Korea Opens Its Doors And Wallet To Foreign Startups - Apply for 'K-Startup Grand Challenge'

The Korean government has been spending around USD $2 billion per year since 2013 to develop the nation's local startup ecosystem. Even before that there were signs that Korea was serious about entrepreneurship. Highly educated young Koreans have begun choosing the path of entrepreneurship over the corporate ladder, local accelerators have opened up (Sparklabs, K-Startup, DEV Korea, etc), overseas investors are making large bets (Softbank, Tencent, Black Rock, Maverick Capital, Altos, etc) and Seoul is now awash with co-working spaces (Maru180, D Camp, etc). Even Google has taken note, opening it's first Asian startup campus in Seoul.

Unicorns like Coupang, Kakao and Yello Mobile also prove that Korea is a market that has enormous potential.

Beyond startups Korea has also become a cultural capital in Asia, is home to some of the world's biggest brands, boasts one of the world's most advanced IT infrastructures and is home to 50 million Korean's - a population with a voracious appetite for technology.

Now Korea is opening its doors and wallet to foreign entrepreneurs in a bold move to increase the diversity in the local startup and business ecosystem (something i've been talking about for several years now).

Right now, startups from around the world can apply to 'K-Startup Grand Challenge' to get the chance of a three-month acceleration program in Seoul, with all expenses paid by the Korean government. Applications for the program will close June 14th.

This is the first program of its kind in Asia, and it's being backed by some big players in Korea including Samsung, Hyundai, LG, Naver and Kakao.
If you're selected for the program you'll receive $4,100 per month to cover living expenses, along with round-trip flights to Korea for three team members.

You'll also get office and lab space in a purpose built $160 million Startup Campus just 14 minutes from Gangnam. The campus in Pangyo (Korea's 'Silicon Valley') is also within walking distance to the offices of several Korean tech giants like Nexon, NC Soft, Ahn Labs.

So, what's the catch?

Honestly, there isn't one, beyond the obvious fact that you'll need to be working at (or leading) a startup with high growth potential and a genuine interest in exploring the Korean / Asian market.

Fill in an application form here: http://bit.ly/1TdcWOc

Based on online applications 160 semifinalists will participate in pitch competitions that will be held online and in cities around the world.

At those competitions the field will be narrowed to 80 startups, each of which will be invited for an intensive week of pitching and interviews from August 8 to 15 (expenses paid). This will also be time to learn more about Korea, network with local startups, major companies and investors, while experiencing the world’s most technologically advanced country.

Finally the most promising 40 startups will be invited for the full three-month acceleration program, led by four of Seoul's top accelerators: SparkLabs, DEV Korea, Shift. and ActnerLab. You can event invite two of your teammates to join you in Seoul.

Beyond the acceleration period there is also a cash pool of almost USD $1 million that will be distributed to startups that plan to remain in Korea for the longer term.

You can find more information on our website and there's an application form for you to fill in before June 14: http://www.k-startupgc.org

Please share this with your startup friends and we look forward to welcoming you to Seoul.