South Korea opens its door to global startup entrepreneurs and roots for their success.
Started in 2016, K-Startup Grand Challenge is a government-orchestrated global acceleration program, founded with a mission to support global startups from all over the world. The startups, in turn, will be able to make a breakthrough in Asian markets, utilizing the experience in Korea as a launching pad. There are so many perks of this program, but just to name a few:
- Cash Prize up to $120K
- All the living expenses included
- Office space in so-called “Korea’s Silicon Valley”
- 1-on-1 mentors, networking with VCs
The deadline for online application is June 25.
Its proud alumni from the last few years have raised a total amount of $1.2 billion from domestic and international investments.
The Korean government is pursuing in afforesting the advanced infrastructure and the environment for startups. Through the K-Startup Grand Challenge, the government will support startups at Pangyo, the hub of the Korean startup ecosystem.
The government further plans to operate collaborative programs among Korean corporations and startups, as well as to organize systematic cooperation between Korean and global venture companies. Korea has more than 200 accelerators, incubation centres as well as over 100 different coworking space provider including WeWork, FastFive. Fab Lab, Seoul Startup Hub, Google Campus Seoul, Maru180, and more.
Pangyo Techno Valley is an innovation park located in the south of Seoul in Gyeonggi Province. It focuses on information technology, biotech, and the fusion of culture, and technology. It is Korea’s best ICT-based R&D innovation cluster with a total of KRW 5.27 trillion (around USD 4.2 billion) invested by the South Korean Government.
It was completed in 2015 and covers an area of about 454,964 square miles with support facilities such as the Global R&D Center, Public Support Center, and the Industry- Academy R&D Center.