September 2, 2022 - The Asia Foundation successfully hosted Business Competition for North Korea-related Entrepreneurs and awarded a total of 10 million KRW to three competition winners. The competition was organized to support access to finance for North Korea-related businesses led by a North Korean refugee or positively impact the North Korean refugee community through its business model or operations.

Among a large pool of applicants, The Asia Foundation went through two selection rounds to select the winners with the highest potential for business and social impact for the North Korean refugee community. The first round was a document screening process to assess the business model and competitive advantage by an internal selection committee. The second round was an in-person IR presentation to a group of actual investors from venture capital and development banks who the Foundation invited. The external judges provided an objective evaluation for the presenters and shared expert feedback and advice to help the presenters grow their businesses further.

Three entrepreneurs were selected as winners of the Business Competition. The first prize was awarded to Michelle Cho (CEO, Singing Beetle), the founder of an entertainment company with the strongest potential to impact the North Korean refugee community in South Korea and abroad. The second prize was awarded to Myeong-hee Ahn (CEO, Ryu Ae), the founder of a company that manufactures and sells high-quality baby clothes. The third prize was awarded to Kum Seong Kim (CEO, Uncles), the founder of a tech company that has developed a mouse pad that protects users from harmful electromagnetic waves from PC monitors.

One winner noted that "the business competition was a great opportunity to re-evaluate our business models, market competitiveness, and future potential." She further stated that "the feedback and advice from the judges were extremely valuable and provided a clue to where her business needs to move towards in the future."