The main purpose of the global acceleration program Korean entrepreneurial challenge It aims to promote collaboration and exchange of ideas between startups in Korea and around the world. To this end, the startups will come to Korea* within the first 3 months, and then the selected startups will enter the settlement phase to enter Asia.
Will startups come to Korea for three months? In a pandemic?
Yes, this is why this is possible:
South Korea is one of the only countries in the world that has successfully controlled the outbreak of COVID-19. While struggling in other countries, South Korea is relying on high-tech solutions to contain novel coronaviruses, thereby bringing its population back to normal-restaurants, shopping malls and parks have been empty in recent weeks. Because of the emerging technologies that ensure safety, South Korea has become a promoter of international events when large-scale events are restricted in most regions. In addition, Koreans themselves are early adopters of technology, providing technology startups from all walks of life with many opportunities to rebuild and expand their solutions.
Organized by NIPA and funded by the Ministry of SMEs and Entrepreneurship Korean entrepreneurial challenge Startups that are seeking to support a variety of industries and technologies-from mobility to energy, artificial intelligence to additive manufacturing.
KSGC is a global acceleration plan implemented by the Korean government. The plan started in 2016 to help global startups expand into the Korean market and the broader Asian market. The main purpose of the K-Startup Challenge is to promote collaboration and exchange of ideas between startups in Korea and around the world.
If you set up a company in South Korea, as the influence of the Korean wave continues to increase, you can take advantage of the various support of the program and the momentum of entering the Asian market.
Accelerate all kinds of innovation and entrepreneurship
Since South Korea is one of the most technologically advanced countries in the world, KSGC is Looking for innovation in various fields. These include: artificial intelligence (AI), big data, cloud computing, networking, 5G, Internet of Things (IoT), robotics, automotive technology, virtual reality (VR), mixed reality (MR), augmented reality (AR), wisdom City (agriculture, government, factory), health, biotechnology, semiconductor, green energy, 3D printing, blockchain, fintech, information security, e-commerce, smart home, logistics, media (games, social media, digital content) .
Moreover, your company should Established in 2013 or later and Headquartered in Europe, Middle East and Africa Eligible to participate in the K-Startup challenge.
Advantages: financial support, free office space, corporate sponsorship, etc.
South Korea has 11 unicorns. It is an active and well-designed entrepreneurial ecosystem that attracts investors and international companies such as Google. In addition, major Korean companies have also actively expressed interest in working with global startups.
To facilitate this, the benefits of the K-Startup Challenge include $120,000 in cash awards, expert support, co-working space, living expenses, additional funds, etc.:
- The most advanced R&D laboratory For prototypes, test facilities, expert support
- 3 months acceleration: The top 60 teams selected will be invited to stay in South Korea to participate in the 3-month acceleration program. The program will give you access One-to-one tutoring, Information meeting, Guiding Korean and Asian business culture, And seminars on patents, accounting regulations, tax laws and other topics.
- Enter a new entrepreneurial park: You will work in South Korea’s new Startup Campus in Pangyo, which is only a few steps away from many top Korean technology companies, and is only a 14-minute subway ride from Gangnam district in Seoul.
- Free office and project space: You will get an office space and a variety of equipment and space that can be used by your team. In addition, you will have Korean interns are at your service Help reduce language and cultural barriers while pursuing local business.
- Corporate sponsorship and support: The largest technology company in South Korea will participate in various seminars, workshops and one-on-one tutoring, and its professional knowledge covers various fields from smartphones to software to semiconductors.
- financial support: The top 60 teams entering the accelerated plan will receive a single-person team of $10,840 and a two-person team of $15,490 to cover living expenses within 3.5 months (including 2 weeks of quarantine fees*).
- Settlement stage: After the acceleration phase, provide 3.5 months of settlement funds (total USD 40,000) for each of the 30 selected top teams
KSGC – a well-documented acceleration program
In 2019, 1.677 startups from 95 countries/regions competed for the K-Startup Grand Challenge. 38 of them were selected to participate in the 3.5-month acceleration program and received initial funding and office space. Since then, the top 20 teams have been selected in December’s “Demo Day” and provided them with 3.5 months of additional funding, which helped them successfully obtain a position in South Korea.
Overall, the results of startups participating in KSGC 2016-2019 did not achieve amazing results until last year. The following is an overview of their achievements:
- 89 established entities
- $1.2 billion in domestic and foreign investment
- 881 companies
- Signed 374 contracts
- 906 meetings were held with major Korean companies, SMEs, start-ups, and venture capital institutions.
“In my experience, South Korea is like a window of global expansion. When you work with international companies such as Hyundai, Samsung, LG, etc., you will also get the advantage of expanding services to other countries/regions. As long as you really understand Korean culture And accept, it is definitely worth doing business here. You must adapt to your own style.” said Matei Psatta, CPS 2019 participant of TPS Engage.
The winner of 2019, Jordan Monnet, the CPO of nr2, praised KSGc as a shortcut to understand the Korean ecosystem: “Come here and witness things really make me aware of Korea’s innovative capabilities. This is my decision The reason for staying here. Another thing that made me stay in Korea is living in the city of Seoul. You can have the life you want. You can attend parties, go to the lake and hike the mountains. This is the only thing in the world Do all the activities I want to do.”
- May 15 to June 25: Application phase
- June 29 to July 2: Application review
- July 9-15: Global auditions
- July 17: Final announcement
- September 1st to November 30th: Planned acceleration in South Korea (including 2 weeks of quarantine)
- November 19-21: Demo Day, top 30 teams will be selected in the next stage
- January 15 to April 30, 2021: Solutions
To break into Asia, Apply for the K-Startup Grand Challenge by June 25, 2020!
*Editor’s Note: Participants are required to be isolated for two weeks before the acceleration phase begins.
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