The Korean government is working to transform the country’s economy for another century of success, ultimately raising employment, the GDP and Korea’s place in the world. In order to do this, the government is supporting talented entrepreneurs and promising startups, to turn Korea and Pangyo Creative Economy Valley into a global startup hub in Asia.
The top ranked 40 teams selected by the accelerators will be invited to stay in Korea to participate in a 3.5 month accelerating program in Pangyo, located in the south of Seoul.
At the end of the acceleration program, the government will host a demo day to select top 20 startups. These startups will get additional financial incentives, and if they choose to establish their businesses in Korea, they will get additional support from the government.
BENEFITS OF ATTENDING THIS GRAND CHALLENGE:
20 winning teams will be given a special financial package, which consists in:
1) a common grant for all 20 teams (about $22K)
2) additional grants for the top 4 teams (from $6K to $100K)
3) potential investment from a Korean accelerator
Korea’s major companies such as Samsung, LG, Hyundai Motors, KT, Kakao, and Naver will be participating in the program. Selected teams will be able to interact with these companies through conferences, seminars, workshops, etc.
Selected teams will be provided with project space including equipment for product / service production and development, testbeds, as well as an incubating infrastructure at the Startup Campus in Pangyo Techno Valley.
40 teams will be selected to join a 3.5months Accelerating program during which they will receive:
As the South Korean government supports the improvement in Visa regulations for foreign startups and entrepreneurs through the new OASIS program, Visa-related issues will be taken care of by the Korean government. Also, various services are available for overseas startups such as administrative support, housing and so on.
The 40 teams participating in the Accelerating program will be given $3,180 per month to cover housing and living expenses in Korea.
Application Submission Deadline: 14th June 2019