Transformation to a Green and Digital Economy
Korea-ASEAN Business Model Competition (BMC) for SDGs 2022

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The KOREA-ASEAN Business Model Competition hosted by the Ministry of SMEs and start-ups of the Republic of Korea and the Ministry of Cooperatives and SMEs of the Republic of Indonesia is part of Hanns Seidel Foundation Vietnam's regional ASEAN-wide project on Sustainable Production and Consumption. Together with ASEM SMEs-Eco-Innovation Center (ASEIC), the Shinhan Future’s Lab Indonesia and Korea SMEs and start-ups Agency, the HSF organized the competition. The honorable sponsors of the event were the Bank Shinhan Indonesia and BNG Consulting.

228 participants from 11 countries registered in July 2022. All teams got evaluated two times since registration. After the second evaluation the top 10 final teams were appointed. They got the chance to take part in a mentoring session with experts. On the Demoday the final evaluation took place. Members of the organisations, ministries and companies hosting the event acted as judges. 10 judges in total, one of them Resident Representative of the HSF Vietnam Michael Siegner, evaluated the companies and chose the winners.

First Prize Winner

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The ideas of these passionate entrepreneurs bring great progress in fighting climate change and environmental pollution. Competitions like that can boost entrepreneurial spirit and are a motivation to others to follow their ideas and dreams. We as a global community urgently need that, regarding contemporary environmental challenges. Such an event makes networking and therefore also gaining potential investors possible. Moreover, it can serve as an opportunity to expand knowledge in the field of green entrepreneurship.

The first prize winner of BMC for SDGs 2022 is team PlasticPlay. The Indonesian company works in the field of waste management and offer an application which connects with a reverse vending machine to collect plastic waste. This waste is meant to enter a recycling process with the idea of turning it into recycled polyester staple fiber (“Re-PSF”), yarn and fabric. The second prize went to TR Corporation from South Korea. They invented a pulmonary function tester device, which is based on Artificial Intelligence and produced in an environmentally friendly way. The Vietnamese joint-stock company PLASTICPeople came third and transforms all types of plastic waste into upcycled and useful products.

All winners of BMC for SGDs 2022

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The first special award winner is Vulcan Coalition from Thailand, which proactively promotes the inclusion of disabled people and provides an AI-driven data labeling service. The second special awards went to a South Korean company called tAB, which produces water purifier and thus attempts to solve problems in drinking water for residents of developing countries.

Besides the winning teams there are five more astonishing teams which are able to have a huge impact on tackling environmental problems. Banana & Partners as well as Mall Sampah are Indonesian start-ups in the field of waste management. Energreen Tech from Malaysia is specialized in electric vehicle chargers. To manage unsold food is the mission of the Thai company Yindii as well as of the Indonesian company Surplus. Except of the prize money all ten teams receive mentoring sessions, opportunities to use co-working spaces in Green Business Center or in Shinhan Future’s Lab. Additionally, opportunities for networking with venture capitalists are provided and a certificate of recognition from the Ministry of Cooperatives and SMEs of the Republic of Indonesia is handed out.