By Kim Tae-jong
The Asan Nanum Foundation selected and awarded winners Tuesday of the first Chung Ju-young Entrepreneurship Competition, a contest to support business startups with growth potential in technology fields.
The foundation, backed by Hyundai Heavy Industries, was established last year by the family members of late Hyundai Group founder Chung Ju-young and associated businesses with 500 billion won, named after Chung’s penname to commemorate the 10th anniversary of his death. With the aim to foster “another Chung Ju-young,” the event drew 910 applicants.
After preliminary regional competitions from July 13 to Aug. 7, a total of 28 teams were chosen to present their business models and products or services on Aug. 9 at the Korea Broadcast Advertising Center in Yangpyeong, Gyeonggi Province.
Eleven made the final and were judged by a panel of venture capitalists with six chosen as winners of the inaugural event.
Exsen was awarded the grand prize of 50 million won for its technology in the specialized sensor to detect nitrogen oxides in diesel cars.
“I still can’t believe that we won,” said Park Jin-su, an employee at the four-member company. “We have faced various challenges since establishing our firm earlier this year but now we’re so happy that we can receive practical support such as know-how in marketing as well as financial aid.”
The two runners-up with prize money of 20 million won went to I & Combine, for its math study software and TK Korea, which introduced eco-friendly methods to recycle electric wires.
The three third-placed teams were My Real Trip, Ad to Paper and By Mom, who each received 10 million won.
Along with the prize money, they also became candidates for support from the 100 billion won funding the foundation has secured since March.
They are now eligible for continuous funding and assistance in education and mentoring from experts in related businesses.
California-based Plug & Play Tech Center, an accelerator that specializes in growing startups in technology businesses, sent a delegation to the competition and will advise the winners on how to venture into Silicon Valley. The American firm is famous for its support of companies such as Google and PayPal
Depending on its potential, the winner could receive the chance for further support to venture overseas.
The foundation said it will continue to support young entrepreneurs in an effort to respect the innovative spirit of the group’s founder.
“I can see a bright future of our nation through these young people who started their own businesses to change the world,” said Chung Mong-jun, honorary chairman of the foundation. “Through this event, I also realized that what young people want is not welfare subsidies but support for them to show their potential.”