South Korean steel giant Posco Group said Sunday that four startups it supported were honored with awards at a startup competition earlier this month.

Aiming to promote entrepreneurship in Korea, 10 government agencies, including the Ministry of SMEs and Startups, jointly host the K-Startup Grand Challenge annually. This year, 6,238 teams participated in the competition, which was divided into two leagues -- one for enterprises established within the past three years and another for aspiring entrepreneurs. Out of the 10 winners in the former league, four startups had been nurtured by Posco.

BioBricks, a developer of high-value medical bio-ink materials, claimed the top prize, while Gole Robotics, a provider of autonomous mobile robots for delivering construction materials, secured second place. Amber Road, which offers artificial intelligence-based manufacturing process solutions, and 10kM.ai, a video solutions provider, were also recognized for their achievements.

“With the full support from Posco Group, we were able to secure first place in this year's contest,” said BioBricks CEO Jang Jin-ah. “We will continue striving to deliver innovative materials to the global medical sector.”

Posco Group operates a startup incubation center called Change-up Ground in Pohang, North Gyeongsang Province. To support new entrepreneurs, the company also organizes competitions such as Idea Market Place for external participants.

Additionally, Posco runs initiatives to encourage its employees to launch in-house ventures. "We launched Poventures to create new opportunities for our employees and to cultivate a challenging mindset," said a Posco official.

In the early stages of their journey, Posco assists in setting up a commercialization unit and provides support for workspace and prototype production.

By Park Min-ha (en23mp@heraldcorp.com)