South Korea’s K-Startup Grand Challenge 2020 accepting applications till 25 June
The Korean government’s K-Startup Grand Challenge supported by the Ministry of SMEs and Startups (MSS) and National IT Industry Promotion Agency (NIPA), is now accepting applications for the program till 25 June, 2020
The Korean government’s K-Startup Grand Challenge supported by the Ministry of SMEs and Startups (MSS) and National IT Industry Promotion Agency (NIPA), is now accepting applications for the program till 25 June, 2020.
An all-expenses paid and the first of its kind in Asia with grand prizes for top five teams, the best winning team will get $120,000 and further assistance to develop business in South Korea. An expert panel of judges will be reviewing the applications, and the global selection process will start in early July 2020.
The selected startup teams get many benefits with the 3-month program from networking opportunities, learning from experts, financial support to business development.
In 2019, the program had received applications from 1,677 teams from 95 countries. Thirty-eight teams from Europe, Asia, and America had been selected for the accelerating program. Out of that 20 teams were selected on final demo day, and they received further follow–up support from January to April 2020.
K-Startup Grand Challenge is a startup accelerator program conducted and financed by the Korean government. The program is an initiative to support foreign startups that want to enter the Korean market and further explore the international markets.
How to apply
Startups that are less than 7 years-old or pre-entrepreneur whose representative holds a foreign nationality or is an -overseas Korean (foreign compatriot).
Promising startups with a clear objective to expand into Asia by using the Korean market as a stepping stone.
Startups with interests in Artificial Intelligence, Big-Data, Cloud computing, Networking, IoT, Robotics, Auto Tech, VR/AR/MR, Smart city, Health, Semiconductor, Green, 3D printing, Block chain, Fintech, Information Security, e-commerce, O2O, Logistics, Media, etc. are encouraged to apply.
Benefits for the startups
Networking and expert support: The 3-month acceleration program fully supports the 60 teams. This program gives access to 1-on-1 mentoring, information sessions, coaching on Korean and Asian business culture, and seminars on topics like patents, accounting regulations, tax laws, and more. Startups will have regular networking sessions and opportunities to meet with large Korean conglomerates, looking to partner with startups.
Financial support: Living expenses (July-Nov 2020): The 60 selected teams receive USD 10,840 (₩12,250,000) for one-person team and $15,490 (₩17,500,000) for two-person team to cover the living expenses over 3.5 months (including 2 weeks of quarantine).
Grant for Top 30 Startups (Jan – Apr 2021): The top 30 startups get to attend the demo day event and are eligible to receive funding for 3.5 months. $10,840 (₩12,250,000) per team of 1 person, $15,490 (₩17,500,000) per team of 2 people.
Grant for Top 5 Startups: The top five teams receive monetary prize as 1st Prize: $120,000 (₩135,600,000), 2nd Prize: $60,000 (₩67,800,000), 3rd Prize: $30,000 (₩33,900,000), 4th Prize: $20,000 (₩22,600,000), and 5th Prize: $10,000 (₩11,300,000).
In 2020, there is scope for 60 talented and innovative startup teams to be part of the enriching program.
The Selection Process and the 2020 KSGC Program
The application and promotion of the K-Startup Grand Challenge 2020 have started with the last date for submitting applications being June 25th, 2020.
Sixty selected teams will participate in the accelerating program from 1st September, 2020, to 30th November, 2020. The top 30 will attend the demo day from 19th to 21 November, 2020, and get further support for business development from January to April 2021.
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