Chung-Ang University successfully concluded the '2024 Global Startup Competition,' which was held with domestic and international universities using a metaverse platform. Photo=Provided by Chung-Ang University

This competition, hosted and organized by Chung-Ang University's Immersive Media Convergence and Open Sharing System Center, was held virtually in Hanoi. A total of 36 student teams from 9 universities in 5 countries—including domestic universities participating in the Innovative Convergence College Project for Advanced Fields as a consortium and international universities that have a cooperative relationship with Chung-Ang University—participated in the competition.

Through this competition, the participating teams showcased their startup results. Startup experts from organizations such as the Gyeonggi Content Agency and Tap Angels Partners selected the outstanding startup teams after judging. They also had time to provide professional and constructive feedback to the participants. The awards ceremony was broadcast live online through Com2uS's metaverse platform, 'Convention Center.'

The Immersive Media Convergence and Open Sharing System Center, which hosted the competition, focused on providing a 'Startup Competency Enhancement Program' that supports students' practical growth and networking beyond a simple competition. During the judging process, in-depth evaluations of ideas and business models were conducted, and after the awards were given, customized advice and points for improvement were provided to each team to give them practical help in their future entrepreneurial activities.

Through the competition, participants who had their startup items objectively evaluated gained an opportunity to develop their business models based on the insights of the experts. It was also noted that this new form of startup competition, which involves real-time communication in a virtual space, not only activated communication among participants but also demonstrated the limitless potential of metaverse platforms.

Wi Jung-hyun, head of Chung-Ang University's Immersive Media Convergence and Open Sharing System Center, said, "We encouraged participants to realize the importance of mutual respect and cooperation and to go beyond simply conceiving ideas to producing actual prototypes. I hope that this competition, which utilized a metaverse platform, will serve as an opportunity to promote new forms of collaboration and innovation and to revitalize the startup ecosystem."