Singaporean team wins Seoul's start-up competition

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Singaporean team wins Seoul's start-up competition

Published: 10 Oct. 2022, 17:33 Updated: 11 Oct. 2022, 10:31

The winners of A Big Think 2022, a competition for foreigners wanting to start a startup in Korea, pose for a photo at the awards ceremony at the Mondrian Seoul Itaewon in central Seoul on Thursday. [INVEST SEOUL]

A team from Singapore won Seoul’s foreign startup competition.

According to Invest Seoul on Monday, five teams won prizes in the 10th A Big Think competition last Thursday. A Big Think, hosted by the city-run investment promotion agency, is a startup idea competition for foreigners who want to start tech-based start-ups in Korea.

Among the five winning teams, Castomize, a medical technology startup based in Singapore, won first place for its idea of using 4D printing technology to create medical devices.

Castomize presented an orthopaedic cast using 4D printing that is designed to minimize the steps required in emergency treatment. It is more comfortable and lighter and easier for doctors to apply and remove.

In addition to winning the first prize, the Singapore team also won an award for the most innovative idea.

Other winning teams were Morago, a team from Uzbekistan, and its translation application for foreigners living in or visiting Korea; Textify, a team from India, which presented an AI application and platform for developers and users; Skreels, a team from India for its short-form video application; and Dp-techno, a team from Mongolis and its development of proteins for cosmetics and biopharmaceutical products.

Price money of 20 million won ($14,000) was divided among the winners, and they also got the points needed for a start-up visa (OASIS-6, 25 points) from the Ministry of Justice.

To qualify for a D-8-1 visa, or an Incorporated Enterprise visa, the applicant needs at least 100 million won of Foreign Direct Investment (FDI) to start a local corporation. A D-8-4 visa, or a Technology and Business Startup visa, can be acquired as long as the applicant meets the points and conditions needed, and without an investment of 100 million won or more.

Yi Lei, a Chinese national who won the competition in 2021, runs Hirevisa, an integrated online platform providing administrative services for foreign students. Team Easy Shadowing, which won second place, is operating a Mandarin learning platform that teaches Mandarin using the voices of celebrities.

“By providing start-up opportunities to foreigners who have excellent technology and ideas but have difficulty commercializing them, and through the revitalization of foreigners starting a business here, we hope they will lead to the creation of quality jobs and achievements that can contribute to the Seoul economy,” said Gu Bon-hi, the director of Invest Seoul.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]