Join the Most Prominent Global Startup Acceleration Program in South Korea: Apply Now for K-Startup Grand Challenge 2023 Before the May 18 Deadline
SEOUL, South Korea, May 10, 2023 (Newswire.com) - The K-Startup Grand Challenge 2023, the most prominent global startup acceleration program of South Korea, is garnering a positive response from global startups as the deadline for the application stage approaches on May 18, 2023,16:00 (GMT+9). The annual program selects 60 startups for the 15-week all-paid residency program, focusing this year on deep tech startups. The 2023 edition promises to be the grandest event for global startups and will run from July 25 to November 10.
Overseen by the Ministry of SMEs and Startups and organized by the National IT Industry Promotion Agency, KSGC started accepting applications April 10, through to the last date, May 18, 2023, 16:00 (GMT+9).
Besides the all-paid 15-week residency, this year, the program offers a follow-up program after Demo Day in November 2023. KSGC 2023 will provide additional support to the Top 20 teams, including commercialization funds such as a PoC (Proof of Concept) project with Korean companies for approximately eight teams with a maximum funding of $25,000, which will help startups take their innovative ideas to the next level.
In 2022, KSGC attracted 2,653 teams from 122 countries worldwide, recording the highest-ever competition rate of 52:1. The KSGC committee expects the applicant startup numbers to exceed this year over previous editions.
The program will select startups less than seven years old, whose representatives hold foreign nationalities and wish to establish an innovative technology business in Korea.
For the 2023 edition, the focus will be startups from eight sectors but not limited to: e-Commerce & Retail, ESG & Green Tech, Food Tech & Agri Tech, Healthcare & Bio, IT & Software, Mobility & Robotics, Manufacturing & IoT, Metaverse & Media. Although innovative startups from other sectors will also be considered depending on their competitive edge.
KSGC 2023 program benefits
International startups participating in KSGC 2023 can expect several benefits. They will receive commercialization support, settlement support, opportunities to meet Korean companies and investors, office space in Pangyo Techno Valley, financial benefits, and additional follow-up support, including a 15-week paid extension in Korea from Dec. 1, 2023, to March 29, 2024.
Past KSGC participants share experience
Brian Yonghui, the founder of Tan myFirst Technology in Singapore and second-place winner at KSGC, praised the program for providing his company with a seamless entry into the Korean market. "Thanks to KSGC, we've gained valuable connections, intern support, and an accelerator with business connections. This allowed us to hit the ground running." For new applicants, Brian emphasized the importance of being flexible and adaptable in their approach and spending time in the country to gain a deeper understanding of the market.
Rachel Tobin, CEO of Nao Now, a US-based startup and third-place winner at KSGC, also had a positive experience with the KSGC program. She praised the program for helping her make remarkable connections, expand her network, and discover new opportunities in Korea. Rachel highlighted the tremendous benefits of being physically present in the country. "Being on the ground in Korea offers an incredible opportunity to expand your business. The government funding, intern support, office support, all the networking opportunities, and chances to meet major Korean companies and investors all contribute to your success," she said.
For further information and the application for K-Startup Grand Challenge, visit the website - https://www.k-startupgc.org.