Marketing In Asia (MIA) is pleased to announce that the K-Startup Grand Challenge (KSGC) is now accepting applications for its 2023 program. The KSGC is a startup accelerator program that is supported by the South Korean government, and it aims to bring international startups, with a focus on Southeast Asia (SEA) and Australia and New Zealand (ANZ) startups, to South Korea. This year marks the 8th year of the program, and applications are open from April 10 to May 18, 2023.
Connecting Promising Startups to South Korea
The KSGC, which was established by the National IT Industry Promotion Agency (NIPA) in 2016, has been instrumental in bringing promising startups from around the world to South Korea. The Korean government has made a commitment over time to make it a startup powerhouse. According to a report, South Korea received US $2.3 billion in early-stage startup funding between 2019 and 2021, compared to the global average of US $687. Successful startups in South Korea also took an average of 8 years to exit, as opposed to the global average of 9.4 years in 2023.
Global Accelerator in High Demand
With 2,653 international startups applying from 122 countries for KSGC 2022, the KSGC programme has established itself as a highly sought-after international accelerator. 167 startups have established bases in Korea as a result of the programme so far.
A Unique Opportunity for SEA and ANZ Startups
“The K-Startup Grand Challenge offers startups in Singapore and Malaysia a unique opportunity to access the market in Korea, funding, mentorship, and network building. We look forward to supporting SEA Start-Ups and Scale-Ups looking to accelerate their growth regionally and build a business for the long-term.” said Nim Sivakumaran, Head of Strategic Partnerships at Arcc Spaces.
Informational Meetups Planned
In the coming weeks, meetups are scheduled in Singapore, Malaysia, and Indonesia to address any queries startups interested in the programme may have.
Accelerator Program Details
A 3.5-month residency programme will be made available to 60 startups from around the world that are under 7 years old by KSGC 2023 from July to November. Beginning on April 10, applications will be accepted until May 18, 2023. The representative of each startup must be of foreign descent and clearly indicate a desire to penetrate the Korean and East Asian markets. The top 5 startups compete for a cash prize totaling US $120,000.
Located in Pangyo Techno Valley
Program activities will take place in Pangyo Techno Valley. Participants will receive financial assistance with living expenses as well as free workspace for projects and offices. Startups will have access to business development teams, consultants, and mentors to help them reach their full potential and support their localization efforts.
Key to Future of the Tech Scene
With over ten startup unicorns based in South Korea, focusing on startup diversity by importing innovation and ideas from SEA may hold the key to the future of the country’s tech scene. Mr. Shin Sung Woo, director of KICC Singapore, says, “The tech landscape changes rapidly, and we are proud to see the volume of strong and diverse startups who have participated in the program over the years. For 2023, we are excited to work closely with our startups and help them reach the next level for KSGC 2023.”
Signup for KSGC
The K-Startup Grand Challenge (KSGC) is back for its eighth year, providing an opportunity for international startups to build a strong foundation in South Korea. The South Korean government-supported programme is looking for startups from Southeast Asia and Australia/New Zealand.
Peatix, an event discovery platform with more than ten years of experience, is delighted to be on board as a marketing partner for KSGC 2023. Peatix Marketing Lead, Michelle Leong, said, “We look forward to promoting the valuable initiatives organized by accelerator programs like KSGC to our growing network of startup communities.”
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Meetup sessions are planned for Singapore, Malaysia, and Indonesia in the coming weeks to answer any questions startups interested in the program may have. Interested startups can visit the KSGC website to register for the program.
About Korea IT Cooperation Center (KICC) in Singapore
KICC serves as the National IT Industry Promotion Agency of Korea (NIPA)’s strategic hub for boosting more vigorous business opportunities between Korea and ASEAN countries in the ICT industry. Established on July 11, 2014, NIPA is a non-profit government agency affiliated with the Ministry of Science and ICT in the Republic of Korea that is responsible for providing support to IT enterprises and professionals. NIPA leads national economic development and knowledge-based economic society by promoting the competitiveness of overall industries through IT usage and advancing IT industries.
About K-Startup Grand Challenge
The Korean government created the K-Startup Grand Challenge to support talented entrepreneurs and promising startups, aiming to transform the country’s economy for another century of success. The ultimate goal is to raise employment, the GDP, and Korea’s place in the world. The KSGC program is designed to turn Korea and Pangyo Creative Economy Valley into a global startup hub in Asia. The top 60 teams chosen by the accelerator will receive invitations to remain in Korea to take part in a 3-5 month accelerator programme in Pangyo, which is located south of Seoul. At the end of the acceleration program, the government will host a demo day to select the top 20 startups. These startups will receive additional financial incentives, and if they choose to establish their businesses in Korea, they will get additional support from the government.
We believe that the KSGC 2023 program provides a great opportunity for startups in SEA and AN to not only gain valuable mentorship and networking connections but also potentially secure funding from the investment firms involved.
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