K-Startup Grand Challenge Helps Indonesian Startups To Expand

The South Korean government invites entrepreneurs and startups in Indonesia and globally to expand their business in Asia through the K-Startup Grand Challenge (KSGC) program.

Supported by the Ministry of SMEs and South Korean Startup and the National IT Industry Promotion Agency (NIPA), this program is now held again by opening registration until June 25, 2020, and providing opportunities for entrepreneurs and startups to participate.

During the program, participants will not be charged a fee. Interestingly the K-Startup Grand Challenge also provides five main prizes for the top five team winners. This is the first program in Asia that gives top prizes to the top 5 teams.

Not only that, but the best winner will also get an additional prize worth USD 120,000 (around Rp1.75 billion) and further mentoring to develop his business in South Korea.

This Acceleration Program Opens Opportunities for Startups from All Over the World

The South Korean government is the organizer as well as the party that finances the K-Startup Grand Challenge, a startup accelerator program. This program is an initiative to support various global startups who want to expand into the South Korean market – a leading global startup business center since 2016.

Some benefits will be gained by the selected startup. Some of the advantages include mentoring from experts, opportunities to expand networking, funding support to business development.

Selected startups also have the opportunity to achieve a promising future in Asia, where comfortable geographical conditions and favorable strategic relations with other countries. This year, the K-Startup Grand Challenge opens up opportunities for 60 talented and innovative startups to be part of a quality improvement program.

Registration for the K-Startup Grand Challenge 2020 program has been opened and will be closed on June 25, 2020. Applications submitted by the startup will be selected by a team of professional judges and the selection process will start from the beginning of July.

There will be 60 selected teams that can participate in this acceleration program. The KSGC program will run from 1 September to 30 November this year.

Furthermore, 30 selected teams must take part in product demonstrations from November 19-21, 2020, and get further mentoring to develop the business in January – April 2021.

Selected Startups will Receive Benefits from this Acceleration Program

Some benefits can be gained by startups who participate in this event, including:

1. Get support from experts and expand the network

The full three-month acceleration program will be obtained by 60 selected teams. In this program, mentoring is conducted 1-on-1 in a variety of topics including training in Korean and Asian business culture, seminars on topics related to technology patents, tax laws, and others.

During this process, selected startups will be able to expand their networks, meet with experts in their fields that allow partnership opportunities.

2. Funding support

All participants will receive financial support in the form of living expenses from July to November. Each team will get funds of USD 10 thousand to USD 15 thousand, depending on the number of members in their team.

3. Access to the latest facilities

The participating team had the opportunity to stay and work at the Korean Startup Campus in Pangyo, which is south of Seoul. Korea Campus Startup is a facility that can give participants access to testing facilities, world-class prototypes, and experts.

The startup team will also get a complete workspace with interns in Korea, which can help overcome local language and cultural barriers.

4. Visa Assistance

The VISA management process will be assisted by the KSGC team so that it can run smoothly and on time. For information, the KSGC is part of the VISA (Overall Assistance for Start-up Immigration System) program provided by the South Korean government, especially for foreign entrepreneurs.

Startups who take part in this event will certainly get administrative support, such as translation services to facilitate communication and to stay comfortable and productive during activities in South Korea.