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| Photo session with all participants of the 5th KOREA-ASEAN Business Model Competition for SGDs 2024 after the final pitching contest, Jakarta, October 16th Via Zoom Meeting. |
Daily Nusantara, Jakarta, Indonesia – The 5th KOREA-ASEAN Business Model Competition for SDGs 2024 successfully concluded with the announcement of its winners during a virtual Demo Day held on Wednesday, October 16, 2024. This year's competition, which focused on fostering innovative solutions to achieve the United Nations Sustainable Development Goals (SDGs), attracted significant attention from startups and SMEs across Korea and ASEAN countries.
Korean plant-based food
Startup, Millennial Flavor Town, won the first place and was awarded a cash
prize of $6,000. Millennial Flavor Town specializes in Sustainable
Future Dining, offers an eco-friendly meat substitute designed to satisfy the
cravings of meat lovers. The runner-up title was claimed by REharvest from
Korea, REharvest’s business model focuses on collecting food by-products from
the food production process, which would otherwise be discarded, and upcycling
them into eco-friendly food additives. For its achievement, REharvest received
a cash price of $3,000. Indonesian startup, Rebricks, won the third place and
received the cash prize of $1,000. Rebricks is a pioneering company dedicated
to recycling rejected plastic waste into high-quality eco-friendly building
materials.
Mr. Teten Masduki, Minister of Cooperatives and SMEs of
the Republic of Indonesia, shared his insight about this competition impact for
SGDs. “The 5th KOREA-ASEAN Business Model Competition for SDGs 2024 highlights
our capacity to embrace change and leverage technology. It is a reminder that
challenges can transform into new opportunities for growth and innovation. As
we gather here, let us recognize that the ideas and business models presented
today should not only focus on profitability but also aspire to make
significant positive impacts aligned with the Sustainable Development Goals.”
A total of 345 startups and
SMEs from the region participated, each presenting innovative approaches to
tackling global sustainability challenges. After a rigorous two-stage
evaluation process, 44 participants were selected to proceed, including 14
winners from Ecothon competitions held in Indonesia, Malaysia, the Philippines,
Vietnam, and Lao PDR. The competition culminated with the Top 10 finalists
delivering their final presentations during the virtual Demo Day.
As a recognition of their
outstanding efforts, the Top 10 finalists were awarded certificates of
recognition by Indonesia’s Ministry of Cooperatives and SMEs (KemenkopUKM RI).
In addition, they received access to a co-working space at Green Business Center
in Jakarta for one year, free of charge, providing them with a valuable
opportunity to further develop their business models in a supportive
environment.
The competition was jointly hosted 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 (KemenkopUKM RI). It was co-organized by the ASEM SMEs Eco-innovation Center (ASEIC) and the ASEAN-ROK Science & Technology Cooperation Center (AKSTCC). The event highlights the collaborative efforts between Korea and ASEAN countries to promote entrepreneurship and sustainable innovation, aligned with the global mission of achieving the SDGs.
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