The Korean government is inviting foreign tech startups to apply for K-Startup Grand Challenge - a 3 months paid acceleration program in South Korea.
K-Startup Grand Challenge is a startup acceleration program organized and financed by the Korean government. The ultimate objectives of the K-Startup Grand Challenge are to promote the expansion of an open entrepreneurship ecosystem in Asia and to assist in South Korea’s evolution into a prominent startup business hub in the region.
Startups from all around the world who are interested in expanding business to Korea and are less than 7 years old are encouraged to apply and accelerate their startup in Korea.
After passing a regional audition, the top 60 startups selected by the judging accelerators will be invited to stay in Korea to participate in a 3 month-long acceleration program. This program will give access to 1-on-1 mentoring, information sessions, coaching on Korean business culture, and seminars on topics like patents, accounting regulations, tax laws and more. You will also have access to regular networking sessions and opportunities to meet with large Korean conglomerates, eager to partner with your startup.
At the end of the acceleration program, the government will host a demo day to select top 30 startups. These startups will get additional financial incentives, and if they choose to establish businesses in Korea, they will get additional support from the government.
The top 60 teams selected for the acceleration program will receive USD 10,840 for one-person team and USD 15,490 for two-person team to cover the living expenses over 3.5 months. (including 2 weeks of quarantine expense). The top 30 startups selected will be eligible to receive USD 10,840 for one-person team and USD 15,490 for two-person team to settle down in Korea based on their ‘Demo Day’ and Settlement Evaluation results.
In addition the top 5 startups will be entitled to get the following prizes:
· 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)
· 5th Prize : $10,000 (₩11,300,000)
The accelerators may make equity investments in the most promising startups. Also startups may have access to other VCs and investors who may choose to invest.
The selected startups team will be issued with special startup visa under the OASIS (Overall Assistance for Start-up Immigration System) program, organized especially for foreign entrepreneurs. Beyond the help with the visa, the startup entrepreneurs will also have access to administrative support, translation, and interpretation to make sure they can work conveniently and effectively while in Korea
Application Period : May 15 to June 25
Acceleration Program : September 1 to November 30
Demo Day : November 19 - 21
For more information please visit: https://www.k-startupgc.org/KSGC2020.do
