The Sunshine Reporter

SEOUL, South Korea – May 05, 2021 – The National IT Industry Promotion Agency (NIPA) and the Government of South Korea have launched the sixth year of its global tech startup competition K-Startup Grand Challenge. Despite the global impact of COVID-19 in 2020, South Korea’s stability throughout the pandemic led to record applications for the Challenge last year, receiving nearly 2700 applicants from 118 countries, the most in the program’s history and a 60 percent increase over 2019. 

Of the 2020 participants, more than half are maintaining a base in South Korea as the country’s business prospects continue to rise and its pandemic response is lauded around the world. 

South Korea is experiencing a technological boom, and ranks number one in the world on the Bloomberg Innovation Index. Its biggest e-commerce player Coupang, considered the Amazon of Korea, went public this past March, with its initial listing jumping 81% to a $100B valuation. Match Group’s $1.7 billion acquisition of Hyperconnect is another recognition of the strong technology innovation coming out of Korea. In April, South Korea was named as one of the best countries to live in during COVID-19 on Bloomberg’s COVID Resilience Ranking, and its Silicon Valley of the East, Pangyo Techno Valley, continues to be a hub for innovation with 60 of Korea’s top startups located on its campus. 

“Korea has been one of the best places in continuing our sense of normalcy during the pandemic. You just want to hit the ground running as soon as you get here,” said Kyul Ko, COO at Ommo Tech and 2020 Grand Challenge grand prize winner. “With the winning prize of $120,000 USD, we now have the option to hire more talent and look for more partnership opportunities. Through the program, I met a dedicated accelerator that guided me through all the possible things I can do in Korea. I really appreciate the KSGC program and all the support it’s given me.”

U.S.-based motion tracking startup Ommo Tech took home first place at the 2020 K-Startup Grand Challenge, winning $120,000 in grants and garnering the attention of Korea-based investors to secure $3 million in funding. U.S.-based Rocketship and Malaysia-based Vechnology round out the top three placing second and third place, respectively. Rocketship, an education program accelerator, also secured $4 million in funding for its platform. 

“The K-Startup Grand Challenge is really about positioning these startups for success with exposure to capital and resources while they experience all Korea has to offer as one of the most innovative tech capitals in all of Asia,” said JinHong Park, Acting President at Korea Innovation Center Silicon Valley NIPA. “The program has been a tremendous launchpad for nearly 250 companies. We’re proud of our track record in attracting bright minds with technology ideas that can make a contribution to the world.” 

The 2021 K-Startup Grand Challenge will host 60 competing teams in South Korea’s innovation park Pangyo Techno Valley for a 3.5-month accelerator program. The program includes:

• Covered living expenses for each team ($11,136)

• Free office and project space at the Startup Campus with dedicated Intern matching

• Corporate partnerships with Korea’s top tech companies

• One-on-one mentorship

• Access to accelerators and VCs for equity investments

• Networking and information sessions on Korean and Asian business culture, as well as specific business topics (e.g. patents, accounting, regulations, tax laws, etc.)

• Visa support and help desk (with Korean intern support to handle language and cultural barriers) 

“Korea has a large domestic market of about 50 million people and access to more than 4 billion people throughout the rest of Asia. Korea has a history of exporting products around the world with big companies like Samsung and Hyundai leading the way,” said Trevor Owens, CEO of Rocketship and 2020 Grand Challenge second place winner. “The K-Startup Grand Challenge was a beneficial experience. There couldn’t be a better network to help your business get launched in the Korean market. Within 30 days of winning second place, our team received well over $100,000 USD in prizes and additional grants from the KSGC program, which allowed us to focus on developing our platform.” 

The K-Startup Grand Challenge is accepting applications until Tuesday, June 15, 2021 at midnight Samoa Standard Time or Wednesday, June 16, 2021 at 7 a.m. Eastern Daylight Time.

For the application and more information about the program, visit: https://www.k-startupgc.org/

About K-Startup Grand Challenge 

The K-Startup Grand Challenge is a 3.5-month technology startup accelerator program for foreign startups backed by the Government of South Korea. In five years, the program has

hosted nearly 250 teams with over 100 companies establishing entities in Korea and $1.4 billion in domestic and international investments. This program is a part of the Government of South Korea’s plan to support entrepreneurs and startups in the country to enhance and grow South Korea’s Pangyo Techno Valley into a global tech hub for Asia.

For more information, visit https://www.k-startupgc.org/. 

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