The Korean government is working to transform the country’s economy for another century of success, ultimately raising employment, the GDP and Korea’s place in the world. In order to do this, the government is supporting talented entrepreneurs and promising startups, to turn Korea and Pangyo Creative Economy Valley into a global startup hub in Asia.
The top ranked 60 teams selected by the accelerators will be invited to stay in Korea to participate a 3 month accelerating program in Pangyo, located in the south of Seoul.
At the end of the acceleration program, the government will host a demo day to select top 30 startups. These startups will get additional financial incentives, and if they choose to establish their businesses in Korea, they will get additional support from the government.
Eligibility:
- Startups that are less than 7 years old or pre-entrepreneur whose representative holds a foreign nationality or is an overseas Korean (foreign compatriot).
- Promising startups with a clear objective to expand into Asia by using the Korean market as a stepping stone.
- Technology-based startups that have prototype or product/service and at initial investment stage.
- Global startups.
Benefits:
State-of-the-Art R&D Labs
Prototyping & testing facilities and expert support.
Brand New Startup Campus
Global Startup Campus is strategically built and only 14 minutes away from Gangnam. Free office and project space will be provided.
Expert Support
Experts from the word’s top tech companies will support you to globalize your companies.
Corporate Partnerships
Meet Korea’s top tech companies with expertise ranging from smartphones to software to semiconductors
Break into Asia
Korea is a safe and developed country, and only 2 hours away from reaching over a billion potential customers.
Living Expenses (Aug – Nov 2020)
Each of the 60 startups in the program will receive money to cover the living expenses over 3.5 months.
· $10,840 (₩12,250,000) per team of 1 person
· $15,490 (₩17,500,000) per team of 2 people
※ During the quarantine period, participants should pay the cost of isolation housing which Korea Government provides from living expenses. (Living expenses include the quarantine fund for 2 weeks before the program starts.)
Grant for Top 30 Startups (Jan – Apr 2021)
Each of the selected top 30 startups will be eligible to receive funding for 3.5 months.
· $10,840 (₩12,250,000) per team of 1 person
· $15,490 (₩17,500,000) per team of 2 people
Grant for Top 5 Startups
1st Prize : $120,000 (₩135,600,000)
2nd Prize : $60,000 (₩67,800,000)
3rd Prize : $30,000 (₩33,900,000)
4th Prize : $20,000 (₩22,600,000)
5th Prize : $10,000 (₩11,300,000)
Additional Investments
The accelerators may make equity investments in the most
promising startups. Startups may have access to other VCs and
investors who may choose to invest.
Deadline: June 25. 2020