Busan Slush'd: Unconventional Cruise Ship IR Pitching Festival for Startups

A Voyage of Innovation on the Sea: The Busan-Ulsan Startup Ecosystem Charts its Future on a Cruise On the 26th, the Busan Port International Passenger Terminal was filled with an excitement unlike any other. Approximately 180 entrepreneurs in suits, insightful investors, and aspiring entrepreneurs with burning passion boarded the Panstar Miracle cruise ship, launching the nation's first 'onboard startup festival,' '2025 Busan Slush'd'. This event, where Korea Startup Forum and Ulsan Center for Creative Economy & Innovation joined hands to serve as a bridge for the Busan-Ulsan regional startup ecosystem, promised intensive networking and new opportunities for exchange during its 1-night, 2-day cruise journey. The organizers' structural experiment, aimed at breaking away from standardized conferences, left a deep impression on the participants. On the morning of the 27th, in the main hall, venture capitalists (VCs) briefly introduced their respective investment styles and trends, followed by a 'free meetup' where startups directly sought out and conversed with VCs they were interested in. Efficient multi-meetups, based on a pre-arranged matching schedule, led to natural conversations in lounges and cafes throughout the cruise, creating a true venue for exchange unfettered by formalities. Various innovative companies, including six startups in the smart shipping and logistics sector supported by the Ulsan Center for Creative Economy & Innovation, actively sought investment and partnerships. The highlight of this event was the 'Slush'd 10' awards ceremony. Pharos Marine, a marine tech startup developing hydrogen-electric based eco-friendly ship propulsion systems, was selected as the winning team, taking home a prize of 3 million KRW. This moment added to the symbolism of an event held in Busan, a maritime city. In the evening, 'Slush'd Night,' featuring a fireworks display and a DJ party on board, illuminated the night sky, as participants from Busan, Ulsan, and Seoul fostered camaraderie in a free-spirited atmosphere. This 'Busan Slush'd' demonstrated the potential for qualitative relationship building, where VCs and startups collaborate and build trust as 'growth partners,' going beyond mere fundraising. One participant commented that they felt a clear synergy as Ulsan's port infrastructure met Busan's startup ecosystem, and saw the potential for the entire Yeongnam region to develop into a single innovation ecosystem. Han Sang-woo, chairman of the Korea Startup Forum, emphasized, "It was a successful experiment with a cruise format that no one had attempted before," adding, "It was particularly impressive that Busan and Ulsan joined hands to present a model for building a marine-specialized startup ecosystem." On the morning of the 28th, participants, regretfully leaving the cruise as it arrived back at Busan Port, departed confident that this event had been a powerful signal for the construction of a Yeongnam-region startup belt connecting Busan and Ulsan. It was a moment that further heightened expectations for a model of innovation ecosystem creation through inter-regional collaboration.