Apply to the K-Startup Grand Challenge until May 31!
Applications to Korea’s signature startup accelerator are open for another two weeks, until May 31. Each of the 60 teams will receive USD 11,136 to cover living expenses for the 3.5 months duration of the program. The top ten performing teams will be awarded monetary grants worth USD 320,000.
Process
360 teams will be selected for the Global Audition stage, which will be conducted online. Each team will be given around 10 minutes for pitch and Q&A session in the (virtual) presence of local and Korean startup experts.
Out of these 360 global candidates, 60 teams will be selected to participate in the accelerator program from August 1 to November 15, 2022. Each team will receive the USD 11,136 to cover living expenses, as stated above.
The program will culminate with a highly publicized Demo Day, held from November 9 to 11, where the top 30 teams will be selected and each be eligible to receive a total funding of KRW 12,250,000 for Korea market entry, including the establishment of a local company presence, starting in 2023.
Accelerator Program
For the accelerator program itself, run from August 1 to November onsite in Korea, the 60 teams will be provided with a project space, including equipment for product production and service development, and a test bed. There will be incubating infrastructure information sessions and coaching on Korean and Asian business culture, specific business topics (e.g. patents, accounting regulations, tax laws, etc.), pitching lessons and one-on-one monitoring with Korean industry and startup experts.
The teams will be able to interact with Korean companies including major companies such as Samsung, Hyundai Motors, KT Corporation or SK Group through conferences, seminars, workshops, etc.
Meanwhile, networking and matchmaking events will be organized throughout the program in order to promote international cooperation between startups, local successful entrepreneurs, distinguished researchers and engineers and large company representatives.
A Korean employee will be provided for teams (1 person per 2 teams) to ease language and cultural barriers while doing business in Korea
To learn more about the program, and to apply, please go to the K-Startup Grand Challenge website.
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