South Korea, one of the most developed and industrialised countries in the world, is the hub of innovation and entrepreneurship today. Startups and businesses looking to venture into and grow in Asia often look towards South Korea for all the impressive opportunities it offers – one of which is to expand to a country that has among the world’s most impressive internet penetration rates.
The K-Startup Grand Challenge is one such gateway into the market that startups cannot afford to miss.
We are less than a week away from the application deadline for the 2022 edition of the K-Startup Grand Challenge, South Korea’s annual global accelerator program. If you are looking to make the most of the opportunities present in the Asian market, this is just the right programme.
Expand your business to Korea and beyond
The K-Startup Grand Challenge, the world’s largest accelerator program, attracts applications from across the world from enterprising startups with a clear objective to grow their business in Korea and Asia.
A project run by South Korea’s National IT Industry Promotion Agency (NIPA), the Grand Challenge spans over 3.5 months. The objective of the challenge is to promote collaboration and exchange of ideas among startups from around the world. The challenge exposes startups to tremendous growth opportunities, leverages the country’s encouraging startup ecosystem, and provides training, support, and funding opportunities, among other benefits to participants.
Exciting opportunities and benefits for startups
The K-Startup Grand Challenge 2022 comes with a host of exciting benefits – monetary included. The winner will receive a grant of USD 120,000 (132,000,000 KRW), followed by USD 70,000 (77,000,000 KRW), USD 40,000 (44,000,000 KRW), and USD 25,000 (27.500,000 KRW) for the first, second, and third runners-up respectively.
And that’s not all! The top 10 startups will receive special grants worth a total of USD 320,000, while the top 30 startups will receive funding worth USD 11,136 (12,250,000 KRW) each for 3.5 months from January-April 2023.
Each of the 60 teams selected will receive additional funding worth USD 11,136 (KRW 12,250,000) to cover living expenses over 3.5 months starting from August 2022.
Here are some of the other exciting perks you can avail when you apply to the programme:
- Access cutting-edge South Korean R&D labs and products for prototyping, testing, and expert support.
- Work at the centrally-located Global Startup Campus in the Pangyo Techno Valley.
- Make the most of the state-of-the-art technology present in the technopark.
- Take advantage of Korea’s strong cultural and economic ties with other major countries in Asia.
- Avail expert mentorship to build a robust business model.
- Network with Korea’s top conglomerates to avail opportunities for investment and corporate partnerships.
- Present your startup’s early-stage products to the tech-savvy Korean population for early testing.
- Have a Korean intern assist you to navigate language and cultural barriers
Applications close soon, hurry!
