K-Startup Grand Challenge Offers Startups a Chance to Set Sail in South Korea
By: K Startup Grand Challenge
Organised by the Korean government through Korea IT Cooperation Center, Ministry of SMEs and Startups, National IT Industry Promotion Agency, Korean Investment Corporation (Silicon Valley) and Korea - India Cooperation Center, the KSGC 2021 is set to bring in revolutionary wide-ranging startups to South Korea and aid the businesses to grow in the thriving Asian market.
This year, the KSGC 2021 will offer the top 60 finalists a chance to live in Korea and develop their startups in a 3.5-month accelerator programme. The organisers will cover expenses, provide free office and project space, arrange support from Korean interns and offer mentorship from Korean leaders, as well as networking opportunities with like-minded conglomerates. Along with professional assistance in South Korea, the top 30 finalists will take part in the Demo Day and settlement programme in November 2021. On top of that, the overall grants for the top 10 finalists are up to USD$320,000. The selection process will evaluate businesses in various aspects from their level of creativity, business concept, to the technologies, and their passion to kick start their business in South Korea.
The programme promises extended support from distinguished South Korean companies including Samsung, LG, Hyundai and Lotte etc, allowing startups to introduce themselves among an extensive network of international corporate mentors, founders and investors from a broad spectrum of expertise.
The startups will be co-located at the heart of Seoul in the Startup Campus of Pangyo Techno Valley. At the booming hotspot, the businesses will be furnished with cutting-edge R&D labs, and given pitching lessons, personalised training sessions, coaching on South Korean and Asian business culture, as well as business affairs like patents, accounting regulations, tax laws and more.
In 2020, 2,648 startups from 118 countries took part in the K-Startup Grand Challenge, where 55 of them were chosen to participate in the 3.5 month-long acceleration programme. The selected businesses were equipped with initial funding and office space to kick off their businesses in South Korea. The top 30 teams were then chosen for the Demo Day in November, where elected teams were given additional funds for 3.5 months to help them successfully establish their place in South Korea.
For KSFC 2021, interested applicants must be a part of a global startup that has been established within the past 7 years to apply. Technology-based startups must have a prototype or product/service and at the initial investment stage. For more information, visit K-Startup Grand Challenge's website at https://www.k-