Korean Government K-Startup Grand Challenge 2020 in Seoul, South Korea (Fully Funded)

The Korean government is working to transform the country's economy for another century of success, ultimately raising employment, the GDP and Korea's place in the world. In order to do this, the government is supporting talented entrepreneurs and promising startups, to turn Korea and Pangyo Creative Economy Valley into a global startup hub in Asia.

The top ranked 60 teams selected by the accelerators will be invited to stay in Korea to participate a 3.5 month accelerating program in Pangyo, located in the south of Seoul.

At the end of the acceleration program, the government will host a demo day to select top 20 startups. These startups will get additional financial incentives, and if they choose to establish their businesses in Korea, they will get additional support from the government.

The KSGC is an inbound program designed to attract promising foreign startups to Korea within the “Global Accelerating Activation Program” under the Ministry of SMEs and Startups of the Republic of Korea. The program aims to support promising foreign startups to enter Korean and international markets and promoting Korea as the global leading startup business hub.

The participating teams will establish corporations in Korea and hire Koreans with the objective to run businesses in Korea, as well as create new businesses within Korea and expand to the overseas market, and consequently contribute to the globalization of the Korean startup ecosystem.

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Benefit:

K-STARTUP GRAND CHALLENGE

1. Accelerating Program (3 months)
60 teams will be selected to join a 3 months-Accelerating program during which they will receive:

a free office space
1-on-1 mentors
information sessions on Korean and Asian business culture, as well as specific business topics (e.g. patents, accounting, regulations, tax laws, etc.)
access to regular networking sessions
exposure to Korean major companies

2. Free Office and Project Space
(Startup Campus)
Selected teams will be provided with project space including equipment for product / service production and development, testbeds, as well as an incubating infrastructure at the Startup Campus in Pangyo Techno Valley.
3. Living Expenses

(Aug – Nov 2020)
Each of the 60 startups in the program will receive money to cover the living expenses over 3.5 months.

∙ $10,840 (₩12,250,000) per team of 1 person
∙ $15,490 (₩17,500,000) per team of 2 people

During the quarantine period, participants should pay the cost of isolation housing which Korea Government provides from living expenses
(Living expenses include the quarantine fund for 2 weeks before the program starts.

4. Korean Interns Support
(3 months)

Provide Korean interns to assist your business in Korea for 3 months. (1 intern per 2 teams)
There will be a speed dating session, so you could choose your own Korean intern to work with. The intern would definitely help you to tear down the language and cultural barrier, the two most difficult things you could face while pursuing business in a foreign country.

5. Help Desk & Visas
As the South Korean government supports the improvement in Visa regulations for foreign startups and entrepreneurs through the new OASIS program, Visa-related issues will be taken care of by the Korean government. Also, various services are available for overseas startups such as administrative support, housing and so on.
6. Final Package

Grant for Top 30 Startups (Jan – Apr 2021)
Each of the selected top 30 startups will be eligible to receive funding for 3.5 months.

∙ $10,840 (₩12,250,000) per team of 1 person
∙ $15,490 (₩17,500,000) per team of 2 people

Grant for Top 5 Startups

1st Prize : $120,000 (₩135,600,000)
2nd Prize : $60,000 (₩67,800,000)
3rd Prize : $30,000 (₩33,900,000)
4th Prize : $20,000 (₩22,600,000)
5th Prize : $10,000 (₩11,300,000)

Additional Investments :
The accelerators may make equity investments in the most promising startups. Startups may have access to other VCs and investors who may choose to invest

7. Corporate Sponsorship and Support
Korea’s largest tech companies will participate in various seminars, workshops, and 1-on-1 mentoring. If you need any help beyond the scope of the K-Startup Grand Challenge program, you can be a partner with these companies and receive resources and their expertise.

Requirement:

Applications are accepted from startups around the world during this time.
A startup or a pre-startup team of not more than 7 years, whose representative has foreign nationality or is an overseas Korean (foreign national or a foreign compatriot)
Technology-based startups that have prototype or product/service and at initial investment stage.
The team must have a clear growth objective for entering the overseas market, with their base in the Korean market, with the goal of settling down in Korea.
The team leader and members must not be disqualified from staying in Korea or acquiring a related visa in Korea, and the team must have one or more member with a bachelor’s degree or higher.
The team must have people who can communicate in English(required) and Korean(optional) to establish a business in Korea. There is no other limitation such as investment or revenue status, etc.

Criteria