The programme is looking for technology-based startups to join the 2017 batch.
The Korean government through its Ministry of Science, ICT, and Future Planning and the National IT Industry Promotion Agency, is aiming to replicate last year’s success and is in search for technology-based startups to join the K-Startup Grand Challenge.
Last year’s winner, Fingertips Lab, is currently in production after successfully partnering with Korean manufacturing company Ssuntel to ship out 30,000 products. And it is not just the winning startup that’s reaping the rewards of the programme.
Preksh, an augmented reality shopping service that came in second place, has partnered with Korea’s largest department store during the programme. Traversal Network, which took third place, is the developer of ZenAuth that is gaining local and international attention for their services using artificial intelligence. The same is said for fourth-placer Imagga, an automated photo and video categorisation service. All three were granted patents for their unique technology-based services.
“The K-Startup Grand Challenge 2016 was really more than what we bargained for, and more than anything, it was a truly valuable learning experience. The program provided us with crash courses on how to startup in Korea, how to take care of patents and IP protection in Korea, how to validate our technologies and products for the Asian market, and how to expand to the Asian market in general.”
Chris Georgiev, Founder and Marketing Director of Imagga
K Startup Grand Challenge 2017
Fifty top ranked startups will be selected and invited to stay in Korea as they participate in a four-month accelerator programme, where they will be able to interact with the programme’s partner companies through conferences and workshops, have one-on-one mentors, have access to administrative, regulatory, and logistics support, and will be provided with workspace, equipment, testbeds, and an incubating infrastructure.
“We were able to raise our company funds through investors we met during the competition, and were able to produce various media contents for free at the production and studio facilities provided by the K-Startup Grand Challenge. Participating in the Grand Challenge 2016 was the best thing we did for our company, and being in Korea has been nothing but awesome for our company so far.”
Hannah Waitt, CEO of moonROK Media
The programme partnered with Korean business giants Samsung, Hyundai, Kakao, KT Corporaton, and SK Group, to name a few, who would lend their expertise of the local Korean and global markets to the startups.
At the end of the programme, all 50 startups will present in a demo day where a panel of judges will select 25 startups.
The K-Startup Grand Challenge 2017 is accepting applications until June 7, 2017.
The 25 selected startups will each receive additional financial grants as well as support from the government as they take part in a 6-month settlement programme. As the startups establish their business in Korea, they will also receive mentoring from the programme’s Korean multinational partners, participate in regular networking sessions, and have access to startup campuses and innovation centers. The top 4 finalists will also receive additional financial grants.
“As a startup, it is hard to navigate in a new environment and figure out what the investors are looking for. Part of the process we went through during the accelerating program was to communicate directly with the Korean investors and get feedback from them, which was invaluable for our business.”
Rena Koh, Co-Founder of Fashory
The programme is open to all technology-based startups globally, that has been established within the past 5 years, has a prototype or product/service, and are at initial investment stage.
Go global now. Click here to apply.
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Disclosure: e27 is a partner of the K-Startup Grand Challenge 2017
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