Indonesian startup Plana, specializing in upcycling plastic waste into eco-wood and eco-bricks, has earned first place and a cash prize of US$5,000 at the 4th KOREA-ASEAN Business Model Competition for SDGs 2023, an international startup competition dedicated to advancing sustainable development goals.
The runner-up title was awarded to South Korea-based LabSD, which develops digital ophthalmoscopes and teleophthalmology tools and systems to diagnose eye diseases. The startup received a cash prize of US$3,000.
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Malaysian startup Entomal Biotech, which manages food waste using black soldier flies, won third place and received a cash prize of US$1,000.
The three startups were revealed during the Demo Day in Jakarta, which was held in a hybrid format, blending online and offline participation.
A total of ten startup finalists presented their final pitches at the Demo Day. Â These finalists received certificates of recognition from the Ministry of Cooperatives and SMEs of Indonesia. They were also awarded the opportunity to use co-working space at Green Business Center Jakarta, Indonesia, free of charge for a minimum of one year.
This year’s competition saw participation from 259 startups and SMEs from Korea and ASEAN member states, all committed to addressing SDGs. The selection process involved two rounds of evaluations, which narrowed the field to 42 participants, consisting of regular registrants and 12 Ecothon winners from Indonesia, Malaysia, the Philippines, and Lao PDR.
The 4th KOREA-ASEAN Business Model Competition for SDGs 2023 was 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). The competition was co-organized by the ASEM SMEs Eco-innovation Center (ASEIC) and ASEAN-ROK S&T Cooperation Center (AKSTCC).
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Lee Seung Chan, Secretary-General of ASEM SMEs Eco-innovation Center (ASEIC), said: “These startups are more than just businesses; they are the engines of innovation, the frontline of sustainability, and the embodiment of hope. Therefore, KOREA-ASEAN Business Model Competition for SDGs or in short, BMC, serves as a meeting point for these individuals who share a common vision for a better, more sustainable future. BMC connects innovators with mentors, investors, and like-minded partners who can help turn their brilliant ideas into more impactful, scalable solutions.”
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