The KT&G Scholarship Foundation said Monday it is hosting a social innovation idea contest for college students to showcase creative business ideas that can tackle social challenges.

Students can participate in groups of two to four, and may submit business proposals that create products or services to combat a wide range of social issues including climate change and education.

Proposals are being received through the foundation’s website until Nov. 6.

The first round of evaluations will select 21 teams to participate in a mentoring session with entrepreneurs. Six of those teams will then move on to the final round, while the remaining 15 teams will each receive a cash prize of 1 million won ($696).

The six finalists will be interviewed by industry experts, and will be awarded prizes ranging from 2 million to 7 million won.

The foundation had recently signed business agreements with social venture consultative groups, Impact Alliance and Nestand, in preparation for this contest.