10 reasons why K-Startup Grand Challenge 2022 is the perfect opportunity to scale your startup in Korea
The K-Startup Grand Challenge is back with its seventh edition, bringing exciting perks to startups applying from across the globe. Here are 10 reasons why you must apply:
1. South Korea provides a fantastic environment to startups
South Korea is spearheading innovation in Asia with incredible infrastructure and rapid technological advancements. The Korean government also invests heavily in startup infrastructure to support the ecosystem. As of February 2021, the country has 221 accelerators and 134 innovation centres to provide optimal support to startups.
2. Korea provides a launchpad to expand in Asia
It is the world’s most connected country with 100 percent LTE coverage. The Korean wave and the country’s strong ties to other nations in Asia make it the most favourable country to launch your business in the market.
3. Korea’s tech game is on point
South Korea is miles ahead of other countries with high-tech infrastructure. It is a leading manufacturer in cutting-edge electronics. With almost half the country’s population living in the capital city of Seoul, it also provides great opportunities for early testing as Koreans are known to be early adopters of new technology.
4. Access to state-of-the-art technology
Located in the south of Seoul in the Gyeonggi province, the Pangyo Technopark is the hub of the Korean startup and innovation ecosystem. It comes with state-of-the-art tech facilities such as Global R&D Centre, Public Support Centre, and the Industry-Academy R&D Centre.
This environment allows you to work out of a centrally located startup campus to exchange information, mingle with several sectors, and create business opportunities.
5. The winner wins a grant of USD 120,000
The winner will receive 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.
6. Top 10 startups avail grants worth a total of USD 320,000
Besides the top 30 startups availing funding worth USD 11,136 (12,250,000 KRW) each for 3.5 months from January-April 2023, the top 10 startups will receive special grants worth a total of USD 320,000.
7. Your living expenses are covered
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.
8. You get to interact with Korea’s top conglomerates
The challenge will allow you to network with conglomerates and top Korean partners. You can stand a chance to attract the attention of world-class investors, accelerators, and incubators such as those initiated by Samsung, Hyundai, LG, and Lotte, to name a few.
9. You can avail mentorship opportunities with local experts
Your startup will be assigned to one of five accelerators to assist you to develop a robust business model to suit the Korean market. You will have the opportunity to be mentored by specialists in your area and network with similar startups in Korea to expand your base.
10. You get access to Korean interns to overcome language and cultural barriers
The programme will also provide the startups with access to Korean interns (one intern shared by two teams), to assist the selected startups with their operations in Korea for a period of 3.5 months. The intern would assist founders in negotiating language and cultural barriers – often cited as challenges while pursuing business in a foreign country.