South Korea’s SMEs and Startups Ministry and Indonesia’s Cooperatives and SMEs Ministry unveiled the final winners of the 4th Korea-ASEAN Business Model Competition for SDGs 2023 at a hotel in Jakarta, Indonesia, on Tuesday.

Launched in 2020, the annual competition aims to boost hundreds of startups and SMEs from South Korea and Southeast Asian countries to adopt the Sustainable Development Goals set by the United Nations to their business models.

While this year’s competition drew a total of 259 startups and SMEs, ten finalists were selected to pitch business models in front of international judges and venture capital investors at a Demo Day event in Jakarta on Oct. 31.

The first place as well as a $5,000 prize was given to an Indonesian Greentech startup, Plastic for Nature (Plana), which specialized in upcycling plastic waste into wood and bricks.

This was followed by the Seoul-based enterprise LabSD Inc. which develops tools and quality health care services to diagnose eye diseases, winning a prize amounting to $3,000.

Lastly, Malaysian biotech startup Entomal, which materializes biowaste treatment with the larvae of black soldier fly, was nominated for third place and a $1,000 prize.

All ten finalists were acknowledged for their achievements, receiving certificates of recognition from the Ministry of Cooperatives and SMEs of Indonesia. As an additional award, they can also use the co-working space at Green Business Center Jakarta for free for one year.

“These startups are more than just businesses, but the engines of innovation, the pioneers of sustainability, and the realizations of hope,” said Lee Seung-chan, the Secretary-General at ASEM SMEs Eco-innovation Center, the co-organizer of the competition. “This contest serves as a meeting point for these individuals sharing the same vision for a better sustainable future.”