Kakao Ventures, MS Korea launch startup competition

[Courtesy of Kakao Ventures Corp.]

Kakao Ventures Corp. and Microsoft Korea Inc. will jointly host a startup competition featuring generative artificial intelligence (AI) technology.

The GenAI startup competition, announced by Kakao Ventures on Monday, will accept applications until March 22nd, 2024. Dubbed “GenAI Startupthon,” the competition invites prospective startup teams and early-stage startups to use generative AI technology to develop services and products within a specified timeframe.

Participants will operate in the Azure environment, provided by MS Korea, with specialized training on prompt engineering scheduled for March 30th.

Once the training is complete, participants must submit a service prototype incorporating generative AI within 18 days by mid-April. Kakao Ventures will provide online mentoring and reviews of service implementation, with a focus on potential investment.

Evaluation criteria for the prototypes will include originality, marketability, and applicability of generative AI. The winner announcement and awards ceremony are scheduled for April 18th, 2024.

Winners will receive a total of 10 million won ($7,600) in venture support, one-to-one feedback on investor relations materials, and priority in investment reviews. All participants will receive Azure credits worth 200 million won.