K-STARTUP GRAND CHALLENGE PROGRAM

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benefits

BENEFITS OF
K-STARTUP GRAND CHALLENGE

1
Accelerating Program

(3 months)

60 teams will be selected to join a 3 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

2
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.

3
Living Expenses

(Aug – Nov 2020)

Each of the 60 startups in the program will receive money to cover the living expenses over 3.5 months.

∙ $10,840 (₩12,250,000) per team of 1 person
∙ $15,490 (₩17,500,000) per team of 2 people

During the quarantine period, participants should pay the cost of isolation housing which Korea Government provides from living expenses
(Living expenses include the quarantine fund for 2 weeks before the program starts.)

4
Korean Interns Support

(3 months)

Provide Korean interns to assist your business in Korea for 3 months. (1 intern per 2 teams)

There will be a speed dating session, so you could choose your own Korean intern to work with. The intern would definitely help you to tear down the language and cultural barrier, the two most difficult things you could face while pursuing business in a foreign country.

5
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.

6
Final Package

Grant for Top 30 Startups (Jan – Apr 2021)
Each of the selected top 30 startups will be eligible to receive funding for 3.5 months.

∙ $10,840 (₩12,250,000) per team of 1 person
∙ $15,490 (₩17,500,000) per team of 2 people

Grant for Top 5 Startups
1st Prize : $120,000 (₩135,600,000)
2nd Prize : $60,000 (₩67,800,000)
3rd Prize : $30,000 (₩33,900,000)
4th Prize : $20,000 (₩22,600,000)
5th Prize : $10,000 (₩11,300,000)

Additional Investments :
The accelerators may make equity investments in the most promising startups. Startups may have access to other VCs and investors who may choose to invest.

7
Corporate Sponsorship and Support

Korea’s largest tech companies will participate in various seminars, workshops, and 1-on-1 mentoring. If you need any help beyond the scope of the K-Startup Grand Challenge program, you can be a partner with these companies and receive resources and their expertise.

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