Foreign residents in Korea can have an opportunity to start a business in case they have a brilliant idea. The ‘Business model audition for foreigners named “A Big Think”, not in its 10th year since 2014, is that opportunity. It is a start-up competition to promote technology-based start-ups by foreigners, provide diversity in the startup ecosystem, and attract outstanding overseas talent to Korea.
Foreign individuals or teams with innovative technology based ideas and a joint team with foreigners and Koreans can participate. This year, 46 teams in total applied, and 11 teams were selected for finals with business models having feasibility.
Till November 2nd, when the finals were held, the 11 teams that passed the preliminary round were provided with various consulting services with experts in each field to help them refine their business ideas, write persuasive idea presentation materials, and try marketing simulations.
The pre-entrepreneurs were sparkling on stage while they gave presentations with a variety of business ideas such as platform services, solutions, and application development based on AI, blockchain, and wireless communication.
The long-awaited 1st place was taken by Dev. Korea(from France), the 2nd place went to Mednaath(India) and Hawkeye(Vietnam) each, and the 3rd place were given to Innovo Bloc(US) and SC Team(Japan). SC Team, which took 3rd place, also won the Popularity Award.
1st place
2nd place - two teams
3rd place-two teams
The 5 winning teams were awarded 25 points(OASIS-6), the required score for technology startup VISA(D-8-4) of the Ministry of Justice and were given 5 million won, 3 million won, and 1 million won in support funds needed to upgrade their business models each.
After the competition, there was a networking session where contestants, judges, and visitors could share business ideas and explore collaboration opportunities.
Invest Seoul wishes the winning teams success in business in Seoul.
