The 2024 K-Startup Grand Challenge (Image courtesy of the Ministry of SMEs and Startups)
SEOUL, Dec. 12 (Korea Bizwire) — South Korea’s Ministry of SMEs and Startups announced the winners of the 2024 K-Startup Grand Challenge during a Demo Day event held at COEX on December 11. The competition, which aims to attract and support global startups in establishing their presence in South Korea, drew participation from 1,716 teams across 114 countries.
After a rigorous selection process, including document screening and evaluations, 40 teams were invited to prepare their pitches in South Korea. Eight finalists presented their business ideas and plans at the Demo Day.
The top prize went to Polymerize, an India-based startup specializing in cloud-based AI material informatics software. Other winners included U.S.-based Nanodropper (2nd place), which offers a micro-dosing adapter compatible with all eye-drop bottles, Portugal’s Open Energy (3rd place), Spain’s Gimme Savor (4th place), and China’s Murple (5th place).
The five winning teams will share a total prize of $400,000. Additionally, the top 20 teams, including the winners, will receive three months of business funding and further incubation support to help commercialize their projects in South Korea.
The K-Startup Grand Challenge underscores South Korea’s commitment to fostering innovation and positioning itself as a global hub for entrepreneurship.
Ashley Song (ashley@koreabizwire.com)
