K-Startup Grand Challenge in Korea (fully Funded)

Opportunity Detail

  • Language Requirement nor required
  • Gender MaleFemale
  • Area of Study Business and Law
  • Level research
  • Number of Opportunity: 60
  • Eligible Region/Countries
    Afghanistan, Albania, Algeria, Andorra, Angola, Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Central African Republic, Chad, Chile, China, Colombia, Comoros, Congo: the Democratic Republic, and the Congo Republic.
  • Medium of Instruction English
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Opportunity Description

Applications for the K-Startup Grand Challenge in Korea are open now. Applicants from the below listed eligible countries are welcomed to submit their applications. The program is designed to attract foreign startups to Korea within the “Global Accelerating Activation Program.” KSGC is a fully funded program for 3.5 months. Therefore, eligible applicants are highly encouraged to apply before the closing date.

Important Details

Closing date: June 15, 2021

Result announcement date: July 13, 2021

Organized by: K-Startup Grand Challenge (KSGC)

Program duration: 3.4 months are starting from Mid-August to November 30.

Benefits

  • Living expenses for 60 startup programs for a duration of three and half months (USD10,840 (₩12,250,000) per team of 1 person). This amount includes the two weeks’ quarantine expenses before the startup program;
  • The startups will be given a free office and project pace including equipment;
  • Start-up visa program through the OASIS (Overall Assistance for Startup Immigration System);
  • Accelerating programs (training, mentoring, consultation on the corporate establishment, and investment support events);
  • Korea Intern working for the participants to help their business in Korea;

In addition to the abovementioned benefits, ten eligible startups will receive the final package of funding for the three and half months as following.

  • First Prize: $120,000 (₩132,000,000);
  • Second Prize: $70,000 (₩77,000,000);
  • Third Prize: $40,000 (₩44,000,000);
  • Fourth Prize: $25,000 (₩27,500,000);
  • Fifth Prize: $15,000 (₩16,500,000);
  • Sixth-Tenth Prize: $10,000 each (₩55,000,000);

Eligibility Criteria

  • A startup or a pre-startup team that has not been initiated more than seven years with foreign nationality of representatives;
  • An applicant team shall be consisting of a team leader (required) and members, which is optional. Please note that there is no limitation on the team members, but only two seats for one startup are available other team members will use the empty, unassigned seats
  • The official language is English for the program. Therefore, the participation team requires to have an English speaker;

Selection Criteria:

Criteria for Documents:

  • The startup’s business plan;
  • Idea;
  • Fit to Asian market;
  • Strategy;
  • Team building;
  • Execution;

Criteria for Interview:

  • Target market;
  • Need, problem and solution;
  • Board, team, and advisors;
  • Competitive advantages;
  • Revenue model;
  • Overall presentation;
  • Financial projection;

Eligible countries

Algeria, Afghanistan, Andorra, Albania, Angola, Antigua and Barbuda, Argentina, Armenia, Azerbaijan Australia, Austria, Bahamas, Benin, BermudaBahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bhutan, Bolivia, Bulgaria, Burkina Faso, Bosnia and Herzegovina, Botswana, Brazil, Brunei, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Chad, Chile, Central African Republic, China, Colombia, Comoros, Congo: the Democratic Republic, and the Congo Republic.

How to apply?

Startups can submit their applications online by the KSGC portal and start the application process by clicking on the below “Apply Now” button;

Apply Now

For more/detailed information, you can visit the official website here.

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