K-startup Grand Challenge will commence on Sept 1 – Nov 30, 2020. It provides a once in a lifetime opportunity to accelerate your startup in South Korea and Asia.
It is a 3-month startup inbounding programme organised and financed by the South Korean government. It is currently in its 5th year. The programme will also help you settle and scale up in South Korea.
There is no doubt that Korea provides one of the best supports and environment for the new age startup. Last year, 38 startups who participated in the challenge received initial funding and office space in their acceleration programme of 3.5 months. Top 20 teams were then chosen and given additional funds to successfully claim their place in the country.The South Korean Govt. supports talented entrepreneurs and innovating and promising startups. Its aim is to turn Korea into a global startup hub.
In order to apply, the programme has laid some basic criteria-
- Tech-based startups with a prototype or product/service at initial stage of investment
- Global startups.
- Startups established within past 7 years are eligible to apply.
The startups will also receive money to cover their living expenses over 3.5 months. Selected teams are to be provided with project space, required equipment, testbeds and an incubating infrastructure at the Startup Campus, Pangyo Techno Valley, Seoul.
The Grand Challenge is mainly looking for startups working in the sectors: AI, networking (5G), IoT, big data, cloud computing Robotics, AR/VR/MR, smart city, health, blockchain, fintech, semiconductor, green, 3D printing, information security, e-commerce etc.
The K-Startup Grand Challenge is suited for the startups who are keen or have been preparing to do business in Asia and particularly within the Korean market. The cash prize is US$ 240k excluding other benefits. The program also guarantees additional investment from the Government of Korea. The favourable social, political and economic climate in South Korea makes it one of the best destinations for the growth of startups.