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Dongseo University’s 2016 Practical Business Startup Project is providing 150 participating students with a total scholarship of 150 million won to support the founding culture of the university with a focus on entrepreneurship.

The university’s large-scale scholarship funding project was designed to open the way for students to create their own jobs through startups. In its inception in 2015 the project gave out 140 million won in scholarships. The 2016 amount of 150 million won in scholarship funds marks an increase that is expected to continue year after year. This project reflects the will to spread the entrepreneurial culture of Dongseo University, and it is very meaningful as an original project that is implemented with practical, result-based teaching.

ThePractical Business Startup Projectis hosted by an entrepreneurship support team and by the LINC project team. It is run as a joint effort by the university’s main administrative office and the project team responsible for student employment and startups, including industry-academia cooperation groups and the office of academic affairs.

Participants were recruited for the project from October 17th to November 4th. The final 150 applicants were recruited from a total of 257 applicants. Participants were recruited into two tracks to support customized entrepreneurial experiences. One track was made up of the founding items, and the consisted of innovative ideas. The opening ceremony was held on November 15th, and then the project went forward with an entrepreneurship training program, an entrepreneurship camp, and a crowdfunding competition.

The entrepreneurship training program was divided into Design, ICT, and Video Contents tracks. The startup camp, which took place over a period one night and two days, included an itemization and startup ideas competition held through intensive mentoring. Then, from December 8th to 18th, the crowdfunding tournament took place, and the ideas of each of the 59 teams developed through the startup camp were tested through online virtual investments on the crowdfunding platform.

Practical Startup Experience Project Completion Ceremony

The completion ceremony for the 2016 Practical Business Startup Project was held on December 21st at Dongseo University’s U-IT International Seminar Room.At the ceremony, a total of 59 teams received 140 certificates, along with a total of 70 million won in scholarship money. In addition, the 59 teams’ideas derived from the startup experience project were exhibited, and the results of the four teams with the best track records were announced.

Going forward, all activities will be assessed, and a second, final scholarship award amounting to 80 million won will be granted to the top 100 participants.In addition, those who have completed the practical startup experience project will be given priority to take part in startup competitions, practical startup education, and the startup support program of the Dongseo University startup support team. For thetopteam selected,the program will provide additional in-depth mentoring services.

President Jekuk Chang said, “It is the age of innovation. Creative ideas change the world. Previously, the linear thinker was successful, but now the visionary thinker succeeds. I want you all here to constantly challenge the world with creativity, boldness and an ability to execute your ideas.”

Ye Woo-jin (Global Biotechnology) participated in the project and said, “I participated with the aim of winning the prize money, but as the project progressed I became attached to the ideas and the challenge of developing a successful business. I also learned about the importance of cooperation between team members and the importance of human networks.”