The 5th KOREA-ASEAN Business Model Competition for SDGs 2024: Celebrating Sustainable Innovations, Awarded USD 10,000 by Korea and Indonesia’s Ministries of SMEs

Photo session with all participants of the 5th KOREA-ASEAN Business Model Competition for SGDs 2024 after the final pitching contest, Jakarta, October 16th  Via Zoom Meeting.

Nalar Rakyat, Jakarta, Indonesia – The 5th KOREA-ASEAN Business Model Competition for SDGs 2024 successfully concluded with the announcement of its winners during a virtual Demo Day held on Wednesday, October 16, 2024. This year's competition, which focused on fostering innovative solutions to achieve the United Nations Sustainable Development Goals (SDGs), attracted significant attention from startups and SMEs across Korea and ASEAN countries.

Korean plant-based food Startup, Millennial Flavor Town, won the first place and was awarded a cash prize of $6,000. Millennial Flavor Town specializes in Sustainable Future Dining, offers an eco-friendly meat substitute designed to satisfy the cravings of meat lovers. The runner-up title was claimed by REharvest from Korea, REharvest’s business model focuses on collecting food by-products from the food production process, which would otherwise be discarded, and upcycling them into eco-friendly food additives. For its achievement, REharvest received a cash price of $3,000. Indonesian startup, Rebricks, won the third place and received the cash prize of $1,000. Rebricks is a pioneering company dedicated to recycling rejected plastic waste into high-quality eco-friendly building materials.

Mr. Teten Masduki, Minister of Cooperatives and SMEs of the Republic of Indonesia, shared his insight about this competition impact for SGDs. “The 5th KOREA-ASEAN Business Model Competition for SDGs 2024 highlights our capacity to embrace change and leverage technology. It is a reminder that challenges can transform into new opportunities for growth and innovation. As we gather here, let us recognize that the ideas and business models presented today should not only focus on profitability but also aspire to make significant positive impacts aligned with the Sustainable Development Goals.”

A total of 345 startups and SMEs from the region participated, each presenting innovative approaches to tackling global sustainability challenges. After a rigorous two-stage evaluation process, 44 participants were selected to proceed, including 14 winners from Ecothon competitions held in Indonesia, Malaysia, the Philippines, Vietnam, and Lao PDR. The competition culminated with the Top 10 finalists delivering their final presentations during the virtual Demo Day.

As a recognition of their outstanding efforts, the Top 10 finalists were awarded certificates of recognition by Indonesia’s Ministry of Cooperatives and SMEs (KemenkopUKM RI). In addition, they received access to a co-working space at Green Business Center in Jakarta for one year, free of charge, providing them with a valuable opportunity to further develop their business models in a supportive environment.

The competition was jointly hosted by the Ministry of SMEs and Startups of the Republic of Korea (MSS) and the Ministry of Cooperatives and SMEs of the Republic of Indonesia (KemenkopUKM RI). It was co-organized by the ASEM SMEs Eco-innovation Center (ASEIC) and the ASEAN-ROK Science & Technology Cooperation Center (AKSTCC). The event highlights the collaborative efforts between Korea and ASEAN countries to promote entrepreneurship and sustainable innovation, aligned with the global mission of achieving the SDGs.