The Asan Nanum Foundation announced on Friday that it will launch a “Chung Ju-yung Entrepreneurship Competition for Youths,” a nationwide entrepreneurship competition in commemoration of the late Hyundai Group founder Chung Ju-yung.

Established in 2011, the contest aims to discover ambitious young talent interested in business ventures, the social foundation said.

Twenty-two teams will make the regional competitions, among which 10 teams will survive the group-camping assessment to compete in the final. 

An assessment committee composed of venture-capitalists will pay visits to all regional competitions and review participants’ business proposals.

The competition is co-hosted with Soongsil University, and supported by the Small and Medium Business Administration, the Korean Venture Capital Association and the Small and Medium Business Corp.

The competition runs from July 13 through Aug. 14, with prize money of 200 million won ($170,000) in total.

Besides the prize money, the winners will be prioritized when selecting beneficiaries for “Chung Ju-yung Angel Investment Fund,” worth over 100 billion won. Chung Ju-yung Angel Investment Fund offers consulting sessions with investment experts to its beneficiaries and plans to support overseas entrepreneurship.

Applicants can apply online by submitting business proposals at the foundation’s website, www.asan-nanum.org, starting from June 25.

By Chung Joo-won (joowonc@heraldcorp.com)