- The final five teams received prize money, the Seoul Mayor Prize, and support for networking with investors and connecting with start-up organizations.
- An offline event was held at the Seoul City Hall on July 22, which was attended by 120 participants who were interested in start-ups and networking with one another.
[CJ OliveNetworks = July 26, 2017] On July 27, it was announced that the 2017 Young Entrepreneur Festival X2O (henceforth “X2O”) hosted by CJ OliveNetworks’ start-up community for young people, HUBPOT (www.hubpot.co.kr), ended in great success.
X2O was organized in an online demo day format for about two months since May, and it was co-sponsored with Seoul and the start-up value and culture-spreading network, VIRUS, to create an environment in which young people’s start-up ideas can be realized.
This contest targeted prospective youth entrepreneurs, selecting 27 teams in the first round by collecting and screening twice the start-up plans that combine education, food, tourism, public, urban regeneration, and IT for “Future Convengent and Integrated Services in the Year 2030.” The teams that were selected in the first round submitted their final business plans and video pitches through online mentoring, and five teams advanced to the final round after passing an examination that assessed business possibility, completeness, presentation capacity, and others.
CJ OliveNetworks provided the finalists with one-on-one training with a professional instructor who coached them in demo day preparation, presentation format, and adjustment of posture and facial expression, and supported them with programs that can be substantially helpful.
On July 22 (Saturday), the final five teams had a demo day at an offline event in the 2017 Young Entrepreneur Start-up Festival X2O held at the Seoul City Hall. The CEO of SparkLabs, Ho-min Kim, and other experts in start-up accelerators, venture capital, and start-up support organizations attended as judges and conducted a general evaluation of the business presentations on criteria such as innovation, feasibility, and social value.
The grand prize went to the team FITEEN (Yongmin Lee), which implemented a wearable posture adjustment device that induces the correct posture of the neck through motion sensors. The wearable posture adjustment device informs present-day people about their bad neck postures in real time through glasses connected to a smartphone app. The idea received high marks for its feasibility and marketability as a promotion to get people accustomed to the correct posture when using their smartphones.
Mr. Yongmin Lee of FITEEN said: “While doing my major in chiropractic, I was thinking about a device that can prevent spinal diseases, and I decided to start the business after verifying its technological viability.” He added: “HUBPOT’s X2O contest was an opportunity for us to develop our business items and promote them through consultation with experts, and the online mentoring in particular was very helpful in establishing the business model. I would like to express my gratitude to CJ OliveNetworks, Seoul, and VIRUS for providing us with this opportunity.”
The prize-winning teams, including the grand prize winner, were awarded the Seoul Mayor Prize, and supporting them in collaboration with start-up incubator organizations is under consideration. Furthermore, there is a plan to expand the synergy of the selected items through new ventures and partnerships with CJ affiliates.
This day’s event was attended by about 120 young people who were interested in starting their own business. In addition to hosting ideas for “Future Convengent and Integrated Services in the Year 2030,” other events were held, such as operating booths where participants can promote their ideas and network with other attendees.
As for HUBPOT, it was launched as an online start-up community platform in October 2016 to support the growth of young entrepreneurs through communication, cooperation, connectivity, and sharing. CJ OliveNetworks contributes to the revitalization of young people’s start-ups through HUBPOT and takes the initiative in creating shared value (CSV) activities that bring about a healthy environment for start-ups by establishing a virtuous cycle that leads to an increase in new jobs. (End)