South Korea, the innovation powerhouse, is looking to help startups scale across Asia via Korea

With more than 200 accelerators, incubators, and innovation centres, South Korea is among the most vibrant startup ecosystems in the world. The country is also bullish on the growth of its startup scene - it has endorsed tax breaks and incentives for angel investors and venture capitalists, tax benefits for mergers and acquisitions in the technology and R&D sectors, and improvements in visa regulations for startup and entrepreneurs from abroad.

All these initiatives are crowned by its annual startup programme, the K-Startup Grand Challenge (KSGC) — South Korea’s largest outreach programme for the entrepreneurial ecosystem.

The key purpose of KSGC is to promote collaboration and exchange of ideas among startups from South Korea and around the world. The challenge helps startups to leverage the startup ecosystem in the country together with the various advantages of the programme (funding opportunities included) to launch and scale across Korea and Asia.

Read on to know why it makes for a great choice if you’re looking to scale your startup across Asia.

Why should I apply for KSGC 2023?

The K-Startup Grand Challenge can provide you and your startup with the support and opportunities for investment that you need to launch your business in Asia. The benefits include:

1. Access to state-of-the-art Korean R&D labs

2. A $270,000 prize pool for five winners

3. Grants and living expenses during the programme

4. Working out of a brand new, centrally-located startup campus

5. Expert mentorship

6. Corporate partnerships

7. Potential for additional investment.

Participating in the challenge will also 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 a mutual exchange of information with technology research institutes and large, global companies.

What is the eligibility criteria to apply for the challenge?

Promising startups with a clear objective to expand into Asia by using the Korean market as a stepping stone may register and apply for the challenge if they meet the key requirements below:

01. The startup should be not more than seven years old.

02. The team leader and members must not be disqualified from staying in Korea or acquiring a related visa in Korea

03. The team must have one or more members with a bachelor’s degree or higher.

04. The team must have members who can communicate in English (required) and Korean (optional) to establish a business in Korea.

The process

Applications for the programme are invited till May 18, 2023. Shortlisted startups will be invited to present ideas to a jury panel at the global audition between May 30 and June 2, 2023. The results of the auditions will be announced on June 15, 2023, and 60 teams will be selected to join a 3.5-month acceleration programme.

Each of the 60 startups participating in the programme will also receive monetary aid amounting to $10,840 (₩12,250,000) per team to cover living expenses during the 3.5-month stay in Korea. Participating teams will benefit from eased visa regulations in addition to support for housing and administrative work.

Selected teams will also be provided with project space, including equipment for product or service production and development and testbeds, as well as an incubating infrastructure at the Startup Campus in Pangyo Techno Valley.

Applications close May 18, 2023. Hurry!

Promising startups with a clear objective to expand into Asia by using the Korean market as a stepping stone may register and apply for the challenge.

Know more about K-Startup Grand Challenge 2023 and apply for it,