A diverse spectrum of startups and small and medium-sized businesses from South Korea and ASEAN nations attended the 5th Korea-ASEAN Business Model Competition for SDGs, which was hosted in Indonesia, according to the event’s organizers on Tuesday.

Two Korean companies won first and second place in this year’s competition, which sought to promote creative ideas to meet the Sustainable Development Goals of the UN.

Millennial Flavor Town, a plant-based food firm, received $6,000 for its environmentally friendly beef alternative, while REharvest, a food upcycling company, received $3,000. Third-place winner Rebricks of Indonesia, which turns plastic waste into premium building materials, took home $1,000.

“This competition demonstrates our capacity to use technology and welcome change. It serves as a reminder that obstacles can present fresh chances for development and creativity,” stated Teten Masduki, Indonesia’s Minister of Cooperatives and SMEs.

“As stated in the sustainable development goals, the concepts and business models presented today should not only concentrate on profitability but also on generating positive impacts,” he continued.

345 SMEs and startups in all offered creative strategies for global sustainability. The top 10 finalists received certificates from the Indonesian Ministry and were granted a one-year membership in a Jakarta co-working facility.

The competition, which was co-hosted by Indonesia’s Ministry of Cooperatives and SMEs and Korea’s Ministry of SMEs and Startups, demonstrated the continued cooperation between ASEAN nations and Korea to encourage sustainable innovation and entrepreneurship.