The highly KOREA-ASEAN Business Model Competition returns for its 5th edition, inviting entrepreneurs, startups, and innovators from Korea and ASEAN countries to showcase their groundbreaking business models. Hosted jointly by the Ministry of SMEs and Startups of the Republic of Korea (MSS) and the Ministry of Cooperatives and SMEs of the Republic of Indonesia (Kemenkop UKM), this prestigious competition aims to foster cross-border collaboration, stimulate innovative ideas, and create new business opportunities across the region.

This year’s competition promises to be more dynamic than ever, with Demoday scheduled online for October 16th, 2024. Participants can look forward to an engaging lineup of activities including pitch sessions, panel discussions, and valuable networking opportunities with industry leaders and investors. Startups and SMEs from Korea and ASEAN countries are invited to apply. Eligible businesses should be aligned with the Sustainable Development Goals (SDGs) and must be no older than seven years. Winners will be announced directly on Demoday. This year’s competition offers attractive rewards for a total cash prize of 10,000 USD. The first-place winner will be receiving 6000 USD, 3000 USD for the runner up winner, and 1000 USD for the third-place winner.

Top 10 of the finalist will get Certificates of Recognition from the Ministry of Cooperatives and SMEs of Indonesia. In addition to cash prizes, winners will benefit from investment opportunities and mentorship from seasoned experts. The Top 10 Finalists will also receive networking opportunities with venture capitalists, two mentoring sessions, and a tenancy in co-working space at Green Business Center (GBC) in Jakarta, Indonesia. This platform allows startups and SMEs to present their business models to a diverse audience, gain valuable feedback, and forge partnerships with talented entrepreneurs from across the region.