SEJONG, South Korea--(BUSINESS WIRE)--KISED (Korea Institute of Startup & Entrepreneurship Development), designated by the Korean government as the new host organization this year, announced the start of applications for the 'K-Startup Grand Challenge 2024' program.
K-Startup Grand Challenge (KSGC) is a global startup acceleration program financed by Korea’s Ministry of SMEs and Startups. The program is designed to attract talented entrepreneurs and promising foreign startups to do business in Korea.
KISED, as a government-affiliated organization, operates various startup support programs and hosts various global startup events, including 'Comeup’. Accordingly, foreign startups participating in KSGC 2024 are expected to enjoy greater benefits in penetrating the Korean market.
KISED opened the KSGC 2024 website (https://k-startupgc.org) and began accepting applications for participation online on April 30th. Applications are scheduled to close on June 7th. KISED plans to evaluate applicants and invite 40 teams for the Accelerating Program (Sep. - Dec. 2024).
The program provides a wide range of benefits for selected teams such as a free office space in the Pangyo Techno Valley near Seoul, a participation subsidy of 3.5 million won per month, a startup visa, and free dispatch of one intern per two teams. Also, the KSGC 2024 Program provides help for foreign startups to set foot in the Korean market, such as 1-on-1 mentoring, various seminars, and more.
The 20 teams selected through Demo Day (Dec. 2024) for Follow-up Support (Jan. - Apr. 2025) will each receive 12 million won in funds for commercialization as well as participation subsidy.
The prize money for the TOP 5 teams has been raised from $270,000 last year to $400,000 (540 million won) this year. The prize money was allocated as KRW 200,000K ($150,000) for first place, KRW 135,000K ($100,000) for second, KRW 95,000K ($70,000) for third, KRW 70,000K ($50,000) for fourth, and KRW 40,000K ($30,000) for fifth.
