KAIST and four other science and technology universities, such as Gwangju Institute of Science and Technology (GIST), Ulsan National Institute of Science and Technology (UNIST), Daegu Gyeongbuk Institute of Science and Technology (DGIST), and Pohang University of Science and Technology (POSTECH), hosted a startup competition on November 27, 2015 at the Dongdaemun Design Plaza in Seoul.
Approximately 150 participants including students from the five universities, "angel" investors, and entrepreneurs attended the competition.
The competition was held to promote startups that are based on research achievements in science and technology and to foster entrepreneurs with great potential.
Two hundred and sixty applicants from 81 teams competed this year. Only ten teams made it to the finals.
KAIST students presented two business plans: an experience-centered education platform and mobile taxi-pooling service. Students from other universities presented a brain-stimulating simulation software (GIST), handy smart health trainer (GIST), real-time reporting system for luggage (DGIST), a flower delivery system (UNIST), surveillance and alarm system for stock-related events via machinery studies (UNIST), augmented emotion toys using augmented reality (POSTECH), and a nasal spray for fine dust prevention (POSTECH).
KAIST also displayed an exhibition of “wearable haptic device for multimedia contents” and “next generation recommendation service platform based on one-on-one matching system with high expandability and improved user experience system.”
The winning team received an award from the Minister of Science, ICT and Future Planning of Korea, as well as an opportunity to participate in overseas startup programs over the course of ten days.
Joongmyeon Bae, Director of the KAIST Industry and University Cooperation, who organized the contest, said, “The alumni of Stanford University (USA) has annually created over 5.4 million jobs through startup activities. Likewise, we hope that our event will contribute to job creation by fostering innovative entrepreneurs.”
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