K-Startup Grand Challenge
From Wikipedia, the free encyclopedia
K-스타트업 그랜드 챌린지 | |
 | |
| Formation | 2016 |
|---|---|
| Type | Governmental organization |
| Purpose | Start-up support |
| Location |
|
Parent organization | National IT Industry Promotion Agency |
| Website | https://www.k-startupgc.org/ |
K-Startup Grand Challenge is a startup accelerator program supported by the Government of South Korea.[1] The program was launched in 2016 by the National IT Industry Promotion Agency (NIPA) and funded by the Ministry of SMEs and Startups of South Korea.[2] The program is based in the Pangyo Techno Valley, known as the Korean version of the Silicon Valley.[3]
As part of the government's policy, South Korea has initiated a wide range of support programs for startups and has been investing nearly $2 billion annually into the Korean start-up ecosystem since 2013. Within the scope of these efforts, the government organized the K-Startup Grand Challenge program to invite foreign start-ups to come to Korea and cooperate with local VCs and companies. Inviting start-ups from overseas is also aimed at assisting Korea's evolution into a prominent startup business hub.
The process is composed of the following contents:
- Worldwide application usually runs for several months. Invited judges will review applications choose teams for auditions.
- global auditions (Online) to select teams for interview and in-depth review by invited judges.
- final selection of 60 teams for participation in the accelerating program.[4]
- Demo Day will be held in Nov. 19 – 21st. Top 30 teams will be selected on the day based on their accelerating program activities and presentations. There will be also top 5 teams' selection. Additional grant will be given to those top 30 and 5 teams in order to do business in Korea.
