The K-Startup Grand Challenge (KSGC) is a South Korean government project that is run and funded as the largest three-month global accelerator programme in the world. For firms seeking to grow throughout the vibrant Asian market via South Korea, it provides an excellent worldwide platform.
The Korean Startup Growth Centre (KSGC) is an inbound project run and supported by the Ministry of SMEs and entrepreneurs of the Republic of Korea. Its goal is to draw promising foreign entrepreneurs to Korea. The program’s goals include promoting Korea as the world’s top startup business hub and assisting promising foreign entrepreneurs as they enter the Korean and global markets. The competition enables entrepreneurs to take use of the outstanding startup environment in the nation as well as other programme benefits (such as financial opportunities) to begin and expand throughout Asia. What are the most strong inducements to enter the contest? You and your firm may be able to get the help, mentoring, and investment opportunities you need through the K-firm Grand Challenge to establish your company in South Korea and grow it throughout Asia.
The advantages include:
01. The advantage is having access to modern Korean R&D facilities.
02. The prize pool is $270,000.
03. Grants and living costs while enrolled in the study totaling $10,840
04. No cost office and project space
05 a 1:1 acceleration
06. Possibilities for partnering with Korean businesses
07. Guidance on culture, accounting, tax laws, and other topics.
08. The prospect of more money being invested
09. An intern posted to Korea
10. Support for visas and other things.
You’ll get access to top-notch testing facilities, prototyping services, and expert assistance if you take part in the challenge. The Pangyo Techno Valley is a centre for innovation where major, international corporations, technology research organisations, and small, local businesses may interact and share information with startups, SMEs, and other businesses.
What prerequisites must be met in order to participate in the challenge?
If they match the criteria outlined below, promising businesses with the intention of entering Asia via the Korean market may register and submit an application for the challenge.
1. A pre-startup or startup team with less than seven years of existence and a foreign national on the team.
2. The group must have a distinct growth aim before entering a foreign market, with a basis in the Korean market and a long-term goal of residing there.
3. Neither the team leader nor any of the team members may be barred from remaining in Korea or from obtaining a relevant visa there.
4. To start a business in Korea, the team needs members who are fluent in both English (mandatory) and Korean (optional). Other restrictions, including those based on investment or revenue status, etc., do not exist.
What standards are used to evaluate KSGC?
The company plan, idea, Asian market fit, strategy and execution, and team will all be taken into consideration when evaluating the application document. The applicant’s target market, the applicant’s problem, need, and solution’s relevancy, the team, the board, mentors and advisers, traction, competition vs. competitive advantages, revenue model, financial projections, Asian market fit, overall presentation, and the Q&A will all be evaluated during the interview process.
Does participation require me to speak Korean fluently?
What is the KSGC program’s official language? The KSGC’s official language is English. There must be at least one English-speaking player on each squad that is taking part. A Korean speaker would not be necessary. In order to help overcome any language or cultural hurdles that may arise during the training, teams will also have Korean interns working alongside them (one intern for every two teams).
Will the initiative cover my living costs while I’m participating?
Yes. A financial contribution of $10,840 (12,250,000) will be given to each of the 60 companies taking part in the project to help with living costs during their 3.5-month stay in Korea. Additionally, each of the top 30 businesses will get awards totaling $10,840 (or $12,250,000) each team over the course of 3.5 months. The top five businesses will share a $270,000 prize fund as part of the course. This comprises 144,000,000 (or about $120,000) for first place, 84,000,00 (or roughly $70,000), 48,000,000 (or roughly $40,000), 30,000,000 (or roughly $25,000), and 18,000,000 (or roughly $15,000) for fifth place.
Will the community’s mentors be available to me?
You have the opportunity to receive mentoring from some of the greatest tech businesses in the world with experience in giving startups and SMBs a worldwide platform.
Will I be able to participate in business collaborations in Korea?
Yes. You’ll have access to the best Korean tech businesses through the challenge, which have experience in everything from semiconductors to cellphones and software.
Is there a chance that the program may attract more investment?
VCs and investors will be available to startups, and they may decide to invest in them. The accelerators in the scheme have the option of investing stock in the most promising startups.
Where can I apply and find out more about the challenge? By registering and submitting an application for the competition, learn more about the K-Startup Grand competition 2023.
