Deadline:
June 07, 2024
Location(s)
Korea, South
Seoul
Overview
K-Startup Grand Challenge" is a startup acceleration program designed to attract talented entrepreneurs and promising foreign startups to do business in Korea.
In 2024, we plan to invite 40 teams for the program, and KISED is going to choose TOP 20 for additional grant and TOP 5 for wining prizes, which help them build up startups in Korea. We provide essential benefits for startup with unprecedented scale such as $400,000 prizes money in total, subsidy for living expense in Korea, startup visa acquisition, and free internship support. As well, we offer fascinating services to help foreign startups penetrate to the Korean market, such as 1-on-1 mentoring, various seminars, a free office space, and extra.
Download application tips!
Details
INTRODUCTION
Industry 4.0 is a paradigm shift for the whole world. Major changes are happening with the merging of artificial intelligence, augmented reality, block chain, vehicle automation, smart factories and more. With culture and infrastructure that quickly adapt to the most recent technological advances, Korea is at the center of all.
With 221 accelerators and 134 innovation centers, Korea provides the best support and environment for startups just beginning their journey. Last year, 2,648 startups from 118 countries competed to be selected for the 2023 K-Startup Grand Challenge, a systematic startup program in Korea. 55 of them were selected to participate in a 3.5 month-long acceleration program and received initial funding and office space.
The top 20 teams were then chosen in the Demo Day in December. The selected teams were given additional funds for 3.5 months which help them to successfully claim their place in Korea.
The startups that participated in the K-Startup Grand Challenge were evaluated by specialists in each tech area and given a chance to network with them.
The selection was based on the level of creativity in each startup, their business concept, technologies, as well as their desire to base their business in Korea. By the end of the program, a number of promising companies were ready to take on the Asian market and startle the world. K-Startup Grand Challenge has been applauded for its impartial selection processes, participating organizations’ competence and passion. K-Startup Grand Challenge's impact continues to bolster Korea's reputation as a leading startup hub in Asia.
The key purpose of K-Startup Grand Challenge is to promote collaboration and exchange of ideas among startups from Korea and around the world. K-Startup Grand Challenge helps startups, like yours, getting on their feet and running with new ideas, encouraging them to merge, collide, and lead on to new innovations.
If you start your company in Korea, you can take advantages of various supports of this program as well as a surge of momentum into the Asian market thanks to the growing influence of the Korean Wave. In 2024, the K-Startup Grand Challenge can provide you and your startup with the support and opportunities for investment that you need to launch your business in Asia. Apply now and let this exciting new chapter of your startup begin!
PROCESS
- Evaluation and Selection (Mid-June 2024) → Accleration Program (Sep ~ Dec 2024) → Demo Day Event (Dec 2024) → Follow-up Support (Jan - April 2025)
Opportunity is About
Eligibility
Candidates should be from:
Description of Ideal Candidate
Eligibility
Non-Korean tech- and/or service-based (pre-) startups operated by representatives with foreign nationalities who wish to settle down in the Korean market.
* Pre-startups or startups with seven years or less of experience (A startup with ten years or less of experience is also eligible according to Article 25 of “Support for Small and Medium Enterprise Establishment Act,“ if it is a new industry business startup publicly notified by the Minister of SMEs and Startups).
** Startups established no earlier than 25.4,2017—in case a startup is a new industry business startup, no earlier than 25.4.2014—are eligible for the application.
Selection criteria
- Evaluation for documents shall be based on the criteria below.
- Business Plan / Idea / Asian Market fit
- Strategy & Execution / Team Building
- Evaluation for interview shall be based on the below criteria.
- Target Market / Problem or Need / Solution / Team, Board, Advisors
- Traction / Competition vs. Competitive Advantages / Revenue Model
- Financial Projections / Asian market fit / Overall Presentation · Q&A
Regarding the candidate selected by the previous paragraph, the president of the agency in charge shall confirm the participating teams after legal and institutional review including Korean market regulations and the executing agency’s consent and distribution, but this process does not constitute either approval or guarantee of the legal effectiveness of the participants’ business activities.
Dates
Deadline: June 07, 2024
Cost/funding for participants
Benefits
The top 40 teams will be invited to conduct business in Korea and participate in a 3.5-month acceleration program with selected accelerators in Pangyo. A Demo Day will be hosted at the end of the acceleration program to select top 20 startups. These startups will get additional financial incentives,
and if they choose to establish their businesses in Korea, additional support will be given from the government.
- Accelerating Program
1-on-1 mentors
coaching for the Korean language and Asian business culture, consulting on patents, accounting, tax laws etc.
access to networking sessions with Korean startups and large companies - Living Expenses
Each of the 60 startups in the program will receive money to cover the living expenses over 3.5 months.
$10,840 (₩12,250,000) per team - Help Desk & Visas
The participating teams will benefit from the KSGC program as Korean government will permit to ease Visa regulations for the teams. Support for housing and administrative work will be provided as well.
- Free Office and Project Space
Selected teams will be provided with a project space including equipment for product / service production and development, testbeds, as well as an incubating infrastructure at the Startup Campus in Pangyo Techno Valley.
- Korean Internship: Provide Korean interns to assist your business in Korea for 3.5 months. (1 intern per 2 teams)
- Demoday Top 5 Grant
-
Grant for Top 5 Startups
1st Prize: $120,000 (₩144,000,000)
2nd Prize: $70,000 (₩84,000,000)
3rd Prize: $40,000 (₩48,000,000)
4th Prize: $25,000 (₩30,000,000)
5th Prize: $15,000 (₩18,000,000)
Un-save Opportunity
Internships, scholarships, student conferences and competitions.
