Becoming an entrepreneur can be a tough decision to take. Entrepreneurship comes with passion, zeal and drive. Entrepreneurs all over the world are known to be creative and assertive; hence, revealing their potentials for the world to see.
Starting a business may never be an easy ride. It takes courage, determination, and the will power to stay focused. Start ups in rare occasions are motivated through competitions and grants. The veritable tool here is that start ups should endeavour to seize every opportunity that comes knocking.
The opportunity to participate in the Korea K- start up challenge is open for entrepreneurs all over the world.
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 Techno Valley into a global startup hub in Asia.
The top ranked 50 teams selected by the accelerators will be invited to stay in Korea to participate a four-month accelerating program in Pangyo, located south of Seoul. At the end of the accelerating program, the government will host a Demo Day to select the top 25 startups from the program. They will get additional financial incentives, and if they establish their businesses in Korea, they will get additional support from the government.
Selection Criteria: The selection panel will give priority to startups working on disruption in the following criteria, but they will also consider startups with brilliant ideas in any sector:
Number of Awards: Not specified
Value of Program:
- Audition Prize: Each person will receive $833 (1,000,000 KRW), up to two persons per team (the prize will be given in Korean won).
- State-of-the-Art R&D Labs: Prototyping and testing facilities, expert support.
- Brand New Startup Campus: Global Startup Campus is purposely built 14 minutes from Gangnam and next to Korea’s tech giants.
- Expert Support: Experts from some of the world’s top tech companies with experience taking companies global.
- Corporate Partnerships: Meet Korea’s top tech companies with expertise ranging from smartphones to software to semiconductors.
- Break into Asia: Korea is safe, developed and two-hour flight away from over 1 billion potential customers.
- Living Expenses: All 50 startups in the program will receive about $12,000 (14,000,000 KRW) to cover living expenses in equal installments over four months.
- Grant for Top 25 Startups: The top 25 startups selected at the final Demo Day will be eligible for an additional $27,000 (32,000,000 KRW) grant in equal installments over six months if they establish a legal entity in Korea.
- Grants for Top 4 Startups:
- Top Prize: $100,000 (120,000,000 KRW)
- Second Prize: $40,000 (48,000,000 KRW)
- Second Runner-up: $20,000 (24,000,000 KRW)
- Third Runner-up: $6,000 (7,200,000 KRW)
- Additional Investments The five accelerators will make equity investments in the most promising startups. Startups will have access to other VC’s and investors who may choose to invest.
How to Apply: Apply here
Award Provider: Ministry of Science, Industry and Planning, National IT Industry Promotion Agency
Application Deadline: 14th June 2017
Eligible Countries: All
To be taken at (country): Startup Campus in Pangyo Techno Valley, 14 minutes south of Gangnam, South Korea