The Korea Water Resources Corp. (K-water) is seeking to foster water industry innovation by nurturing promising startups to ensure safe and clean water supply to every household here.
The contest was aimed at discovering promising future technologies that can be commercialized and serve as new growth engines for the industry.
K-water said 528 participants including university students have submitted 226 kinds of ideas, technologies and products in the three months since June.
Among those, the 100-member evaluation group selected 18 projects that can contribute to digital transformation in water quality management, resolving water shortages and preventing flood damage and water pollution. Among them, eight excellent projects were showcased during Friday's event.
K-water said winners will be offered prize money totaling 102 million won ($91,000), in addition to project commercialization support from the state-run company.
"The winners will be able to use dams and purification plants across the country that are under the control of K-water to carry out their performance tests," a K-water official said.
The Korean Intellectual Property Office, Korea Venture Business Association and the U.N. Office for Sustainable Development also participated in the event to support overseas expansion of the selected projects.
"We will continue to come up with policies to nurture innovative startups possessing excellent technologies, in a bid to foster water industry development," Environment Minister Cho Myung-rae said.