The City of Busan and the Busan Foundation for International Cooperation (BFIC) revealed that the city will host the ASEAN Regional Startup Idea Competition to expand interest in the ASEAN region and discover ASEAN's top startup talent.
The competition is part of the 2022 Busan-ASEAN Week (slated for November), commemorating the third anniversary of the 2019 ASEAN-ROK Commemorative Summit and the 1st Mekong-Korea Summit.
The competition's theme focuses on startup ideas in all fields, including ASEAN-related knowledge, the information industry, manufacturing, services, distribution, culture, and education. As of September 6, anyone residing in or having connections with Busan can apply as an individual or a team.
Those who wish to participate must fill out a participation application and business plan, available on the BFIC and Busan's official websites, and submit them via email. Further details are available on the official notice (below).
After reviewing the required documents and a subsequent presentation screening, five winners will be selected from the submissions; a maximum of KRW 3 million will be awarded. Merit certificates and prize money will be presented at a special event during Busan-ASEAN Week in November.
A Busan official stated, "We expect an expansion of economic cooperation at the private sector level through this competition, and hope the competition to be an opportunity to realize the various ideas of citizens and young people dreaming of entering the ASEAN market." He added, "We anticipate ongoing cordial relationships between Busan citizens and ASEAN member countries."