BUSAN SLUSH’D, held on June 29 at the Eurasia Platform in Busan, showcased innovative solutions to urban problems around the world.
Held for the first time in South Korea, Busan Slush’D is a spin-off event of the global startup event ‘Slush’ held in Finland, which discusses startup issues facing different regions of the world and promotes voluntary ecosystem cooperation. In South Korea, Korea Startup Forum (KSF) served as the organizer and was responsible for the promotion, planning and operation of the event on a private level. The event, themed “Globalizing Busan Startups! — Revitalizing the local startup ecosystem and going global by solving urban problems,” was attended by more than 1,000 startups from all over the country, including Busan, Ulsan Metropolitan City, and Gyeongsangnam-do, as well as major domestic and foreign investors and ecosystem stakeholders, and presented a new vision for revitalizing the local ecosystem.
After a welcome speech by Jaeuk Park, Chairman of KSF (CEO at SOCAR) and opening remarks by SungJin Choi, CEO of KSF, Natalie Lingwood, Expansion at SLUSH and Valtteri Meriläinen, Head of Production at SLUSH and Deputy Mayor for Economic Affairs of Busan Lee Sung-gwon attended and congratulated the event.
The conference session “Slush’D Talk” featured keynote presentations by local and international entrepreneurs who shared their insights on urban revitalization and the search for global solutions. Laurence Kemball-Cook, CEO of renewable energy company FAVEGEN, spoke on “Urban Innovation by Startups” and shared examples of cities that have been transformed by eco-friendly pavement block technology. MinJi Kim, Chairman of KSF Southeastern Branch (CEO of Vdream), presented “Sustainable Growth of Local Startups through Solidarity”, emphasizing that “local entrepreneurs are human capital for local economic development” and that “the entrepreneurial community will play a central role so that the solidarity of local startups can lead to local economic revitalization”.
In particular, officials from SLUSH’s global locations such as Aarhus in Denmark, Wellington in New Zealand, and Karachi in Pakistan came to Busan for Busan Slush’D and left a deep impression. Together with Busan Slush’D steering committee member Ji Eun Kang, CEO of GurushipKorea, they participated in a panel discussion moderated by Klaus Wehage, CEO of 10X Innovation Lab, to discuss the challenges facing the local entrepreneurial ecosystem and strategies to address them. They shared the challenges faced by the local entrepreneurial environment, which, unlike the fast-developing startup hubs, faces difficulties in funding, talent shortage, and regulations, and drew a blueprint to connect each local ecosystem through Slush’D to promote mutual development.
The passion and determination of senior and junior entrepreneurs leading the Busan startup ecosystem was also confirmed here. At the “Slush’D X 99℃” session, a collaboration between Busan Slush’D and the Busan Chamber of Commerce and Industry (CCI), In Hwa Jang, President of the Busan CCI, encouraged solidarity and cooperation to revitalize the Busan startup ecosystem as a senior entrepreneur. Mr. Jaeuk Park, Chairman of KSF, also shared his entrepreneurial experiences and explored the local startup environment with Busan entrepreneurs at the Fireside Chat corner. Then, Chulwoo Kim, CEO of RTBP ALLIANCE, WanYeong CHA, CEO of MARINE INNOVATION, Gwanghoon Suh, CEO of TOADS, Jae-Young Choi, CSO of 2U Social Cooperative, and other entrepreneurs who have participated in Busan’s transformation introduced business models inspired by Busan’s local characteristics. Eco-friendly bio-plastic items that utilize unused spaces in Busan, such as old ports and factories, or utilize seaweed, attracted attention.
Teams participating in the IR pitching competition session ‘Slush’D 10’ heated up the event with various innovative ideas. Five early-stage startups and five local creators from Busan, selected through a pre-screening process, pitched their ideas for solving urban problems that maximize the characteristics of Busan. The winners of the early-stage startup section were TERRA BLOCK, which proposed a solution for recycling waste plastic, and Kitchenfive, which proposed a marine ecological garden project using floating barges, in the local creator section. Both teams will receive a total of KRW 10 million (approximately $7,680) in prize money, and as a perk of winning, they will attend Slush in Helsinki, Finland in November for global networking opportunities.
Furthermore, the Slush’D MEET program allowed local startups to have one-on-one meetings with key local and international investors and ecosystem stakeholders. Bluepoint Partners, Plan H Ventures, Hyundai Motor Group’s Zer01NE, AWS Korea, and others participated in the event and provided practical advice on how to grow as a local startup and attract investment to early-stage startups and local creators struggling with the recent economic downturn. At the Slush’D SHOW, more than 30 Busan-based startups and sponsors set up booths to promote their businesses, and at the KSF Entrepreneur Talk Room, leading Southeast Asian entrepreneurs and global ecosystem stakeholders had a heart-to-heart conversation to explore the future.
Jaeuk Park, Chairman of KSF, said, “We are very pleased to have successfully concluded Busan Slush’D with the active support and help of various ecosystem stakeholders at home and abroad. We hope that this opportunity will spread awareness that revitalizing the startup ecosystem is a way to save the city, and we will continue to strive to make Busan Slush’D a hub of exchange and solidarity for the development of the local startup ecosystem.”
[Opening Ceremony] SLUSH HQ (right: Natalie Lingwood, Expansion at SLUSH, left: Valtteri Meriläinen, Head of Production at SLUSH)
[Opening Ceremony] Jaeuk Park, Chairman of Korea Startup Forum
[Opening Ceremony] SungJin Choi, CEO of Korea Startup Forum
[Keynote] MinJi Kim, Chairman of Korea Startup Forum Southeastern Branch
[Keynote] Laurence Kemball-Cook, CEO of FAVEGEN
[Fireside Chat] (From left to right, Jaeuk Park, Chairman of Korea Startup Forum, WanYeong CHA, CEO of MARINE INNOVATION, Chulwoo Kim, CEO of RTBP ALLIANCE)
[Penel discussion] From left to right, Lambrini Phillips (Wellington, New Zealand), Mette Hoberg Tønnesen (Aarhus, Denmark), Rubab Qizilbash (Karachi, Pakistan), Ji Eun Kang (Busan, South Korea), Klaus Wehage CEO of 10X Innovation Lab
[Slush’D 10, Awards Ceremony] Early Startups’ Winner ‘TERRA BLOCK’
[Slush’D 10, Award Ceremony] Local Creators’ Winner ‘Kitchenfive’
Photo from Busan Slush’D on site
Photo from Busan Slush’D on site
Photo from Busan Slush’D on site
Photo from Busan Slush’D on site
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