K-Startup Grand Challenge, Open the door of business with excellent talented people from overseas!
July 25, 2018 at 05:45 AM EDT
K-Startup Grand Challenge 2018, an acceleration program to support promising foreign startups.
Seoul, South Korea (PRUnderground) July 25th, 2018
□ 1,770 teams from 108 countries applied for entry from May to June, making it the largest foreign start-up competition in the world.
□ If you’re awarded at the final event (Demo Day), the maximum amount of 100 million won will be paid in prize money, and additional expenses for connecting domestic companies and hiring domestic employees will be provided in 2018.
The K-Startup Grand Challenge*, which started in May, will finish applications and receipt applications for two months, and will start overseas auditions and demo days until December. Through local auditions, we will find foreign technology entrepreneurs who possess excellent items and technologies and plan to support domestic venture activities. 40 billion won will be awarded to 40 teams, including prize money, settlement allowance, childcare infrastructure, and visa acquisition.
The Ministry of SMEs and Startups (Minster Hong Jonghaak) and the National IT Industry Promotion Agency said that 1,770 teams from 108 countries applied the online registration of the ‘2018 K-Startup Grand Challenge’, which was held from May 3 to June 14. K-Startup Grand Challenge, which celebrates its third anniversary this year, has the highest number of applied teams among the world’s major tournaments as a start-up competition for foreigners, it has enhanced its status as the world’s largest start-up competition.
(By ’18) ①USA, Mass Challenge 1,600 teams, ②France, French Tech 1,220 teams
Applicants will receive a cash prize (Up to 100 million won for first place) in the top 40 after passing the final competition(Demo Day) at COEX in early December. The winners will then be assisted in the office space, linking with domestic companies, hiring domestic employees, and issuing visas for start-ups. It is the OASIS program that will provide a D-8-4 visa after completing the program for visa acquisition.
*OASIS(Overall Assistance for Start-up Immigration System)
Until now, K-Startup Grand Challenge has supported not only the competition but also the establishment of the overseas start-up team in Korea and the training courses on visas for start-ups. As a result, 41 teams from the participating teams over the past two years have established corporations in Korea and invited about USD27million in investment. The good examples are being created such as Travel Plan hired 14 of the best personnel from Korea, Bear Robotics, Inc. has invested KRW2 billion in Woowa Brothers Corp., and Igloo Home has collaborated with domestic manufacturer ‘Meta Networks’.
Kim Ji-hyun, the head of the Technical Startup Division, Ministry of SMEs and Startups said, “This year, K-Startup Grand Challenge prepared a variety of follow-up support for foreign startup contests, including employment assistance for domestic employees and business links to enhance the domestic business viability of overseas start-up companies” and also said, “We will strive to strengthen the competitiveness of the Korean startup ecosystem by attracting global startups in Korea and bringing in high-quality overseas workers.” The orientation announcing the start of the K-Startup in earnest will be held this coming August 17th (Friday) at Pangyo Startup Campus in Seoul.
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