This year marks the 4th year of K-Startup Grand Challenge which has been a part of South Korea’s global startup acceleration programs organized by the Ministry of SMEs and Startups and the National IT Industry Promotion Agency.
K-Startup Grand Challenge was established with the goal of promoting the expansion of an open entrepreneurship ecosystem in Asia and assisting in South Korea’s evolution into a prominent startup business hub in the region.
The program invites startups with creative and innovative ideas from all around the world to Korea and helps them to settle in the Korean startup ecosystem through various support programs.
Startups or individuals looking forward to start a business in Korea are eligible to apply for the K-Startup Grand Challenge. A total of 40 teams will be selected to participate in the acceleration program at Startup Campus located in Pangyo for 3.5 months. The acceleration program includes 1-on-1 mentoring, information session and consulting potential corporate partnership opportunities, and many more.
Furthermore, the participants will receive support to acquire proper visa for the smooth settlement in Korea. Teams with outstanding performance will receive grants up to $100,000 on top of the comprehensive support for successful settlement in Korean market. They will also have an opportunity to attract investments from various VCs in Korea.
Korea has a great environment to launch startups. The K-Startup Grand Challenge 2019 may benefit startups immensely with its excellent infrastructure, extensive governmental support, and robust patent system.
For the 6th year in a row, Korea has ranked 1st place on the Bloomberg Innovation Index as the world’s most innovation nation. An example of Korea’s innovative companies is Coupang, which CNBC has labeled as an ‘Amazon Killer’ for their quick deliveries (99.6% of products are delivered within 24 hours of being ordered.)
- No.1 Global Business!
- Most innovative country for the 6th year in a row: http://www.korea.net/NewsFocus/Business/view…
- Why Korea is ideal for the growth of startups, you can read more on these two articles, one from an Interview with Coupang’s CEO Kim BeomSeok http://www.newspim.com/news/view/20180403000109 and another deeper insight article here: http://www.korea.net/NewsFocus/Sci-Tech
Imagga from Bulgaria, finalist at K-Startup Grand Challenge 2016
Bulgarian start-up Imagga Technologies Ltd. was among the finalists of K-Startup Grand Challenge 2016. Imagga is an Image Recognition Platform-as-a-Service providing Image Tagging APIs for developers & businesses to build scalable, image-intensive cloud apps.
The technology fully automates the process of assigning keywords and/or domain-specific categories to images. The solution is horizontally scalable and can handle whatever a load of images needs to be analyzed and annotated.