Participants of the 5th Korea-ASEAN Business Model Competition for SDGs joined an online meeting last week. (Courtesy of the event committee)

The organizers of the 5th Korea-ASEAN Business Model Competition for SDGs, held in Indonesia, said Tuesday that the event attracted a wide range of startups and small and medium-sized enterprises from South Korea and ASEAN countries.

This year's contest aimed to foster innovative solutions to achieve the United Nations Sustainable Development Goals, with two Korean companies securing first and second place.

The plant-based food startup Millennial Flavor Town won $6,000 for its eco-friendly meat substitute, while $3,000 was awarded to food upcycling company REharvest. Indonesia’s Rebricks, which recycles plastic waste into high-quality building materials, received $1,000 for third place.

“This competition showcases our ability to embrace change and leverage technology. It reminds us that challenges can lead to new opportunities for growth and innovation,” said Teten Masduki, Indonesia’s Minister of Cooperatives and SMEs.

“The ideas and business models shared today should not focus solely on profitability but also on creating positive impacts, as outlined in the sustainable development goals,” he added.

In total, 345 startups and SMEs presented innovative approaches for global sustainability. The top 10 finalists gained certificates from Indonesia's Ministry and the right to use a co-working space in Jakarta for a year.

The competition was jointly hosted by Korea’s Ministry of SMEs and Startups and Indonesia’s Ministry of Cooperatives and SMEs, highlighting the ongoing collaboration between Korea and ASEAN countries to promote entrepreneurship and sustainable innovation.