SAN JOSE, California – South Korea is one of the fastest growing economies in Asia, with global corporations like LG, Samsung and Hyundai, It is also the birthplace of many outstanding startups, entrepreneurs and technology. With the goal of becoming the leading startup hub in the region and the world, the Korean Government is producing the 7th annual K-Startup Grand Challenge to attract global start-ups to begin doing business in Korea and expand into other major Asian economies.
The K-Startup Grand Challenge (KSGC) Accelerator Program launched in 2016 by the Korean Government and is supported by the Ministry of Small and Medium Enterprises and Startups (MSS) Korea and organized by the National IT of Industry Promotion Agency (NIPA) of Korea.
Now in its seventh year, KSGC has received more than 10,000 applications from 151 countries and a total investment of more than $1.5 billion USD.
Many past participants have experienced growth and success post-KSGC, including:
• Apostera, an augmented reality (AR) and mixed reality (MR) software, recently acquired by HARMAN, a Samsung subsidiary
• Bear Robotics raised $81M Series B to scale up mobile robots in the hospitality industry
• igloocompany, a Singapore-based smart access solutions provider, was named a Consumer Electronics Show®(CES) 2022 Innovation Awards Honoree for its Retrofit Lock
This year’s application process is officially open, from April 15th to May 31st. Startups from across Europe, North and South America and Southeast Asia, in fields such as Artificial Intelligence (AI), financial technology (fintech), logistics, biotechnology, robotics, game development, Internet of Things (IoT) and e-commerce, are applying to compete.
More than just a competition, KSGC 2022 is a mechanism to support startups to expand into foreign markets, by providing them opportunities to connect with leading investment funds and advisors that can help solve challenges, from business models, logistics, languages, legal policies, and more.
The K-Startup Grand Challenge 2022 Accelerator program will be held from August 1 to November 15, 2022 at the world-class Startup Facility in Technology Valley, Pangyo.
The top 60 selected startups will participate in the 3.5-month startup accelerator program in South Korea with expenses paid and opportunity to present to investors at the investment fair. After that, the Organizing Committee will select 30 startups to participate in the follow on program in Korea, which will last for an addditional 3.5 months. The final, top 10 startups will receive financial support totaling up to $320,000 USD.
Who can register to participate?
Participants are start-up projects that have been operating for less than 7 years or have at least 1 founding team member who is a national in a country other than Korea. Projects and startups from all fields including AI, Blockchain, 5G, Big Data, E-commerce, that have potential and a clear goal of expanding their business to the Asian market through the use of the Korean market as a stepping stone.
Instructions and registration information at: