– The MSS holds P4G Startup Challenge as part of the 2021 P4G Seoul Summit –
□ The online exhibition started on May 24 (Mon) to promote 57 innovative startups in five sectors (i.e. water, energy, food & agriculture, circular economy, and cities).
□ The online IR pitching stage will take place on May 31 (Mon) with the participation of 12 startups representing the member states and investors, including international organizations and development finance, to support the growth of startups.
The Ministry of SMEs and Startups of the Republic of Korea (Minister Kwon Chil-seung, hereinafter “MSS”) announced that it will hold “P4G Startup Challenge”, an online IR pitching event for the startups representing 12 P4G member nations and investors at home and abroad, at GLAD Hotel in Yeouido, Seoul.
P4G* is a global platform that began in 2017 seeking innovation in five sectors (i.e. water, energy, food & agriculture, circular economy, and cities) to address climate change and achieve Sustainable Development Goals. Its members are 12 countries from four continents (Europe, South America, Africa, and Asia): Korea, Denmark, the Netherlands, Mexico, Colombia, Chile, Kenya, Ethiopia, South Africa, Bangladesh, Indonesia, and Vietnam.
* Partnering for Green Growth and the Global Goals 2030
P4G Hub*, which serves as the Secretariat of P4G, uses the P4G Partnership Fund funded by Denmark to emphasize voluntary participation of not only the government but also the private sector, businesses, and civic groups in addressing climate change. Also, it supports public-private partnerships that propose commercially viable solutions that benefit more than one developing countries.
* Located in Washington D.C., USA; ** P4G Partnerships: (2018) 16 → (2019) 19 → (2020) 21
P4G Startup Challenge takes place as part of the 2021 P4G Seoul Summit, the first multilateral summit on environment to be hosted by the Republic of Korea in the first year of the implementation of the Paris Agreement.
This event is designed to provide opportunities for the startups of different member states to present their innovative ideas related to addressing climate crisis and delivering sustainable growth and to talk to investors, such as Global Green Growth Institute (GGGI) and European Investment Bank, to better prepare themselves for effective fundraising and take their business to the next level.
A designated website for the online exhibition opened on May 24 to introduce 57 promising companies in the five sectors recommended by the member countries. Then, 12 of them will be selected and invited to the IR pitching stage on May 31, the last day of the P4G Seoul Summit, where their angel investors will explain the background and prospects of their investment, their CEOs will present their business performance and differentiation, and the investors will ask questions in real time.
Denmark, Kenya, Bangladesh, Colombia, and Korea showed high interests by recommending six or more startups for the online exhibition. The startups have presented a variety of technologies to mitigate climate change, including Korea’s Modu Company introducing a mobile platform providing parking information (cities). Other examples include waste management using locally found microorganisms (water), supply of renewable energy in rural areas (energy), production of granola bars using byproducts of brewing beer (food & agriculture), and recycling of collected plastic using 3D printing technology (circular economy).
The MSS plans to hold a follow-up virtual investment event (“Meet-up Day”) in the second half of 2021, thereby helping the participating startups further attract investment.