The Ministry of SMEs and Startups announced that it would open eight AI tasks presented by large companies and senior ventures of the artificial intelligence startup competition “AI Championship 2020”. The ministry would also recruit startups to participate in the project from September 9 to 29.
The ministry promoted the AI Championship 2020 as the second platform following the AI solution competition “Power of Connection, Digital Dream 9.” The ministry initiated the competition since the beginning of this year in accordance with the National Strategy for Artificial Intelligence.
Unlike the Power of Connection, Digital Dream 9, which solves the challenges presented by large companies, the AI Championship 2020 would solve challenges presented by large corporations and senior ventures with AI technology based on big data.
AI Championship 2020 Features
The AI Championship competition has two main features.
First, large companies and senior ventures would disclose high-quality data previously kept private.
Second, the startups would propose not only artificial intelligence technology for solving tasks but also products and service plans to large companies.
The ministry expects the two features to compensate for the fact that after the competition, startups faced limitations when developing actual products and service. After the competition, the ministry also expects the collaboration between startups and large companies would continue through the commercialization of products and services.
Eight companies, including leading domestic firms and senior ventures that have submitted tasks for the AI Championship representing each field, will participate.
Participants include LG Science Park and Hankook Tire & Technology in the manufacturing sector; Kosin University Gospel Hospital in the medical field; MBN subsidiary KDX Korea Data Exchange in the imaging field; and Naver Corp., BC Card, Woowa Brothers, and WeMef for the consumer life sector.
Three-Phase Competition
The competition would take place in three phases.
Phase 1 would evaluate the direction of artificial intelligence algorithm developed by startups and ideas of product service based on sample data for each task. A panel would then select 48 startups (six startups per task for eight tasks) in early October.
In the second phase, the selected startups would then receive the entire data set for each task in which they would develop an AI algorithm in earnest.
Afterwards, through face-to-face evaluation, the panel would rank 24 startups (three companies per task for eight tasks) in the finals in mid-October. The criteria would include the accuracy of artificial intelligence algorithms, creativity, and reality of the product and service plan.
The startups selected in the second phase would are given about a month to advance their solutions with close mentoring by the companies and artificial intelligence experts who presented the tasks.
The third phase would include the final pitching competition, which would launch as a special event at the COMEUP 2020 event this November. The winning team for each task would receive a prize of around 30 million won (US$25,580) and a maximum of 2.5 billion won (US$2.1 million) in policy support.
The application period runs from September 9 to 29. For more information and application methods for the AI Championship, refer to the K-Startup Startup Support Portal (www.k-startup.go.kr)
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