K-Startup Grand Challenge In Pangyo

The K-Startup Grand Challenge supports foreign startups willing to start a business in Pangyo Techno Valley, Gyeonggi-do

The World Bank ranked Korea as the fifth easiest place in the world in which to do business in 2019, and the nation is quickly becoming the desired destination for many startup companies. The Korean government is actively working to help startup companies take root and grow with tax breaks, incentives, and programs aimed at attracting global startups, as well as investors.

One of the major acceleration programs, the K-Startup Grand Challenge, invites promising foreign startups to the Startup Campus in Pangyo Techno Valley located in Seongnam City, Gyeonggi-do, where they participate in an acceleration program, learn from great mentors, and exchange ideas with like-minded innovators.

What Is the K-Startup Grand Challenge?

The K-Startup Grand Challenge will take place at the startup campus in Pangyo Techno Valley
ⓒ 2020 K-STARTUP GRAND CHALLENGE

The K-Startup Grand Challenge is an acceleration program that operates with the goal of fostering exchange and collaboration among startups from different countries. The program provides three months of mentoring and support for new startups to realize their innovative ideas.

The program is backed by the Ministry of SMEs and Startups and the National IT Industry Promotion Agency. For foreign startups wishing to set up in Korea, the program offers a great network to help their entry into the Asian market. 

[More Information Available at : https://www.k-startupgc.org/]

Benefits of Launching a Startup in Korea

It’s not just the support provided by the Korean government and corporations that makes Korea a promising place for new startups; Korea has many benefits for new, growing, and innovative companies.

Benefits of K-Startup Grand Challenge

ICT Infrastructure

As one of the world’s most connected countries, South Korea has 100% LTE coverage. The nation has the fastest average internet connection and the highest number of broadband services per capita in the world.

Technology Positive Population

Koreans are mainly metropolitan and tend to be early adopters. This makes Korea an ideal place for consumer testing.

Major Tech Companies

Many major Korean companies are interested in working with startups, especially global innovators. Korea is home to many technology leading companies that can provide great opportunities for small innovative businesses.

Strong Asian Network

South Korea has strong cultural and economic relations with other East Asian countries. Its strategic location can serve as a gateway to the Asian market.

Active Startup Scene

Korea has an active and well-planned startup ecosystem as well as 11 unicorn startups. This active and successful ecosystem is attracting the attention of investors and incubators from all over the world. An important example is Google, which chose Seoul as the location for their first Asian Google Campus. Facebook has selected Pangyo Techno Valley as the location for an innovation lab.

Moreover, Korean conglomerates including Samsung, Hyundai, LG, and more are actively carrying out acceleration and venture programs.

Government Support

The Korean government is dedicated to empowering startups and improving the startup ecosystem. There are a range of different investment and support programs to help young innovative companies grow and actualize their plans.

Safety & Security

Living abroad can be a difficult adjustment. South Korea is one of the safest countries in the world, so non-Koreans can begin their lives here with fewer worries.

As for your business ideas, Korea has a patent system that allows startups to put their creative ideas under government protection.

Advantages of Joining the K-Startup Grand Challenge

The K-Startup Grand Challenge is a program that aims to support startups in a variety of ways; participants' living expenses are covered for three months and the top five teams receive monetary prizes to further help them develop their businesses.

K-Startup Grand Challenge helps startups

Participating teams receive:

• free office space;
• access to 1-on-1 mentoring;
• education on different business topics;
• access to networking sessions;
• opportunities to connect with major Korean companies;
• living stipend for 3.5 months. (KRW 12,250,000 per 1-person team, KRW 17,500,000 per 2-person team);
• access to Korean interns for 3 months to help with language and cultural barriers;
• the top 30 startups are eligible for funding for an additional 3.5 months (KRW 12,250,000 per 1-person team, KRW 17,500,000 per 2-person team);
• grants for top 5 startups (1st Prize: KRW 135,600,000 / 2nd Prize: KRW 67,800,000 / 3rd Prize: KRW 33,900,000 / 4th Prize: KRW 22,600,000 / 5th Prize: KRW 11,300,000);
• possibility of additional equity investment in the most promising startups by accelerators or other VCs/investors; and
• possibility of corporate support. (Since some of the largest Korean tech companies participate in seminars, workshops, and 1-on-1 mentoring, participants can connect with interested parties and receive additional resources).

Winners of the 2019 K-Startup Grand Challenge

In 2019, of the 1,677 startups that signed up for acceptance into the K-Startup Grand Challenge, 38 teams were selected to participate. In December, the program operators selected 20 teams for additional funding.

NR2 was selected as the winning team of the 2019 K-Startup Grand Challenge. The team developed a search engine to help investors around the globe find promising startups. They were the first French team to win this prize.

NR2 from France won the K-Startup Grand Challenge in 2019
ⓒ 2020 nr2

In an interview, the team said that the prize helped them to further develop their business in Korea by enabling them to hire staff, design a logo, and more. They found Korea to be a thriving place for startups with many promising startup companies to meet. The team hopes to help other innovating minds.

The following teams respectively achieved 2nd, 3rd, and 4th place:

• GIBLIB (medical education technology);
• Inspire Me Korea (logistics); and
• Ekport (AI-based online marketing/e-business).