Total Prize Money of 28 Million KRW... Real Estate Service Industry Startup Competition

On the 20th, the Ministry of Land, Infrastructure and Transport announced that it will hold the '2022 Real Estate Service Industry Startup Competition' to discover promising startups in the real estate service industry and support their growth.

The competition theme covers all fields related to the real estate industry, including PropTech, with no restrictions. PropTech is a term combining property and technology, referring to real estate services that incorporate technologies such as mobile and big data.

Hosted by the Ministry of Land, Infrastructure and Transport and organized by the Korea Real Estate Board, this competition is marking its fifth edition since the first joint event in 2018. This year’s competition will provide various follow-up supports in line with the Ministry’s policy direction to foster future industries in the real estate sector.

First, the qualification for the cross-ministerial startup competition granted to winning teams will be expanded from 2 teams to 7 teams, offering opportunities to participate in large-scale competitions and linking to government support projects and investment attraction, thereby strengthening follow-up support.

Second, the award scale will increase from 6 certificates and a total prize money of 18 million KRW to 7 certificates and a total prize money of 28 million KRW, and the award categories will be divided into startup companies and prospective startup teams to expand winning opportunities.

Third, winning teams will be offered the opportunity to move into the 'PropTech Village' established last year at the Korea Real Estate Board’s Seoul Gangnam office building, providing office space free of charge.

Additionally, the number of teams participating in the startup camp will be expanded from 15 in 2021 to 16 in 2022, providing more participants with startup-related education and mentoring opportunities.

Applications for the competition will be accepted via email from February 23 to May 1, targeting prospective entrepreneurs or startups within 7 years of establishment. After document screening and the startup camp, the final winning teams will be selected by the end of July, followed by the cross-ministerial startup competition.

Yoo Sam-sul, Director of the Real Estate Industry Division at the Ministry of Land, Infrastructure and Transport, said, "We look forward to the active participation of entrepreneurs with creative ideas in the new real estate industry sector," adding, "We will spare no policy support to help the real estate service industry grow into a future industry that can create high added value."

This content was produced with the assistance of AI translation services.