Korea - New Startup Hub in Asia | K-Startup Grand Challenge 2023

Shubham Kumar Shubham Kumar
Apr 28, 2023 2 min read
Korea - New Startup Hub in Asia | K-Startup Grand Challenge 2023

South Korea is rapidly becoming a leading startup hub in Asia, with a domestic market of 1.811 trillion USD (2021) and a thriving startup ecosystem that attracts investors, accelerators, and incubators from all over the world. To support this ecosystem, the Korean government is investing up to 10 trillion won (approximately 8.7 billion USD).

K-Startup Grand Challenge 2023 - The Golden Gate to Asia
The Timeline for KSGC 2023 Program
Benefits for the Startups at a Glance
Who Can Register to Participate?

K-Startup Grand Challenge 2023 - The Golden Gate to Asia

K-Startup Grand Challenge (KSGC) accelerator program is supported by the Ministry of SMEs and Startups and organized by the National IT Industry Promotion Agency (NIPA), which is now accepting applications for its 2023 chapter. The Korea IT Cooperation Center in Hanoi (KICC), a representative office of the National IT of Industry Promotion Agency (NIPA), will implement the KSGC 2023 in Vietnam and other countries, including the Philippines, Taiwan, Hong Kong, Cambodia, Myanmar, Laos, and East Timor.

Since its launch in 2016, the KSGC program has helped foreign startups enter the Korean market and expand into international markets. The program has supported successful startups in various fields such as Artificial Intelligence, fintech, logistics, biotechnology, robotics, game development, IoT, eCommerce, and more. To date, the program has received over 10,000 applications from 151 countries.

The Timeline for KSGC 2023 Program

K-Startup Grand Challenge 2023 will start accepting applications for its all-expenses-paid program. This year the program promises to be better with wider participation from across the business world. KSGC 2023 will be held from July 25 to November 10, 2023, at the world-class Startup Campus in Pangyo Techno Valley.

Timeline for KSGC 2023 Program:

  • Application period: April 10 - May 18
  • Application review: May 19 - May 26
  • Online Global Audition: May 30 - June 2
  • Final 60 teams selection result announcement: June 15
  • Orientation & Alumni Networking: July 25 - 26
  • Accelerator program for the Top 60: July 25 - November 10
  • Demoday: October 31 - November 2
  • Further settlement program for the Top 20: December 1, 2023 - March 29, 2024

Benefits for the Startups at a Glance

The Top 60 Startups will participate in the establishment support program in Korea, which will last for another 3.5 months (with funding up to 10,840 USD/team). The Top 20 Startups will receive support funding up to 10,840 USD/team and present products to investors on Demo Day. On the other hand, the Top 5 Startups will receive financial support totaling up to 270,000 USD.

Other benefits are provided for applicants, such as mentoring & information sessions, coaching on Korean and Asian business culture, and seminars on topics like patents, accounting regulations, tax laws, and more. The program also offers administrative support for visa acquisition and provides Korean interns to assist startups with their business in Korea for 3.5 months.

More than just a competition, KSGC 2023 is a door for Startups to expand to foreign markets, connect with leading corporate and VCs in Asia, and validate their business model.

Who Can Register to Participate?

  • Startups less than 7 years old or Pre-entrepreneur whose representative holds a foreign nationality.
  • Promising startups with a clear objective to expand into Asia by using the Korean market as a stepping stone.
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