The Korean government is sponsoring talented entrepreneurs and promising startups in the Korean Government K-Startup Grand Challenge 2022. Applications are currently invited from promising and determined Entrepreneurs in Asia.
The top-ranked 50 teams selected by the accelerators will be invited to stay in Korea to participate in a four-month accelerating program in Pangyo, located south of Seoul.
At the end of the accelerating program, the government will host a Demo Day to select the top 25 startups from the program. They will get additional financial incentives, and if they establish their businesses in Korea, they will get additional support from the government.
K-Startup Grand Challenge Benefits
- Four-Month Accelerating Program
Financial Incentives
For the final 50 teams, each team will get $833 (1,000,000 KRW) for audition prize (up to two persons per team).
Each of the top 25 startups, selected during the final Demo Day, will receive $27,000 (32,000,000 KRW) if they set up a legal entity in Korea. The top four teams will be rewarded with grants of between $6,000 and $100,000.
Impressive startups may also be offered equity investment opportunities from accelerators and local VCs.
- Free Office and Project Space at Startup Campus
You’ll be able to work in Korea’s new Startup Campus in Pangyo, located within walking distance of many of Korea’s top tech companies, and just a 14-minute subway ride away from the Gangnam district of Seoul.
Furthermore, you’ll be provided with office space for your team, as well as equipment and project space to work on producing or perfecting your product or service. This includes access to a production space filled with 3D printers, hardware testing platforms and more.
- Corporate Sponsorship and Support
Korea’s largest tech companies will participate through seminars, workshop and 1-on-1 mentoring. If you need any help beyond the scope of the K-Startup Grand Challenge acceleration program, you may be able to partner with these companies and receive resources and their expertise.
Companies signed on to support you include Samsung, Hyundai Motors, SK, LG, Lotte, GS, Hanwha, Hanjin, Doosan, KT, CJ, Hyosung, Kakao, and Naver.
- Visas & Help Desk
If you are selected for the accelerating program, we will make sure your Startup Visa is processed quickly and efficiently. This is part of the government’s OASIS program, aimed at the entrepreneurs.
Beyond help with your visa, you’ll also have access to administrative support, translation, and interpretation, to make sure that you can work effectively while in Korea.
Where Startup Campus in Pangyo Techno Valley, 14 minutes south of Gangnam, South Korea.
Application Deadline
K-Startup Grand Challenge acceleration program is an annual program. 2022 application deadline is in June 2022.
Application Link
Below is the official link to enable you to apply for the K-startup Grand Challenge Acceleration Program.
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