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.
Startup Selection Criteria:
- Technology-based startups that have prototype or product/service and at initial investment stage.
- Global startups.
- Startups that have been established within that past 7 years are eligible to apply.
Application Submission Deadline: 14th June 2019
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
Sponsorship (Samsung, LG, Hyundai Motors, KT, KAKAO, Naver, CJ, SK, etc.)
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.
Free Office and Project Space (Startup Campus)
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.
Accelerating Program (3.5 months)
40 teams will be selected to join a 3.5 months Accelerating program during which they will receive:
- A free office space
- 1-on-1 mentors
- Information sessions on Korean and Asian business culture, as well as specific
- Business topics (e.g. patents, accounting, regulations, tax laws, etc.)
- Access to regular networking sessions
- Exposure to Korean major companies
Help Desk & Visas
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.
Subsidies, 3,500,000 KRW/month for 3.5 months
The 40 teams participating in the
Accelerating program will be given
$3,180 per month to cover
housing and living expenses in Korea.