On Sunday, December 9 Dsion, an investment platform for funding startups that is conducting an initial coin offering (ICO) will host a "Startup Challenge" with Founders Space Singapore, a global venture capitalist firm at PSB Academy Marina Square in Marina Bay Sands, Singapore.
The Startup Challenge is a competition to discover promising startups. More than 80 companies applied for the challenge during a three-week submission period that lasted until November 21, and after a four-day online review from December 1, 10 applicants were selected to compete in the final. Dsion and Founders Space Singapore each selected 5 finalists.
The total cash prize is 20,000 SGD (about 16.23 million KRW), with first prize being 15,000 SGD (about 12.16 million KRW), second prize 3,000 SGD (about 2.43 million KRW) and third 2,000 SGD (about 1.62 million KRW). In addition to the cash prize, Founders Space Singapore will provide the final winner with an investment around to 100 million KRW
Founders Space is a leading startup accelerator in Silicon Valley in the U.S., providing investments and technical support for startup companies. In Singapore, the specialized company blockchain with many ICOs and thriving exchange businesses, Block on Capital, operates Founders Space's local corporate body.
Working with Founders Space Singapore to host the "Startup Challenge: Singapore," Dsion has actively participated in blockchain conferences, such the 2018 Korea Blockchain Expo and the Asia Blockchain & Fintech in Seoul 2018 that were both hosted in Korea earlier this year. The company also hosted the "Startup Challenge: Philippines" in Manila, the Philippines, on November 24 to select and invest in startups with potential to become unicorns.
Jongpil Seo, CEO of Dsion said, "Startups experience many difficulties in raising funds despite their needs," and added, "We believe competent startups should be given an opportunity to attract investments regardless of their nationality or region," explaining the reason why the company is hosting the Startup Challenge.
Furthermore, he said, "The five companies that were selected in the Startup Challenge: Philippines have already joined our Dsion platform, expanding our business. In the near future, Dsion will organize Startup Challenges in various locations around the world to discover and invest in promising startups, which in turn contribute to a healthy environment for investment where the Dsion platform is thriving."
Additionally, Dsion staff said, "The Singapore Startup Challenge will have a big impact on the Dsion platform's expansion."