The K-Startup Grand Challenge is a project conducted and financed by the South Korean government and offers startups a fantastic global platform for their ideas and a break into the robust Asian market. South Korea is conveniently located in East Asia, between China and Japan, with Hong Kong and Taiwan to the south and is a great location for startups looking to expand across Asia.
The country sets apart a larger percentage of its GDP (4.36%) for research and development than any other country in that world, and its gross domestic expenditure on research and development (GERD) ties for first place (9.4%) with China. As a result, South Korea has an edge when it comes to high-tech research, and is a leading manufacturer in cutting edge electronics, and also one of the biggest consumers of these digital products. It is the world's most connected country with 95% of the country covered by Wi-Fi, has the fastest average internet connection in the world, and has the highest number of broadband services per capita. South Korea's highly advanced technology infrastructure allows for quick consumer consumption of new services. In other words, everyone is an early adopter.
Who can apply
Promising startups with a clear objective to expand into Asia by using the Korean market as a stepping-stone may register and apply here. Hurry! Applications close 14th June.
Why apply for the K-Startup Grand Challenge 2018?
Access to state-of-the-art R&D Labs
The challenge will give you access to world-class prototyping, testing facilities and expert support. The Pangyo Techno Valley is an innovation hub where SMEs and startups can participate in mutual exchange of information with technology research institutes and large, global companies.
A grant of USD 100,000 for the winner
The winner will get a grant of USD 100,000 (110,000,000 KRW), with USD 40,000 (44,000,000 KRW), USD 20,000 (22,000,000 KRW) and USD 6,000 (6,600,000 KRW) for the first, second and third runners up – paid in Korean Won.
USD 22,727 grants for the top 40 startups
The top 40 startups selected will each be eligible for a total funding of $22,727 for settlement in Korea based on performances on the 'Demo Day' and Settlement Evaluation.
Working out of a brand new, centrally located startup campus
The Global Startup Campus is strategically built just 14 minutes from Gangnam – Seoul’s thriving, upscale business district.
You have the chance to be mentored by some of the world’s top tech companies with experience in providing a global platform for startups and SMBs.
The challenge will give you access to Korea’s top tech companies with expertise ranging from smartphones and software to semiconductors.
Living expenses are covered during the program
Each of the 80 startups in the program will receive about $11,130 to cover living expenses in equal instalments over 3.5 months
Potential for additional investment
Startups will have access to VCs and investors who may choose to invest in them. The program’s accelerators may make also make equity investments in the most promising startups.
Know more about K-Startup Grand Challenge 2018 by registering and applying for the challenge here. Hurry! Applications close 14th June.