On October 31, the Ministry of SMEs and Startups (MSS) and the Korea Start-up PromotionAgency announced KAIST-led startup companies Raion Robotics and Aldaver as the grand prize winners of the preparatory startup and startup league of Challenge! K-Startup 2023, the largest startup contest in Korea. 

Raion Robotics, led by Professor Jemin Hwangbo of the Department of Mechanical Engineering, secured their financial incentive worth 150 million KRW by analyzing how their acclaimed robot "Raibo" could better serve the labor market. 

On the other hand, Aldaver, a startup company guided by Professor Steve Park of the Department of Materials Science and Engineering, impressed the judging panel with their plans to utilize seaweed to emulate vital organs used for medical simulations, accepting the 300 million KRW cash prize.

This selective competition cut 6,187 participating teams to 30 finalists, ultimately hailing 20 chosen winners for their spectacular efforts. The awarding committee chose four, eight, and six more teams for the second, third and consolation prize respectively. These winning companies from both categories received a total of 1.5 billion KRW in prize money and follow-up support. 

SMEs and Startups Minister Young Lee articulated her vision of this venture, saying, "Challenge! K-Startup started in 2016, where around 5,800 companies and 6,100 startups participate annually, solidifying its position as the best startup competition in Korea. I am confident that the companies selected this time will continue to make history. 101 companies that have accumulated awards until last year have created 294 billion in sales and 2,387 jobs as of June this year, playing a visible role in the Korean economy".