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According to The Korea Economic Daily Global Edition,
Come this Thursday, 10 select startups will duke it to prove their business-to-business (B2B) model has the best chance of success. .
The startup division of The Korea Economic Daily is hosting the one-day Geeks Show Up event on the resort island of Jeju, where startup founders in the eco-friendly, mobility and tourism sectors will present their ideas on how to take their budding startups forward. .
Jeju Island is emerging as a test bed for startups as the region has become a regulatory sandbox. Public entities like the Jeju Free International City Development Center are leading the island’s efforts in attracting leading startups. .
The 10 startups will present their open innovation plans alongside conglomerates and other strategies for scaling up. .
Out of the startups that applied last month to participate in Thursday's event, a total of five have been chosen, namely Poen, Mobbin, Ipin Labs, Klleon, and Blinkers. .
Poen started as a startup within Hyundai Motor Co., a firm working to give new life to used EV batteries. Mobbin makes delivery robots on wheels while Ipin Labs develops location-tracking software. .
Klleon uses deep learning to generate virtual humans and provide dubbing solutions. .
Blinkers is the operator of Bank of Wine, which mints and issues non-fungible tokens (NFTs) that hold information about a specific wine and can be traded in for an actual bottle of wine. .
They will compete against five startups based in Jeju, namely Dazayo, Nanoom Energy, Nei & Company, Bluewhale Company and Quantum Solution, for a reward of 30 million won ($22,755). .
Dazayo leads a project in Jeju that turns abandoned houses into commercial spaces and Nanoom Energy conducts research and development (R&D) on solar energy convergence. .
Nei is a mobility as a service (MaaS) platform that aims to utilize the existing public transportation system in a more eco-friendly way. .
Bluewhale Company provides last-mile logistics services and Quantum Solution aims to offer the highest quality management of EV batteries. .
A group of venture capital veterans will serve as judges for the event, headed by the CEO of Xplor Investment Lee Jong-hoon. Xplor is the corporate venture capital arm of GS Engineering & Construction Co..
The startups were selected under the premise that Geeks Show Up is forming a fund worth 10 billion won and the judges were distributing the investment based on the startups' growth potential, profitability and open innovation feasibility. .
The companies that hypothetically could raise the most amount of money were chosen to present their strategies at the upcoming event. .
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Write to Lan Heo, Eun-Yi Ko and Jong-Woo Kim at why@hankyung.com
Jee Abbey Lee edited this article.
Source: The Korea Economic Daily Global Edition (Nov. 16, 2022)