K-Startup Grand Challenge 2024

K-Startup Grand Challenge, KSCC, is a global startup program aiming at supporting prominent non-Korean startups for their exploration of opportunities and settlement in the Korean market. the Ministry of SMEs and Startups, MSS, hereby announces the recruitment of (pre-) startups to take part in the program.

Contents of Support

• Settlement Support
  • Help desk: Administrative support shall be provided for the incorporation, visa acquisition, stay, living convenience, etc.
  • Interns: 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. (3.5 months).
  • Office Space: Office space in Pangyo Startup Campus shall be offered. (Space for two people / team).
• Program Support
  • Phase-1 Accelerating Program (3.5 months): 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.
  • Demo Day: Each accelerator carries out its own Demo Day event. After adding up the scores gauging their settlement level in the market, opportunities to take part in K-Startup Grand Challenge Demo Day will be granted to top eight startups.
  • Phase-2 Follow-up Accelerating Program (3 months): Top 20 startups selected during the demo day event, will be given opportunities to have meetings with Korean companies and investors, office space, etc.
  • Phase-3 2nd year Accelerating Program (TBD): Acceleration will be extended for a total of 2 years (to 2025) for the best teams from the 2024 selection (under consideration).
• 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.
  • Demo Day Prize Money: In commemoration of the excellence, and encouragement for more proactive business activities in Korea, top5 startups shall be selected during the Grand Challenge Demo Day who shall receive prize money.

Funding 

• Phase-1 Participation Subsidy: KRW 3,500K x 3.5mths (Sept.-Dec.2024)
• Phase-2 Participation Subsidy: KRW 3,500K x 3mths (Jan.-Apr.2025)
• Phase-2 Fund for Commercialization: KRW 12,000K per team
• Demo Day Prize Money (To be provided in Korean won):
  • 1 st place $150,000 (KRW 200,000K)
  • 2 nd place $100,000 (KRW 135,000K)
  • 3 rd place $70,000 (KRW 95,000K)
  • 4 th place $50,000 (KRW 70,000K)
  • 5 th place $30,000 (KRW 40,000K)

Roles and Responsibilities

• All participating startups and teams have the obligation to participate in the entire K-Startup Grand Challenge program in good faith, and to be fully aware of Detailed Management Standards of the program.
• Being a program where non-Korean startups participate, 2024 K-Startup Grand Challenge requires English communication skill during the evaluation period and accelerating programs. Translation services shall not be provided.
• All participating startups shall respond to the general requests required for the record management for the next five years from the year when the program terminates.
• Civil and criminal liabilities arising from the theft of others’ ideas or technologies lie on the startups (representatives).
• If a startup is a corporate body, responsibilities for program operation and program costs management rest on the corporation. Responsibilities arising from retrieval of the program costs due to inappropriate use rests with the representatives of the startups (selected ones), and such acts, including but not limited to misuse, embezzlement, swindling, etc, may encounter administrative actions, such as sanctions or claim collection, etc.
• Selected ones may encounter sanctions, such as expiration of the agreement, if they change representatives without any justifiable reasons.

Eligibility

• Non-Korean tech- and/or service-based (pre-) startups operated by representatives with foreign nationalities who wish to settle down in the Korean market.
• Notes
  • 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)
  • 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.

For more information, visit Korea Institute of Startup & Entrepreneurship Development.