KSGC 2021 offers global startups a chance to South Korea

• Top 60 finalists to enter 3.5 month accelerator programme in Seoul
• Expense-covered programme with access to Korean interns, mentors, networking

THE 2021 edition of the K-Startup Grand Challenge (KSGC 2021) is now open for applications.

Organised by the Korean government through Korea IT Cooperation Centre, Ministry of SMEs and Startups, National IT Industry Promotion Agency, Korean Investment Corporation (Silicon Valley) and Korea - India Cooperation Centre, the KSGC 2021 is set to bring wide-ranging startups to South Korea and aid the businesses to grow in the Asian market.

Applications for KSGC 2021 is due June 15 2021, with global auditions set to happen from July 5 to July 9 2021, the Korean IT Corporation Centre said in a statement.

KSGC 2021 will offer the top 60 finalists a chance to live in Korea and develop their startups in a 3.5-month accelerator programme. The organisers will cover expenses, provide free office and project space, arrange support from Korean interns and offer mentorship from Korean leaders. They will also be granted networking opportunities with like-minded conglomerates, it said.

Along with professional assistance in South Korea, the top 30 finalists will take part in the Demo Day and settlement programme in Nov 2021. The overall grants for the top 10 finalists totals up to US$320,000.

The programme receives extended support from distinguished South Korean companies including Samsung, LG, Hyundai and Lotte, allowing startups to introduce themselves among an extensive network of international corporate mentors, founders and investors from a broad spectrum of expertise.

The startups will be co-located at Seoul in the Startup Campus of Pangyo Techno Valley.

Participating businesses will be furnished with R&D labs, and given pitching lessons, personalised training sessions, coaching on South Korean and Asian business culture, as well as business affairs like patents, accounting regulations, tax laws and more, the Korea IT Corporation said.

In 2020, 2,648 startups from 118 countries took part in the K-Startup Grand Challenge, where 55 of them were chosen to participate in the 3.5 month-long acceleration programme. The selected businesses were equipped with initial funding and office space to kick off their businesses in South Korea.

The top 30 teams were then chosen for the Demo Day in November, where elected teams were given additional funds for 3.5 months to help them successfully establish their places in South Korea.

For KSFC 2021, interested applicants must be a part of a global startup that has been established within the past 7 years to apply. Technology-based startups must have a prototype or product/service and at the initial investment stage.