The K-Startup Grand Challenge (KSGC 2020) is currently open for entries (deadline: June 25) with upcoming online regional auditions starting in mid July. The top finalists stand to receive grants of up to USD$120,000.
The competition is open to global entries, who must audition online for health and safety reasons. If selected, finalists will be tested and quarantined for 14 days upon arrival before commencing the program.
The top 60 finalists will get a chance to live in Korea and grow their startup in a three-month accelerator program. Finalists will be given a chance to network with accelerators, test their solutions in the market and use the opportunity to launch their business into neighbouring markets like China, Hong Kong, Japan and Taiwan.
The startups will also have access to state-of-the-art R&D labs, regular training sessions and coaching on South Korean and Asian business culture, specific business topics (e.g. patents, accounting regulations, tax laws, etc.), pitching lessons, and one-on-one monitoring.
KSGC 2020 will cover expenses, provide mentorship, and create partnerships with Korean conglomerates for the finalists.
“K-Startup Grand Challenge forms part of the centre’s strategy to discover and support the next generation of technology innovations,” said Jun Byong Nam, Regional Director, KICC. “We look forward to another exciting breakthrough year for the tech startups from around the world, and how this will be able to benefit Asia’s entrepreneurial ecosystem and overall innovation blueprint.”
South Korean companies like Samsung, LG, Hyundai, Naver and Lotte, are amongst those already confirmed to lend their support to the programme. Startups in the programme will have access to an international network of globally recognised corporate mentors, fellow founders, and different types of investors who are experts in different key areas of knowledge.
“Our business has grown tremendously since starting up in Korea—we’ve established new partnerships with sponsorships and brands, and we’ve seen a huge growth on our website in terms of traffic and users,” says Hannah Waitt, CEO of moonROK Media. “Participating in the K Startup Grand Challenge was the best thing we did for our company, and being in Korea has been nothing but awesome for our company.”
Applicants must be a part of a startup under seven years old or a “pre-entrepreneur” whose representative holds a foreign nationality or is an overseas Korean. The startups must have a clear objective to expand into Asia through Korea.
Provided that they meet the criteria, interested startups and entrepreneurs-in-the-making can read through the details of the competition and apply from now until 25 June.
Image credit: Getty images
