- Results of the 2022 Oceans and Fisheries Startup Contest announced, 11 winners out of 200 teams -

 The Ministry of Oceans and Fisheries (Minister CHO, Seung-

Hwan) announced that three teams have won the grand prize in the 2022 Oceans and Fisheries Startup Contest: Baobab Healthcare for proposing technology for the mass production of cultured fish, Shinsegye for proposing an outdoor pool trout fishing franchise, and Dive Duck for proposing an underwater monitoring system.

 The Ministry of Oceans and Fisheries, together with the Korea Institute of Marine Science & Technology Promotion, has hosted the Oceans and Fisheries Startup Contest annually since 2015 to identify promising startup ideas in the oceans and fisheries sector and to support their commercialization. In fact, last year’s grand prize winner in the business category, Rafiq, has developed cosmetics that leverage on its marine plant softening technology,* receiving the funds for commercialization and investment consulting from the MOF. As the result, the company was able to attract an additional investment of KRW 4.5 billion and continues on its successful startup journey, recording a 70% increase in its 2021 revenue from 2020.

 * A technology that drastically improves the skin absorption rate for effective marine plant components, which are easily dissolved just by adding and mixing cosmetics products without separate extractions from the plant itself.

 The 8th contest of this year started with the submission of ideas from 30 June, in the three categories of business, general public, and students. After the preliminary and the main competition, 11 teams out of 200 made it to the final round held on 20 Sep, where Baobab Healthcare, Shinsegye, and Dive Duck were awarded the grand prizes in each category, respectively.

 The winner for the business category, Baobab Healthcare, was highly rated by the panel of judges for its mass production technology for culture fish (clean fish), which offers a solution to the food security crisis by providing food that can replace fish and which can also create a new fisheries market.

 The winning team for the idea category among the general public, Shinsegye, was recognized for its efforts in creating a national marine leisure culture and for contributing to the development of the aquaculture sector with its outdoor pool trout fishing franchise, which can utilize outdoor swimming pools on break during their off season, and use fake bait or lure for anyone to easily enjoy fishing.

 Dive Duck, the winning team for the idea category among students, showcased an artificial intelligence / digital twin-based underwater monitoring system, which was highly rated for its potential contribution to the rapid response to marine pollution and protection of the marine environment, by providing a marine pollution detection and total treatment solution.

 Other winners include a ship repair matching platform, an algorithm technology-based logistics platform, a platform to exchange information and trade aquarium fish, and a trucker app for smart ports.

 The winning teams are awarded the Minister of Oceans and Fisheries Award and the Korea Institute of Marine Science & Technology Promotion Director Award, with an additional prize worth KRW 35 million. Moreover, a winning team applying for the oceans and fisheries startup investment support program is granted additional points in the selection process, and will receive diverse benefits such as investment support that are connected to the oceans and fisheries parent fund and loans from credit guarantee funds for the agriculture, forestry and fishery sectors.

 The awards ceremony will take place on 28 Sep. The ceremony will be an opportunity for the winning teams to meet with previous winners during the networking event, learning business know-how from previous startups.

 Minister Cho Seung-Hwan of Oceans and Fisheries commented, “the Oceans and Fisheries Startup Contest plays an important role in identifying innovative new ideas for the marine and fisheries sector and in nurturing them into national strategic industries.” He continued, “we ask for your interest and encouragement as the Ministry will continue to support the winning teams to commercialize their ideas and technologies into real businesses.”

 The final audition announcement video will be posted on the official YouTube channel of the 2022 Oceans and Fisheries Startup Contest. The award winners and startup ideas from previous events can also be found on the official website (www.seastartup.kr).