Who is the 'Wangjungwang' Startup of the Year?…Challenge K-Startup 2024

The largest startup competition in Korea, "Challenge! K-Startup 2024," with a total prize of 1.4 billion KRW, is about to begin. The competition proceeds through preliminary leagues, integrated finals, and the grand championship, where the grand prize winner receives the Presidential Award along with a maximum prize of 300 million KRW.

On the 1st, the Ministry of SMEs and Startups announced that it is recruiting participants for the Innovation Startup General League, one of the preliminary leagues of "Challenge! K-Startup 2024." "Challenge! K-Startup 2024" is a cross-ministerial collaborative startup competition operated by 10 ministries including the Ministry of SMEs and Startups. This year, a sports league has been newly established to discover promising startups in the sports industry sector, operating a total of 11 preliminary leagues.

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The preliminary leagues are held by the respective ministries in charge, selecting outstanding teams from each league to advance through the integrated finals and grand championship, ultimately selecting 20 final award-winning teams. The "Innovation Startup General League" is a preliminary league hosted by the Ministry of SMEs and Startups. It is a highly competitive league, as 7 out of the 20 teams that won awards at the grand championship of "Challenge! K-Startup 2023" held last December came from this league.

Startup founders are recruited through each regional Creative Economy Innovation Center, and a total of 80 teams are selected through regional preliminaries to compete in the comprehensive preliminaries. The comprehensive preliminaries are hosted by the Seoul Creative Economy Innovation Center, which selects the final 40 teams to advance to the integrated finals through presentation evaluations. Each Creative Economy Innovation Center will provide continuous follow-up support such as business model (BM) advancement and investment relations (IR) capability enhancement for teams advancing to the comprehensive preliminaries and integrated finals, helping participants achieve excellent results in the integrated finals and grand championship.

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