Why the K-Startup Grand Challenge 2021 is a great opportunity for college students to scale their business idea
The COVID-19 pandemic might have most students sitting at home and attending virtual classes, but there are some who have dared to embark into the risky land of entrepreneurship. From launching businesses, forming networks and supporting people hit hardest during this crisis, student-led innovative solutions are driving impact across the world during the pandemic. But like all startups, student entrepreneurs too need handholding to understand markets, customer experience and take their business to the next level.
Keeping this in mind, the K-Startup Grand Challenge, one of the world's largest outreach programmes for the entrepreneurial ecosystem, is inviting university students with a penchant for entrepreneurship to apply and fastrack their growth journey.
The accelerator programme is being conducted by the Government of South Korea and will span across 3.5 months. The challenge aims to help students expand their business idea in Asian markets while using the South Korean startup ecosystem as a stepping stone.
Who can apply?
If you're a student with an innovative solution that deals with fields like artificial intelligence, logistics, biotech, robotics, beauty wearables, gaming and urban solutions, among other solutions, then this is the perfect platform for you. You require a bachelor's or higher degree for working visa issuance to settle in Korea for 3.5 months after the final selection.
Young minds to get a taste of South Korean entrepreneurship
For students participating in the challenge, there are a plethora of benefits. Here are some of them:
- Entry into Asian markets (Japan, China, Hong Kong, Taiwan) while tapping into the South Korea startup ecosystem
- Access to cutting-edge technologies and digital products
- Living expenses in South Korea covered for 3.5 months
- Funding worth $11, 136 for 3.5 months
- A prize pool of $320,000 divided among the 10 finalists
- A chance to work out of a free office and project space at the Global Startup Campus in Pangyo Techno Valley
- Access to state-of-the-art South Korean R&D Labs for prototyping, testing and expert support
- Opportunity to collaborate and network with influential South Korean companies
- Mentorship from experts in areas like patents, accounting regulations, tax laws, etc
- Exploring investment and partnership opportunities with potential VCs and corporates
Apart from the above-mentioned benefits, the challenge is a great opportunity for students to get exposure to the global startup culture, which will not only add value to their portfolio but will also help them get mentoring to avoid pitfalls as they venture into the startup world.