K-Startup Grand Challenge – Expansion to Korean Markets (Upto $400k prize money)

K-Startup Grand Challenge is a startup acceleration program designed to attract talented entrepreneurs and promising foreign startups to do business in Korea. In 2024, we plan to invite 40 teams for the program, and KISED is going to choose TOP 20 for additional grant and TOP 5 for wining prizes, which help them build up startups in Korea.

We provide essential benefits for startup with unprecedented scale such as $400,000 prizes money in total, subsidy for living expense in Korea, startup visa acquisition, and free internship support. As well, we offer fascinating services to help foreign startups penetrate to the Korean market, such as 1-on-1 mentoring, various seminars, a free office space, and extra.

Financial Support –

Phase-1, 2 Participation Subsidies : For those who have faithfully participated in the program, monthly grant will be given to support startups stay and business activities in Korea.

Phase-1 : KRW 3,500k x 3.5mths (40 teams)

Phase-2 : KRW 3,500k x 3mths + 12,000K Fund for Commercialization (Follow-up support 20 teams)

Demo Day Prize Money: Up to KRW 200,000k for the top 5 companies

Benefits for Selected Teams –

1. ACCELERATING PROGRAM – Korean accelerators provide catered support to participants, such as matching them to potential Korean partners, engaging them in networking events with investors, etc, for their advancement into the Korean market.
2. HELP DESK – Administrative support shall be provided for the incorporation, visa acquisition, stay, living convenience, etc.
3. OFFICE SPACE – Selected teams will be provided office space for the project, as well as infrastructure at Pangyo Startup Campus.
4. KOREAN INTERNS SUPPORT – One Korean intern, speaking Korean and English, shall be offered for every two startups, who will support participants commercialization in Korea during the accelerating program period.

Eligibility –

1. Non-Korean tech- and/or service-based (pre-) startups operated by representatives with foreign nationalities who wish to settle down in the Korean market
2. * Pre-startups or startups with seven years or less of experience (A startup with ten years or less of experience is also eligible according to Article 25 of “Support for Small and Medium Enterprise Establishment Act,“ if it is a new industry business startup publicly notified by the Minister of SMEs and Startups)
3. ** Startups established no earlier than 25.4,2017—in case a startup is a new industry business startup, no earlier than 25.4.2014—are eligible for the application.