K-Startup Grand Challenge-2020 (International Contest)
- Rajasekar Madhavan
- Jun 20, 2020
- 3 min read
Updated: Jul 22, 2020
Closing Date: 25/06/2020 (refer Contest Link) Reward: Startup Support
Contest History:
K-Startup Grand Challenge is initiated as the Industry 4.0 is a paradigm shift for the world. Major changes are happening with the fusion of artificial intelligence, augmented reality, blockchain, vehicle automation, smart factories and more. With a culture and infrastructure that adapt quickly to the latest technological advances, Korea is at the center of everything.
With 221 accelerators and 134 innovation centers (as of February 2020), Korea offers the best support and environment for startups who are just starting their journey. Last year, 1,677 startups from 95 countries competed to be selected for the K-Startup Grand Challenge 2019, a systematic startup program in Korea. 38 of them were selected to participate in a 3.5 month acceleration program and received initial funding and office space. The 20 best teams were then chosen during the demonstration day in December. The selected teams received additional funding for 3.5 months, which helped them successfully claim their place in Korea.
The startups that participated in the K-Startup Grand Challenge were evaluated by specialists from each technological field and had the chance to network with them.
Korean Government Support:
The Korean government is working to transform the country's economy for another century of success, ultimately increasing employment, GDP and Korea's place in the world. To do this, the government is supporting talented entrepreneurs and promising startups, to make Korea and the Pangyo Creative Economy Valley a global hub for startups in Asia.
The 60 top-ranked teams selected by the accelerators will be invited to stay in Korea to participate in a 3-month acceleration program in Pangyo, located south of Seoul. At the end of the acceleration program, the government will organize a demonstration day to select the 30 best startups. These startups will receive additional financial incentives and, if they choose to start a business in Korea, they will receive additional government support.
Objective of the contest:
K-Startup Grand Challenge was applauded for its impartial selection processes, the skill and passion of the participating organizations. The impact of K-Startup Grand Challenge continues to strengthen Korea's reputation as a hub for startups in Asia.
The main objective of the K-Startup Grand Challenge is to promote collaboration and the exchange of ideas between startups from Korea and around the world. K-Startup Grand Challenge helps startups like yours to get up and running with new ideas, encouraging them to merge, collide and lead to new innovations.
If you start your business in Korea, you can take advantage of the various supports of this program as well as a boost in the Asian market thanks to the growing influence of the Korean wave. In 2020, the K-Startup Grand Challenge can provide you and your startup with the support and investment opportunities you need to start your business in Asia.
The selection was based on the level of creativity of each startup, your business concept, your technologies, as well as your desire to establish business in Korea.
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Who Can Apply:
Startups that are less than 7 years old or pre-entrepreneur whose representative holds a foreign nationality or is an overseas Korean (foreign compatriot).
Promising startups with a clear objective to expend into Asia by using the Korean market as a stepping stone.
Focused Areas:
Also Read: BIRAC-SoCH Innovation Award
Reward:
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)
............INNOVATE TO WIN............
For more details and applying click the contest link below:
Category of contest: Startup, International
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