Seeking to expand your business overseas? The Korean government has organised a golden opportunity for start-ups to develop and grow through this competition. Your company will benefit through the close knitted mentorship with MNCs based in Korea like Samsung and LG, as well as monetary benefits and access to the Korean market.
The ultimate goal of the K-Startup Grand Challenge is to "promote the expansion of an open entrepreneurship ecosystem in Asia and to assist in South Korea's evolution into a permanent startup business hub in the region." The country's Ministry of Science, ICT and Future Planning, is sponsoring the program. Accelerators including SparkLabs and DEV Korea are also backing the initiative.
Applicants of the K-Startup Grand Challenge will have an opportunity to vie for a number of packages and prizes, including a chance to come to South Korea and court investors. To start, companies will display their solutions this summer to vie for a spot at Demoday at Pangyo Tech Valley in Seoul. A total of 80 applicants will be invited to pitch their products and services in August 2016. The list will eventually be narrowed down to 40 startups that will advance to Demoday in December 2016. At this event, Korean and foreign investors will be invited to mingle and gauge the competition.
The largest prize package will be given to 20 startups that make a splash at Demoday. Each one will receive $33,000, with cash prizes up to $100,000 awarded to the top four startups. Accelerators participating in the event may also invest in some of the finalists.
Finally, the most dedicated startups will be eligible to receive a free extended stay in South Korea to further establish their businesses abroad. The Settlement Program, as its been titled, will provide six months of support in South Korea.
Come to Korea With Creative Ideas! K-Startup Challenge is an amazing opportunity for any startups wishing to run their business in Korea!