The 'KIC (Global Innovation Center) China Startup Contest', which aims to support Korean technologically innovative startups and prospective startups seeking to enter the Chinese market, ended on the afternoon of the 21st at a hotel in Beijing, China, with FarmConnect selected as the grand prize winner.

The KIC China Startup Competition is KIC China’s representative brand event. It is held every year for local technology startups in Korea and China who have high growth potential and wish to enter the Chinese market.

The event was hosted by KIC China, Beijing Korea Small and Medium Business Association, KOTRA (Korea Trade-Investment Promotion Agency), and ETRI (Electronics and Telecommunications Research Institute). Palm Connect in the smart farm field, WeJ in the new and renewable energy field, Penguin Point and Next in the big data field, Guide and Solive Ventures in the ICT (Internet Information and Communication) field, Game Pro in the e-sports field, Hodu Labs in the education field, and Nanjing Haul in the bio field. Science and Technology Co., Ltd. and Air Lab reached the finals.

The judges include Jin-soo Lee, Science and Technology Customs Officer at the Embassy of the Republic of Korea in China, Eun-hye Moon, Deputy Director of KOTRA, Hong-ki Kim, Senior Vice President of the Korea Chamber of Commerce in China, Boh-yung Kim, Partner Attorney at King & Wood Ellisons, Chan-eun Oh, Director of Samsung Life Insurance, Ji-soo Kim, Head of Korea Investment Partners, and Ki-kyung Yang, Jin-an Korean Association of China. Chairman Chen Chao, General Manager of Shanghai International Technology Trading Market, and Ouyang Yoram, General Manager of Investment at TOJOY Capital Investment Group, also participated.

Before advancing to the finals, participating companies underwent document screening twice. In this process, we received careful feedback from Chinese industry experts through one-on-one mentoring with Korean and Chinese industry experts. In the final, one team each for the grand prize and first prize, and two teams for the excellence prize were selected through a Q&A session with the judges.

Jin-soo Lee, a science and technology official, said, "This startup competition is an opportunity for domestic innovative companies to develop and receive full-cycle customized support programs from local startups in China and the initial stage of entry into the local market to successful settlement," and added, "KIC China's strong support and mentors “We look forward to successfully entering the Chinese market based on our customized advice.”

The first place grand prize went to FarmConnect, which developed a system that uses AI (artificial intelligence) technology to track the movements of bees, pollinating insects, in real time and analyze their activities. It is expected to have a wide range of applications throughout the ecosystem, including plant fertilization. The grand prize went to Airlab, which developed a functional mask worn under the nose.

Round-trip airfare and accommodations between Korea and China will be provided to the finalists. It support connections with excellent local investors and partners in China. It provide support to continue relationships with investment institutions in Korea and China. It also support participation in various innovative startup competitions such as the Zhongguancun Forum and Pujiang Innovation Forum. It also provides opportunities to participate in various acceleration programs conducted by KIC China. It also helps connect startup complexes and high-tech industrial development zones in China's five largest cities.

Jong-moon Kim, head of KIC China Center, said, “KIC China will present an accurate roadmap for the next five years for innovative companies to advance into China,” adding, “We will expand support projects, provide open officetels for entrepreneurs, and scale-up programs.” “We plan to expand the base for entrepreneurship,” he said.

Seok-ho Yoon, Chairman of the Beijing Korea Small and Medium Business Association, said, "You must know the Chinese market and the minds of consumers to grow and settle in China." “We will serve as a bridgehead for this,” he said.

Reporter: Kyung-hi Woo

Written & Released on March 21th 2024

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