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 Techno Valley into a global startup hub in Asia. The top ranked 50 teams selected by the accelerators will be invited to stay in Korea to participate a four-month accelerating program in Pangyo, located south of Seoul. At the end of the accelerating program, the government will host a Demo Day to select the top 25 startups from the program. They will get additional financial incentives, and if they establish their businesses in Korea, they will get additional support from the government.
Selection Criteria: The selection panel will give priority to startups working on disruption in the following criteria, but they will also consider startups with brilliant ideas in any sector:
Number of Awards: 4
Value of Program:
The top 40 startups selected will be eligible to receive a total of $22,727 each in funding for settlement in Korea
based on their performances at the ‘Demo Day’ and according to the Settlement Evaluation.
All 80 startups in the program wil each receive about $11,136 (12,250,000 KRW) to cover living expenses in equal installments over 3½ months.
State-of-the-Art R&D Labs: Prototyping and testing facilities, expert support.
Brand New Startup Campus: Global Startup Campus is purposely built 14 minutes from Gangnam and next to Korea’s tech giants.
Expert Support: Experts from some of the world’s top tech companies with experience taking companies global.
Corporate Partnerships: Meet Korea’s top tech companies with expertise ranging from smartphones to software to semiconductors.
Break into Asia: Korea is safe, developed and two-hour flight away from over 1 billion potential customers.
Grant for Top 25 Startups: The top 25 startups selected at the final Demo Day will be eligible for an additional $27,000 (32,000,000 KRW) grant in equal installments over six months if they establish a legal entity in Korea.
Grants for Top 4 Startups:
Top Prize: $100,000 (120,000,000 KRW)
Second Prize: $40,000 (48,000,000 KRW)
Second Runner-up: $20,000 (24,000,000 KRW)
Third Runner-up: $6,000 (7,200,000 KRW)
Additional Investments The five accelerators will make equity investments in the most promising startups. Startups will have access to other VC’s and investors who may choose to invest.
How to Apply: Apply here