Join K-startup Grand Challenge 2021 to Expand Businesses to Korea and Beyond

·2 min read
  • Great opportunity for global entrepreneurs to accelerate their startups in Korea with a total prize value of $320,000

  • Top 60 finalists to enter 3.5 month accelerator programme in Seoul and expense-covered programme with access to Korean interns, mentors, networking

HANOI, Vietnam, May 17, 2021 /PRNewswire/ -- 2021 has been a breakthrough year for the Korean startup ecosystem despite the COVID-19 pandemic. Korean Chat API startup Sendbird raised $100 million in Series C funding with a valuation of $1.05 billion. Sendbird is now one of the 12 unicorn startups based out of South Korea. The South Korean government aims to attract global startups to set up operations in South Korea and help broaden the spectrum of tech-related products and services available in the vibrant market.

In 2021, the Korea IT Cooperation Center (KICC) in Hanoi, representative of the National IT Industry Promotion Agency (NIPA), continues being the agency which is responsible for implementing the K-Startup Grand Challenge 2021 (KSGC 2021). As such, startups from around the world are now able to apply to K-Startup Grand Challenge 2021, a global startup acceleration program organized and financed by the Korean government, South Korea's Ministry of SMEs and Startups (MSS) and National IT Industry Promotion Agency (NIPA) since 2016 with the ultimate objective is to promote the expansion of an open entrepreneurship ecosystem in Asia and to assist in South Korea's evolution into a prominent startup business hub in the region.

This year's competition is expected to support startups to expand overseas markets; provide opportunities to connect and seek mentors; and assist in solving obstacles from business models, language barriers, legal policy, etc.

The global online audition will be organized from July 5 to July 9 to select 60 teams coming to Korea to participate in the 3-month acceleration programme with grants up to 11,136 USD/ team and present product at Demo Day. At the end of the programme on the final Demo Day, the top 30 teams will be chosen for an additional Settlement Programme.

The programme includes 1-on-1 mentoring, information sessions, office space, coaching on South Korean and Asian business culture, seminars (e.g. patents, accounting regulations, tax laws), regular networking sessions and opportunities to meet with large South Korean conglomerates, as well as 1-2 Korean interns joining your team. Startups will also be awarded living expenses for the 3-month programme.

More information on eligibility and the programme can be found on the website of K-Startup Grand Challenge 2021 and on the KSGC Facebook page. The application deadline is on June 15, 2020.

SOURCE Korean IT Cooperation Center

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