Want to Scale Up in South Korean Market? Apply for the K-Startup Grand Challenge 2020

The Korean government is working to transform the country’s economy for another century of success, ultimately raising employment, the GDP and Korea’s place in the world. In order to do this, the government is supporting talented entrepreneurs and promising startups, to turn Korea and Pangyo Creative Economy Valley into a global startup hub in Asia.

The top ranked 60 teams selected by the accelerators will be invited to stay in Korea to participate a 3 month accelerating program in Pangyo, located in the south of Seoul.

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 their businesses in Korea, they will get additional support from the government.

The objective, expected outcome, and effects of the K-Startup Grand Challenge 2020 are as follows.

Objective:

Supporting promising foreign startups to enter Korean and international markets and promoting Korea as the global leading startup business hub.

Expected Outcome and Effects:

The participating teams will establish corporations in Korea and hire Koreans with the objective to run businesses in Korea, as well as create new businesses within Korea and expand to the overseas market, and consequently contribute to the globalization of the Korean startup ecosystem.

Eligibility:

Technology-based startups that have prototype or product/service at initial investment stage.
Established within 7 years.
Representative has foreign nationality or is an overseas Korean (foreign national or foreign compatriots).
The team must be qualified from staying in Korea and have one or more member with bachelor’s degree or higher.
The team must have one who can communicate in English (required) and Korean (optional).
There is no other limitation such as investment or revenue status, etc.

Benefits:

During the 3,5 months, the support below shall be provided to participating teams

Settlement Fund (Including self quarantine expense).
Start-up visa program through the OASIS (Overall Assistance for Startup Immigration System).
Accelerating programs (training, mentoring, consulting on the corporate establishment, investment support events, etc.)
Help desk (settlement support, life convenience support, etc.)
Incubating facilities.
Korea Intern working for you to help your business in Korea.

Selection Criteria:

1. Evaluation for documents shall be based on the criteria below.

– Business Plan / Idea / Asian Market fit

– Strategy & Execution / Team Building

2. Evaluation for interview shall be based on the below criteria.

– Target Market / Problem or Need / Solution / Team, Board, Advisors

– Traction / Competition vs. Competitive Advantages / Revenue Model

– Financial Projections / Asian market fit / Overall Presentation

Application Process:

(Document Evaluation) June 29th – July 2nd.
(Interview Evaluation) July 16th * The dates are subject to change

The applying team shall assume full responsibility in the event of an error in the email address, or failure to receive e-mails due to a faulty internet service provider or network defect provided by the applying team. The applying team is also responsible for checking the status of e-mail transmission and receipt by the agency in charge at all times so that communication can be done from and to each other in due course for each issue.