Last year, the South Korean government launched a startup competition called the “K-Startup Grand Challenge” where its main purpose was to attract and support entrepreneurs from all over the world into Korea. (Please refer to the attached brochure or the website: http://k-startupgc.or
After a successful event in 2016, the Korean government is now holding a 2nd contest event. The deadline for applications is June 7, 2017, and any startup company that was founded within the past 5 years with at least one non-Korean shareholder is eligible to apply.
After passing the regional audition, the top ranked 50 teams selected by the accelerators will be invited to stay in Korea to participate in a four-month accelerating program. During the acceleration period, you will have access to free office space, 1-on-1 mentoring, information sessions and coaching on Korean and Asian business culture, as well as other business topics like patents, accounting regulations, tax laws and more. You’ll also have access to regular networking sessions and opportunities to meet with large Korean companies, eager to partner with promising startups.
For the final 50 teams, each team will get $833 (1,000,000 KRW) for audition prize (up to two persons per team). Each of the top 25 startups, selected during the final Demo Day, will receive $27,000 (32,000,000 KRW) if they set up a legal entity in Korea. The top four teams will be rewarded with grants of between $6,000 and $100,000. Impressive startups may also be offered equity investment opportunities from accelerators and local VCs.
You’ll be able to work in Korea’s new Startup Campus in Pangyo, located within walking distance of many of Korea’s top tech companies, and just 14-minute subway ride away from Gangnam district of Seoul. Furthermore, you’ll be provided with an office space for your team, as well as equipment and project space to work on producing or perfecting your product or service. This includes access to a production space filled with 3D printers, hardware testing platforms and more.
Korea’s largest tech companies will participate through seminars, workshop and 1-on-1 mentoring. If you need any help beyond the scope of the K-Startup Grand Challenge acceleration program, you may be able to partner with these companies and receive resources and their expertise.
Companies signed on to support you include Samsung, Hyundai Motors, SK, LG, Lotte, GS, Hanwha, Hanjin, Doosan, KT, CJ, Hyosung, Kakao and Naver.
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