded Companies, Support Benefits for Startup and Local Settlement

At the startup competition held on the 21st in Beijing, China, organized by the Global Innovation Center (KIC China) under the Ministry of Science and ICT, smart farm company FarmConnect won first place. Major award-winning companies can receive support for local startups in China through KIC China’s support programs.

Hosted by the Beijing Korean Small and Medium Business Association, Korea Trade-Investment Promotion Agency (KOTRA), and Electronics and Telecommunications Research Institute (ETRI), this event was designed for Korean technology-based innovative entrepreneurs and prospective entrepreneurs in China who wish to enter the Chinese market.

On the 21st, the finals of the '2024 KIC China Startup Competition' were held in Beijing, China, where participating companies and officials from the organizing institutions are taking a commemorative photo. (Photo by KIC China)

The competition selected 10 teams that advanced to the final round after two rounds of document screening. The event was structured to provide one-on-one mentoring support from Korean and Chinese industry experts, allowing participants to receive feedback from Chinese industry professionals.

The first-place winner was FarmConnect, which developed a system that analyzes the activity of bumblebees based on artificial intelligence (AI) technology. Following them, AirLab, which develops nasal masks, anti-snoring devices, and endoscopic mouthpieces, took second place. Third place was awarded to Hodulabs, a developer of English speaking learning games for infants and elementary students, and Nanjing Howl Science and Technology Co., Ltd., which researches immune anticancer cell therapies.

Finalist teams received not only prize money but also round-trip airfare and accommodation, networking and follow-up arrangement support with Korean-Chinese investment institutions, participation support for related events such as the Zhongguancun Forum, Puzhang Innovation Forum, HICOOL Global Startup Competition, and Golden Panda Global Innovation Startup Competition, linkage support with KIC China acceleration programs, KIC China innovation company roadshows, arrangements with excellent Chinese investors and local partners, and support connecting with startup complexes and high-tech industrial development zones in five major Chinese city clusters.

Lee Jin-su, Science and ICT Counselor at the Embassy of the Republic of Korea in China, expressed hope that the award-winning companies would successfully enter the Chinese market based on the strong support from KIC China and tailored advice from mentors. Kim Jong-moon, Director of KIC China Center, stated, "KIC China will present an accurate five-year roadmap for innovative companies entering China," adding, "We plan to expand support projects, provide open officetels for entrepreneurs, and broaden the startup base through scale-up programs." Yoon Seok-ho, Chairman of the Beijing Korean Small and Medium Business Association, explained, "We will also serve as a foothold for growth and settlement for companies that unfortunately could not attend."