Industry 4.0 is a paradigm shift for the whole world. Major changes are happening with the merging of artificial intelligence, augmented reality, block chain, vehicle automation, smart factories and more. With culture and infrastructure that quickly adapt to the most recent technological advances, Korea is at the center of all.
With 221 accelerators and 134 innovation centers (as of February 2020), Korea provides the best support and environment for startups just beginning their journey.
Last year, 1,677 startups from 95 countries competed to be selected for the 2019 K-Startup Grand Challenge, a systematic startup program in Korea. 38 of them were selected to participate in a 3.5 month-long acceleration program and received initial funding and office space.
The top 20 teams were then chosen in the Demo Day in December. The selected teams were given additional funds for 3.5 months which help them to successfully claim their place in Korea.
The startups that participated in the K-Startup Grand Challenge were evaluated by specialists in each tech area and given a chance to network with them.
The selection was based on the level of creativity in each startup, their business concept, technologies, as well as their desire to base their business in Korea. By the end of the program, a number of promising companies were ready to take on the Asian market and startle the world. K-Startup Grand Challenge has been applauded for its impartial selection processes, participating organizations’ competence and passion. K-Startup Grand Challenge's impact continues to bolster Korea's reputation as a leading startup hub in Asia.
The key purpose of K-Startup Grand Challenge is to promote collaboration and exchange of ideas among startups from Korea and around the world.
K-Startup Grand Challenge helps startups, like yours, getting on their feet and running with new ideas, encouraging them to merge, collide, and lead on to new innovations.
If you start your company in Korea, you can take advantages of various supports of this program as well as a surge of momentum into the Asian market thanks to the growing influence of the Korean Wave. In 2020, the K-Startup Grand Challenge can provide you and your startup with the support and opportunities for investment that you need to launch your business in Asia. Apply now and let this exciting new chapter of your startup begin!