The "2022 DB-SNUbiz Global Startup Challenge," co-hosted by the DB Kim Jun Ki Cultural Foundation and SNU Business School, reached a successful ending. Launched in 2019, this competition celebrated its third year this year. Although it was held virtually for the second consecutive year due to COVID-19, the competition ended successfully as participants surprised the judges with new presentation ideas using Zoom and YouTube. Not only Korean students but international students from various Asian countries participated in the challenge and presented their colorful ideas through their submitted papers, presentation videos, and the preliminary and final rounds. We visited the studio where the final presentation and award ceremony was held to look into the various ideas presented by young entrepreneurs in the Asian market and examine the online competition's accomplishments and future. 

New Project Launched by the DB Kim Jun Ki Cultural Foundation and SNU Business School, a Startup Challenge Targeting Asia

             After the fourth industrial revolution and the spread of COVID-19, the number of young people considering changing their career paths or starting up their businesses has dramatically increased worldwide. Many have decided on their career in accordance with the fourth industrial revolution by majoring in or researching IT or media-related fields. The change in behavior of young people who have sensed the economic crisis through the spread of COVID-19 was noticeable. 

             Accordingly, many institutions, companies, and groups have hosted business competitions and idea challenges in Korea for many years. Such events positively encourage students' self-improvement and foster future talents. 

             In tandem with such social trends, the DB Kim Jun Ki Cultural Foundation and SNU Business School collaborated to launch a new project. What is special about this competition, which was launched in 2019, is that the participants are not limited to Korean students but open to students from Asian countries to pitch startup-related management cases and ideas.

            Despite being the first competition, the 2019 Challenge garnered great interest and received applications from 147 teams, consisting of 559 students from ten Asian countries. The organizers invited about 100 participants to Korea for the event and provided them with various academic exchange opportunities and Korean cultural experience programs, including a tour of the SNU campus and Seoul city. 

             Although the competition was canceled in 2020 due to COVID-19, it was held virtually in 2021 under the changed theme of presenting startup ideas. Despite the ongoing pandemic, 33 domestic and 109 international teams, which made a total of 142 teams, participated in the competition, showing how breakthroughs could be made and new alternatives established under challenging situations. 

A Successful End to the "2022 DB-SNUbiz Global Startup Challenge"       

             The "2022 DB-SNUbiz Global Startup Challenge" began this March by accepting applications. 164 teams, consisting of 415 applicants from various countries in Asia, participated and presented their ideas, and 16 teams from 7 countries passed the document screening and preliminary round and got the tickets for the final round. 2,000 USD each was provided for the teams competing in the preliminary round (39 teams), and an additional 1,000 USD was provided to teams that competed in the final round (16 teams). 

As students from various Asian countries attended the competition, the entire competition was held in English. Team WILDJELLY from Sungkyunkwan University, which entered the final round with their idea on eco-friendly pet food, commented, "We were nervous because it is such a huge competition, but we felt a great sense of accomplishment as we went through each step. The feedback from the judges was constructive, and the competition with students from various countries motivated us as well." Satisfied with the competition, the team added, "Considering this is a global startup challenge, it was great to hear ideas from Korean and international students. We were able to learn about business items from various cultures and expand our horizons. The scholarships and overseas training opportunities are a plus."

             Another participant, Team Gachiga from Seoul National University, said, "We did not have opportunities to hear about the business strategies presented by students from various countries in detail, so this was a chance to learn more. Presenting everything in English was also a new challenge. We felt that we have much room to improve." The team added, "We did our best to deliver our business model accurately and appeal to the judges that this can be realized. Presenting in English was challenging, but it was a great experience because we could listen to presentations from students with diverse backgrounds."




              In the final round held on July 20, three teams - Team Addi from Hong Kong, PLUME.D from Korea, and SumOnesLink from China - were awarded the Participation Prize and a USD 1,000 scholarship. Team SumOnesLink will also have overseas training opportunities. Team BlackSheep from Singapore and Wildjelly from Korea won the Excellence Award and received a USD 1,000 scholarship and overseas training opportunities. The Grand Prize went to Team Dodamind from Korea, with a USD 2,000 scholarship and overseas training opportunities. 

Professor Woojin Kim at SNU Business School, who was the chief judge of this competition, commented, "This event was a global competition participated by excellent students from not only Korea but various countries. Thanks to the participants, the competition proceeded as planned, and the presentation level was high overall. I was especially impressed by how well the participants presented in English."

A New Opportunity for Global Leaders Preparing to Start Businesses

             Professor Woojin Kim encouraged the students preparing to start their own businesses by commenting, "Many of the presentations were related to ESG, which is gaining importance nowadays. I distinctly remember the teams that followed the social trend by pursuing social values as well as profit. I believe it would help if the students do not stop at incubating ideas but prepare for their businesses by considering the feasibility and viability of their business items."

             Through the DB-SNUbiz Global Startup Challenge, the DB Kim Jun Ki Cultural Foundation will continue to promote its entrepreneurial culture and search for talented and promising entrepreneurs to foster them into global leaders. As the DB-SNUbiz Global Startup Challenge continues, one should note whether it could contribute to the shift of the global axis of the twenty-first century to Asia by supporting the growth and development of university students in Asia. We wish the best for the future endeavors of all the participants.