K-Startup Grand Challenge is Back: Korea, Gateway to the Asia Market is Hosting Global Startup Competition with Applications Due June 7

In a bid to make South Korea’s tech industry more diverse, the government is inviting startups from around the world to South Korea.  The  K-Startup Grand Challenge program, now in its second year, is organized by South Korea’s Ministry of Science, ICT and Future Planning (MSIP) and National IT Industry Promotion Agency, in partnership with  five Seoul-based accelerators.

Fifty top ranked startups will be selected and invited to stay in Korea for a four-month accelerator program where they will be able to interact with Korea’s leading technology companies: Samsung, Kakao, KT, SK Group, and more.  Startups will also be provided with mentors and office space.

At the end of the program in December, all 50 startups will present in a demo day. The top 25 startups, selected by a panel of judges, will each receive additional financial grants for a 6-month settlement program.  The top 4 startups will also receive cash prizes from $6000 to $100,000.
K-Startup Grand Challenge is part of South Korea’s first program that directly supports foreign startups to set up business in Korea.

Because Korea is the gateway to the Asia market, MSIP developed the program to appeal to global startups that want to expand to the Asia market.

Fingertips Lab, last year’s K-Startup Grand Challenge first prize winner, also came in 2nd place during TechCrunch Demo Day and has received the RedDot Award, the leading industrial design award,  in April 2017.  Fingertips Labs is currently in production stage after successfully negotiating a contract (estimated to be worth $270,000) with a Korean manufacturing company (Ssuntel), and has already shipped 3,000 products in April.

“Riding on its success from last year, we hope that K-Startup Grand Challenge will continue to attract startups to relocate to Korea to incorporate their businesses, build their teams, and ultimately leverage Korea as the technology hub and gateway to Asia,” said HeonSoo Rhee, President of KIC-SV.

All companies will work out of the Pangyo Global Startup Campus, which was opened earlier in 2016 as part of the new startup hub.

K-Startup Grand Challenge is accepting applications from companies in all industries with growth potential.   To apply for the program, please visit k-startupgc.org.  

 Application deadline is June 7, 2017. Click this link to see the promotional video for K-Startup Grand Challenge.

*Media interviews and images (of start up tech campus and 2016 K-Startup Grand Challenge event) are available upon request.
 
About KIC-SV
Based in San Jose, California, KIC Silicon Valley provides one stop service from establishing business plans to acquiring local customers and investment for Korean companies.
 
About igniteXL
Based in Slicon Valley, igniteXL is an accelerator and seed fund supporting promising early stage startups from Korea.
 
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Sandra Evans                                                                                                                                              

Sandra Evans & Associates    (SE&A)                                                                                                           

415 887 9230                                                                                                                                     

sandra@seandassoc.com
 

 
 
                                   
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Sandra Evans

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Sandra Evans & Associates (SE&A)

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