Asia-Pacific's Most Participated Startup Competition!
This year, the unexpected crisis has dramatically amplified our VUCA world, in which the current geopolitical environment and its meaning for tomorrow’s business have been described as Volatile, Uncertain, Complex and Ambiguous. In order to thrive, startups should not miss any opportunities that provide the best support and environment for them during this challenging time.
K-Startup Grand Challenge is a startup accelerator program supported by the Government of South Korea. The program was launched in 2016 by the National IT Industry Promotion Agency and funded by the Ministry of SMEs and Startups of South Korea. The key purpose of the competition is to helps startups, like yours, getting on their feet and running with new ideas, encouraging them to merge, collide, and lead on to new innovations.
The top-ranked 60 teams selected by the accelerators will be invited to stay in Korea to participate in a 3-month accelerating program in Pangyo, located in the south of Seoul.
At the end of the acceleration program, the government will host a demo day to select the top 30 startups. These startups will get additional financial incentives, and if they choose to establish their businesses in Korea, they will get additional support from the government.
1. Living Expenses: Each of the 60 startups in the program will receive money to cover the living expenses over 3.5 months.
During the quarantine period, participants should pay the cost of isolation housing which Korea Government provides from living expenses
(Living expenses include the quarantine fund for 2 weeks before the program starts.)
2. Korean Intern Support (3 months): Provide Korean interns to assist your business in Korea for 3 months.
(1 intern per 2 teams). There will be a speed dating session, so you could choose your own Korean intern to work with. The intern would definitely help you to tear down the language and cultural barrier, the two most difficult things you could face while pursuing business in a foreign country.
3. Free Office and Project Space (Startup Campus): Elected teams will be provided with 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.
4. Help Desk & Visas: As the South Korean government supports the improvement in Visa regulations for foreign startups and entrepreneurs through the new OASIS program, Visa-related issues will be taken care of by the Korean government. Also, various services are available for overseas startups such as administrative support, housing and so on.
5. Accelerating Program (3months): 60 teams will be selected to join a 3months Accelerating program during which they will receive:
6. Final Package:
Grant for Top 30 Startups (Jan – Apr 2021) Each of the selected top 30 startups will be eligible to receive funding for 3.5 months.
Grant for Top 5 Startups
7. Additional Investments: The accelerators may make equity investments in the most promising startups. Startups may have access to other VCs and investors who may choose to invest.
8. Corporate Sponsorship and Support : Korea’s largest tech companies will participate in various seminars, workshops, and 1-on-1 mentoring. If you need any help beyond the scope of the K-Startup Grand Challenge program, you can be a partner with these companies and receive resources and their expertise
June 29 - July 02
June 09 - 15
Nov 19 - 21
Apr 30, 2021
PROMOTION & RECEPTION OF APPLICATIONS
* Due to this situation, all foreigners have to come to Korea before August 15 in order to go into quarantine. Quarantine period will be August 15 - 31
* The Samoa Time Zone
If you are considering the Korean market, then K-Startup Grand Challenge is the best program that will help you land on your feet here. The program gives two major benefits which are the monthly stipend, which takes care of your various expenses for living and business, and the other is the networking opportunities that introduce you to many connections to help expand in the Korean market.
Being here and seeing things at firsthand really made me realize how innovative Korea was. That was the reason I decided to stay here. Other thing that makes me stay in Korea is the life in the city, Seoul. You can have whatever life you want. You can have a party, go to lake, and hike mountains. This is the only place in the world where can do all activities I want to do.
From my experience, South Korea is like a window to global expansion. When you make collaborations with international companies like Hyundai, Samsung, LG, etc., you also get the advantage of extending services to other countries.
It is definitely worth doing business here as long as you are really mindful of the Korean culture and accept that you have to adapt your style.