South Korea's K-Startup Grand Challenge 2022 is Accepting Applications From Startups

Korean government-sponsored program encourages wider participation this year, with top grants worth $320,000

SEOUL, South Korea, April 21, 2022 (GLOBE NEWSWIRE) -- South Korea is one of the most thriving economies in Asia. The country is home to global corporates like LG, Samsung, and Hyundai and is a breeding ground for innovative startups, entrepreneurship, and technology. Every year, South Korea opens its doors, inviting global startups and entrepreneurs to develop and grow their businesses in the region.

Korean government's accelerator program K-Startup Grand Challenge (KSGC), supported by the Ministry of SMEs and Startups (MSS) and organized by the National IT Industry Promotion Agency (NIPA), is all set to invite applications from world entrepreneurs for its 2022 chapter. 

The startup accelerator program, launched in 2016, supports foreign startups that want to enter the Korean market and further explore the international markets. Over the years, the program has supported startups and businesses that have succeeded in multiple fields globally like Artificial Intelligence, fintech, logistics, biotechnology, robotics, game development, IoT, e-commerce, etc.

The participating startups have come from various countries across Europe, North America, and Southeast Asia. The ultimate goal of KSGC is to promote the expansion of open entrepreneurship in Asia and assist in South Korea's evolution as a prominent business hub in the region.

K-Startup Grand Challenge 2022 will start accepting applications for its 3.5 month-long all-expenses-paid program from April 15. This year the program promises to be better with wider participation from across the business world. KSGC 2022 will be held from Aug. 1 to Nov. 15, 2022, at the world-class Startup Campus in Pangyo Techno Valley. 60 startups will be selected to participate in the program. 

For 2022, the top ten performing teams will get monetary grants worth $320,000. Also, the top 30 startups will get further assistance to expand business in Korea. 

The application and promotion of the K-Startup Grand Challenge 2022 are starting on April 15th, with the last date for submitting applications being May 31, 2022. An expert panel of judges will then review the applications, and the global audition process for the top 60 teams will be held from June 20 to 24, 2022, with the result announcement on June 30. 

The 60 selected teams will participate in the accelerator program from Aug. 1 to Nov. 15, 2022. Each of the 60 teams will receive $11,136 to cover living expenses for the 3.5 months.

At the end of the 3.5 months accelerator period, a demo day will be held where the top 10 teams will get prizes and after the demo day top 30 teams will get settlement supporting fee of $11,136 through a settlement program. The settlement program will be from Jan. 15 to June 30, 2023. 

For further information and the application for K-Startup Grand Challenge, visit the website - and check the Facebook page and the LinkedIn page

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KSGC 2022