Ok-Startup Grand Challenge 2022 is accepting programs from international startups until May 31 | Arabian Post

All-expenses paid program helps startups to do trade in South Korea & Asia

SEOUL, SOUTH KOREA – Media OutReach – 20 May 2022 South Korea’s main accelerator program Ok-Startup Grand Challenge (KSGC), regarded as ‘a gateway’ to do trade in Asia, invitations international startups to take part. The program’s 2022 version began accepting programs on April 15, and the closing date for the applying level is May 31, 2022. Ok-Startup Grand Challenge is a brilliant alternative for international startups taking a look to discover Asia’s markets for his or her cutting edge services and products. A thriving economic system with the most productive ICT infrastructure and a extremely adoptive tech-savvy shopper marketplace makes South Korea a great position to start out the adventure to doing a trade.

South Korea has an enormous marketplace attainable with a home marketplace length of about US$1.63 trillion. The Korean home marketplace is the tenth largest international, with a robust buying energy. South Korea is without doubt one of the most secure nations on the planet, boasting a particularly low crime price. Furthermore, Korea has a longtime patent legislation machine in order that startups can safely deliver their ingenious concepts underneath govt coverage.

Reasons to start out a trade in South Korea

Gateway to Asia: South Korea is comfortably situated in East Asia between China and Japan, with Hong Kong and Taiwan to its south. Seoul, its capital, is the arena’s second-largest metropolitan house, with nearly part of all Korean voters dwelling in or across the town.

World’s perfect ICT Infrastructure: Korea has a extremely evolved ICT infrastructure, with 100% of its territory lined by means of LTE, and provides the arena’s quickest web pace. All generations in Korea are avid customers of high-tech units with get entry to to high-speed web. Korean individuals are energetic social media customers. 67.5% of on-line buying groceries is finished via cell programs. The spending in line with purchaser in e-commerce is forecasted to head from $2,600 in 2019 to $4,300 in 2024.

Test Bed Korea for the Global Market: Korea supplies superb alternatives to do shopper checking out. Koreans are identified to be early adopters of recent applied sciences. They are desperate to be the primary to shop for and the primary to make use of newly launched tech merchandise. They have get entry to to the newest applied sciences in quite a lot of industries and profit from Korea’s world-class IT infrastructure.

Strong Government Support: The Korean govt is continuously bettering the rustic’s infrastructure. In 2017, South Korea established the Ministry of SMEs and Startups to systematically observe quite a lot of startup improve tasks to fortify momentum. In 2022, the federal government plans to put into effect a startup improve venture value US$3 billion to create a regional startup infrastructure and make allowance cutting edge skills with technical abilities to glide into Korea’s startup ecosystem and increase their features to be successful. Furthermore, the federal government plans to search out 200 promising startups via 2022 and 1,000 promising startups, and 700 pre-unicorn startups by means of 2025.

Thriving Startup Infrastructure: Korea is a rustic that has 18 unicorn startups. Its startup ecosystem is energetic and smartly designed, attracting the eye of buyers, accelerators, and incubators international. According to the Startup Genome Report 2021, Seoul jumped to sixteenth from twentieth on the planet startup ecosystem score, with an ecosystem valued at US$47.2 billion. Venture capital investments have additionally poured into Korean startups and grew 78% year-on-year in 2021, surpassing 7.7 trillion received (US$6.4 billion). The collection of new jobs created by means of startups in 2021 surpassed the collection of jobs created by means of the 4 greatest conglomerates in Korea blended. In contemporary years, many primary Korean firms have expressed passion in participating with startups from all over the world.

Strong Economy: Economically, South Korea has transform the tenth greatest economic system and the 5th greatest exporter of products and services and products globally. Corporate giants Samsung and LG have transform the highest show makers international. Hyundai and Kia blended are 3rd in car manufacturing numbers. And in July 2021, the United Nations Conference on Trade and Development (UNCTAD) upgraded Korea’s standing to a evolved economic system. According to the Bloomberg Innovation Index, South Korea has crowned the worldwide record of the 60 maximum cutting edge nations in its newest ratings.

Top Research & Manufacturing amenities: Korea crowned the charts in patent process and publish sturdy performances in R&D and production. South Korea invested nearly US$83 billion in R&D closing yr, making it the fifth-largest spender amongst individuals of the Organization for Economic Cooperation and Development (OECD). In addition, the Startup Genome Report mentioned South Korea used to be the fifth-highest investor in R&D with round $94.5 billion, and its ratio of R&D spending to GDP used to be the second-highest on the planet at 4.3%. Furthermore, the score of Seoul jumped to sixteenth from twentieth on the planet startup ecosystem score in 2021.

Korea’s Cultural Influence: Korea is a cultural powerhouse with the Korean Wave, encompassing Ok-pop, dramas, model, cosmetics, and the humanities. Its tradition is without doubt one of the many causes it has transform a supply of fascination for Asia, the Americas, and Europe. The Korean other folks even have primary intangible belongings like interest, ingenious concepts, and momentum that paintings smartly with state-of-the-art ICT know-how and inclusive governmental improve.

Ok-Startup Grand Challenge Program 2022

Ok-Startup Grand Challenge 2022 is a three.5-month-long all-expenses-paid program held from August 1 to November 15, 2022, on the Startup Campus in Pangyo Techno Valley. KSGC 2022 is supported by means of the Ministry of SMEs and Startups (MSS) and arranged by means of the National IT Industry Promotion Agency (NIPA). Sixty startups can be decided on to take part in this system. Each of the 60 groups will obtain $11,136 to hide dwelling fees for the three.5 months. For 2022, the highest ten acting groups gets financial grants value $320,000. Also, the highest thirty startups gets additional help to extend trade in Korea via a agreement program with a supporting price of $11,136.

The startup accelerator program, introduced in 2016, helps overseas startups that need to input the Korean marketplace and extra discover the world markets. Over the years, this system has supported startups and companies that experience succeeded in a couple of fields globally like Artificial Intelligence, fintech, logistics, biotechnology, robotics, sport building, IoT, e-commerce, and so forth.

In the previous, the taking part startups have come from quite a lot of nations throughout Europe, North America, and Southeast Asia. The final purpose of KSGC is to advertise the growth of open entrepreneurship in Asia and lend a hand in South Korea’s evolution as a outstanding trade hub within the area.

Who can observe?

  • Startups not up to seven years outdated or a pre-entrepreneur whose consultant holds a overseas nationality.
  • Promising startups with a transparent function to extend into Asia by means of the usage of the Korean marketplace as a stepping stone.

Timeline for KSGC 2022 Program

  • The software procedure for international startups: April 15 to May 31, 2022
  • Review by means of a panel of judges & international audition for best 60 groups: June 20 to 24, 2022
  • Final 60 groups variety end result announcement: June 30, 2022
  • Accelerator program to be held in South Korea: August 1 to November 15, 2022
  • Demo day the place the highest 10 groups gets prizes: November 9 -11, 2022
  • Further agreement program for best 30 groups: January 15 to June 30, 2023

Benefits for the startups taking part in KSGC at a look

Networking and Expert improve: Mentoring & data periods, training on Korean and Asian trade tradition, and seminars on subjects like patents, accounting rules, tax regulations, and extra.

Financial improve: Living fees value $11,136 and extra monetary help for best performers.

Additional Investments: The accelerators would possibly make fairness investments in promising startups. Startups could have get entry to to different VCs and buyers who would possibly make a choice to speculate.

Break into Asia & Corporate Partnerships: The startups can meet Korea’s best tech firms with experience starting from smartphones to semiconductors. Also, simple get entry to to different Asian nations.

Korean Intern Support: A Korean intern, fluent in English/Korean, can be supplied for each and every two groups. The intern can be a perfect useful resource for you whilst doing trade in Korea.

Access to State-of-Art Resources: The groups get to stick and paintings at an international startup campus in Pangyo, strategically situated within the south of Seoul. The startups get get entry to to world-class prototyping, checking out amenities, and knowledgeable improve.

Administrative improve & Visa acquisition: NIPA and the staff of this system be certain that the visa procedure is easy and well timed. The startups could have get entry to to administrative improve, translation carrier, and interpretation to make paintings handy and productive whilst in Korea.

Korean Accelerators to lend a hand startups’ enlargement

This yr, 5 superb Korean accelerators are ready to lend a hand overseas startups in rising in Korea – CNT Tech, Yozma Group Korea, Bigbang Angels, Pen Ventures, and Nautilus Investment.

CNT Tech is a tech-based international accelerator that has been a part of the KSGC program six years in a row. It has a name for actively making an investment in early-stage in Korea. CNT Tech invested in over 70 startups in 2021, which is the rustic’s greatest collection of mission investments.

Yozma Group Korea is an international accelerating and funding corporate focusing on the worldwide accelerating and cross-border funding with greater than $350 million in AUM. Yozma Group’s Interest is in ICT technology-based startups in Digital dual, Mobility, and Digital Healthcare. It is taking a look ahead to running with the visionary startups who need to discover Korean partnerships and past.

Bigbang Angels is a Korean early-stage VC with Singapore headquarters. The VC has invested in over 100+ AI, deep tech portfolio firms for ten years, with 4 a success go out instances and three Pre-IPO within the portfolio. It is curious about making an investment in international startups with IP in a position to know-how switch to Korea.

PEN Ventures is a mission capital and accelerator with places of work in Silicon Valley, Singapore, Europe, and South Korea. It invests in startups and connects them to a wide variety of sport gamers. The corporate effectively helps startups and marketers in Fintech, Cleantech, and Digital Health care to go into the Korean marketplace.

Nautilus Investment is an international accelerator and mission capital in Korea. It makes a speciality of cross-border connection between Korea and Silicon Valley-based mission at the sturdy partnership with Nautilus Venture Partners, a Silicon Valley-based mission capital. Nautilus Investment helps startups financially via mission funding and strategically during the shut networks of Big Tech firms in the USA and big and mid-size Korean firms.

For additional data and the applying for Ok-Startup Grand Challenge,

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