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Busan Metropolitan City to Host 8th B-Startup Challenge (Startup Investment Competition)

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Busan Metropolitan City (Mayor Chun Jae-soo) will host the B-Startup Challenge (Startup Investment Competition, hereinafter referred to as the "competition") today, October 8, at 1:00 p.m. at BEXCO Exhibition Center 1.

The competition is jointly hosted by Busan Metropolitan City, BNK Busan Bank, and Busan Munhwa Broadcasting Corporation (Busan MBC), and organized by the Busan Startup Investment Agency and BNK Venture Capital.

The B-Startup Challenge is designed to identify and nurture promising startups. First launched in 2019, the competition is now in its eighth year and has become Busan's flagship startup investment competition. To date, it has produced 34 award-winning companies and attracted KRW 78.8 billion in follow-on investment.

Notably, the competition is the first and only one of its kind among local governments nationwide to adopt an equity investment model.* By providing KRW 300 million in initial seed investment, along with business support and opportunities to secure follow-on funding, the competition enables startups that face difficulties attracting early-stage investment to establish a foundation for sustainable growth.

* Equity investment model: Investment in company shares in the form of preferred stock, which generally carries no voting rights but provides priority in dividend payments and the distribution of residual assets.

In particular, CIT Co., Ltd., the grand prize winner in 2024, received CES Innovation Awards in both 2025 and 2026 through continuous technological development, gaining international recognition for its technological capabilities and innovation. VARK Co., Ltd., the 2025 grand prize winner, was acquired through a merger and acquisition (M&A) by Gangnam Pharmaceutical, a company with an established medical and pharmaceutical distribution network, marking a successful investment exit.

Applications for this year's competition closed on July 29, attracting a total of 445 companies and resulting in a highly competitive final selection ratio of 89:1. Following document reviews and preliminary evaluations, 10 finalists, including three companies based in Busan, were confirmed on August 20.

The finalists comprise four companies in the knowledge services sector—Uncommon Lab Co., Ltd., Prediction Co., Ltd., Korea Housing Information Co., Ltd., and Tripod Lab Co., Ltd.—and six companies in the manufacturing sector: Intelliz Co., Ltd., Savvy Robotics Co., Ltd., Allmade Co., Ltd., LOEN Korea Co., Ltd., AMIST Co., Ltd., and CAMP Co., Ltd.

The competition will consist of two sessions: presentation evaluations in the first session, followed by an awards ceremony in the second. Five companies will ultimately be selected as award winners.

During the first session, the 10 finalists will deliver presentations for evaluation. Kim Young-deok, Head of the Kakao AI Dot Center, will also give a special lecture titled "Entrepreneurship in the Age of AI."

The second session, featuring the awards ceremony, will be attended by approximately 100 participants, including Oh Seok-keun, Vice Mayor for Economic Affairs of Busan Metropolitan City; Kim Sung-joo, President of BNK Busan Bank; and Choi Byung-han, President and CEO of Busan MBC. Awards will be presented to the five companies selected through the first-session evaluations.

Vice Mayor for Economic Affairs Oh Seok-keun stated, "We hope this competition will provide promising local startups with opportunities to connect with domestic and international investors, demonstrate their growth potential, attract investment, and expand their businesses."

He added, "Busan Metropolitan City will continue its efforts to support startup growth and investment attraction while fostering a vibrant local startup ecosystem."