From April 15, 2022, the K-Startup Grand Challenge startup accelerator program organized by the Korean Government has officially started and received applications from startups around the world.
Korea is one of the fastest growing economies in Asia, with global economic groups such as LG, Samsung and Hyundai; and is the birthplace of many outstanding startups, entrepreneurship and technology. With the orientation to become the leading Startup Center in the region and the world, the Korean Government has been implementing many activities to build and develop an open ecosystem to attract global start-ups to establish doing business in Korea as a big step to expansion to other major Asian economies.
K-startup Grand Challenge is held annually in every country
One of the bright ideas to achieve the goal is the K-Startup Grand Challenge (KSGC) Accelerator Program launched in 2016 by the Korean Government, supported by the Ministry of Small and Medium Enterprises and Startups (MSS) Korea and organized by the National IT of Industry Promotion Agency (NIPA) of Korea. In 2022, the Korea IT of Cooperation Center in Hanoi (KICC), under the National IT of Industry Promotion Agency (NIPA) continues to be the unit responsible for implementing the K-Startup Grand Challenge 2022 (KSGC 2022) in Vietnam and Philippines, Taiwan, Hong Kong, Cambodia, Myanmar, Laos, East Timor.
Up to now, the program has held the 7th time with more than 10,000 applicants from 151 countries around the world, and has a total investment of more than 1.5 billion USD. This year, the KSGC 2022 Program has officially received registration documents from April 15th to the end of May 31st; from startups in various countries across Europe, North America and Southeast Asia in fields such as Artificial Intelligence (AI), financial technology (fintech), logistics, biotechnology, robotics, game development, Internet of Things (IoT) and e-commerce.
More than just a contest, KSGC 2022 is also considered as a door to support startups that can expand to foreign markets, providing opportunities to contact and find advisors and leading investment funds. Asia's leader, helping to solve obstacles from business models, languages, legal policies, etc.
The K-Startup Grand Challenge 2022 Accelerator will be held from August 1 to November 15, 2022 (3.5 months), at the world-class Startup Facility in Technology Valley, Pangyo.
According to the contest schedule, the Top 60 selected startups will participate in the 3.5-month startup accelerator program in Korea (with support funding up to 11,136 USD/team) and present products to investors at the investment fair. After that, the Organizing Committee will select 30 startups to participate in the establishment support program in Korea, which will last for another 3.5 months (with funding up to 11,136 USD/team). Top 10 startups will receive financial support totaling up to 320,000 USD.
In addition, startups participating in the contest can also access many other funds and investors, supported by the Korean government to settle down and set up business in "the homeland of kimchi".
Who can register to participate?
Participants are start-up projects that have been operating for less than 7 years or have at least 01 founding team member who is a national in one of the countries/territories other than Korea. Projects and startups from all fields including AI, Blockchain, 5G, Big Data, E-commerce, have potential with the clear goal of expanding their business to the Asian market through the use of the Korean market as a stepping stone.