Asan Nanum Foundation invites innovators to startup pitch

The Asan Nanum Foundation, a nonprofit foundation set up in 2011 to commemorate the 10th anniversary of Hyundai founder Chung Ju-yung’s death, has embarked on a process to search out next-generation entrepreneurs with innovative ideas.

The Seoul, South Korea-based foundation announced on Monday that it started a process to invite applications from early stage startups with less than two years of history and entrepreneurs seeking to open their businesses to join this year’s Chung Ju-yung Startup Competition.

The deadline for applications is April 22.

It will initially select 30 teams, more than in previous competitions, and pick 12 finalists after evaluating their businesses and ideas for six months.

It will provide office space, seed money and mentor services to 30 teams and allow 12 finalists to pitch their businesses at a startup demo day in November of this year, which will award 240 million won ($180,000) in total.

The foundation will unveil the list of 30 teams in May 2025 and 12 finalists in September.

CHUNG JU-YUNG WHO DARED TAKE RISKS  

The Chung Ju-yung Startup Competition is a nationwide startup contest annually organized by the Asan Nanum Foundation.

Its goal is to help future entrepreneurs kick-start their businesses and discover next-generation leaders, according to the foundation.

Born in 1915, Chung was acclaimed for his visionary leadership that has led Hyundai to grow into business behemoth in Korea.

One of his greatest qualities was risk-taking, leading him to boldly invest in cutting-edge technologies and unearth new markets despite skepticism and great challenges.

This year’s startup competition will be held under the theme “Risk Taker.”

Asan is the pen name of Chung, who passed away in 2001 at the age of 86.

The Asan Nanum Foundation offers other startup incubation programs as well as support programs to foster young entrepreneurs.

Write to Joo-Wan Kim at kjwan@hankyung.com

Sookyung Seo edited this article.