The Ministry of Science, ICT and Future Planning (MSIP) announced on Oct. 21 that Toy Smith (CEO Seo Hyung-jun) has won the grand prize in “K-Global Startup 2015,” which seeks out creative startups.
The K-Global Startup is a project in which the MSIP picks creative ideas in the Internet sector and actively supports them from the service development to commercialization and overseas expansion.
This year, the MSIP received 878 ideas, chose 45 teams in the primary selection, and then the final seven teams after the second selection.
The grand prize went to Toy Smith, which has developed an Internet of Things (IoT) platform service. Accordingly, the company won 100 million won (US$87,951) as a support fund for the startup. The top excellence award went to GameCoach, while the excellence award went to Soundlly and Twinword. The participation prize went to Day2Life, Master Company, and SLabAsia. Accordingly, these companies will get 10 million won to 700 million won (US$8,795 to $61,566) as a reward. Three teams out of the seven finalists and five teams selected by experts will have various other opportunities to tap into the global markets.