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Public Data / Block Chain... Submit Your Startup Idea for the Real Estate Service Industry
- 2019 startup idea contest begins... ‘Startup Camp’ for participants also to be offered’
□ An opportunity to find outstanding ideas related to the real estate industry and to create jobs by encouraging youths to start their own business will be offered.
ㅇ MOLIT (Minister Kim Hyun-mee) will hold the ‘2019 Real Estate Service Industry Startup Idea Contest’ together with the Korea Appraisal Board (CEO Kim Hak-gyu) to energize startups in the real estate industry and to promote the appearance of innovative startups.
□ The real estate industry has recently raised the need to foster the industry into one that creates new jobs and high value by integrating and converging with other industries such as information communication technology (ICT), finances, and spatial information.
ㅇ In response, MOLIT has expanded the scale of the ‘real estate service industry startup idea contest’ to promote the Prop Tech* industry and industry using real estate information.
* Compound word of ‘property’ and ‘technology’, and is a real estate service based on high technologies such as mobile channels, big data analysis, VR (virtual reality), etc.
□ Any citizen of the Republic of Korea interested in the real estate service industry sector may take part in the startup support idea contest.
ㅇ The theme will include all fields related to the real estate industry including new real estate business sectors such as the use and management of real estate using ICT. The contest sector will be differentiated between pre-entrepreneurs (idea) and start-up companies (product and service development), and it is planning to enhance fairness of reviews and to provide customized startup support through the startup camp.
ㅇ The first place team in the ‘product and service development sector’ will receive 7 million KRW (Minister of Land, Infrastructure and Transport Award), second place will receive 3 million KRW and third place will receive 1 million KRW (1 team each), and in the ‘idea development sector, first place will receive 3 million KRW, second place will receive 1 million KRW, and third place will receive 500,000 KRW (1 team each).
ㅇ Following the idea contest, outstanding ideas will first be selected and it will provide commercialization support to turn outstanding ideas into actual startups through the startup camp that will offer stage-by-stage startup education such as idea development (Start), product development (Product), and commercialization (Business), while connecting outstanding products and services with venture investors.
□ Furthermore, outstanding ideas will also be given the opportunity to enter the grand finals of the ‘7th Public Data Utilization Startup Contest’ hosted by the Ministry of the Interior and Safety sometime between August and October.
ㅇ Last year, two winners of this contest (‘Nine Watt’ team and ‘Ten Eleven’ team) entered the grand final of the Ministry of the Interior and Safety (85 institutes, 1,815 teams participated in preliminaries) and won the Presidential Award and Prime Minister’s Award, confirming that the real estate service industry startup idea contest is an important cradle for startups in the real estate sector.
□ Applications to participate in the contest are accepted via e-mail (k25875@kab.co.kr) until June 2 (Sun), and the winning ideas are scheduled to be announced in early August through document reviews and the startup camp.
□ MOLIT Real Estate Industry Division Manager Ha Chang-hoon said, “We hope that many entrepreneurs with great ideas for the real estate service industry will participate.”
ㅇ He added, “The government will provide full policy support so that the real estate service industry will develop into a high value industry that creates many jobs by promoting the real estate service industry and jump-starting startups.”
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