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Startup Challengestartups

S Korea Invites Indian Tech Startups for Global Competition

Indian tech startups have an opportunity to showcase their talent on an international level as the South Korea government is currently inviting tech startups from all around the world to take part in K-Startup Grand Challenge 2017.

A global competition for tech startups backed by the Korean government, the K-Startup Grand Challenge 2017 will provide talented tech startups from any part of the world to lock in business agreements with Korean companies and giants.

According to the website dedicated to the challenge, one of the key purposes of this event is to promote vigorous collaborations and exchange of ideas between domestic (Korean) and foreign startups.

The winners of the K-Startup Grand Challenge 2017 will walk away with an opportunity to participate in a government-backed accelerator programme in Korea.

According to a statement given by Lee Kyung-hwan, Executive Director of India-Korea SW Cooperation Centre to Business Line, winning the challenge will open up great business opportunities for startups as it will help them in closely exploring the Korean market. And, it will also give them a foothold to enter the giant, ever-growing Asian market. Considering the fact that Asia is currently one of the most valuable market for startups; holding over half the world’s population and home to a diverse startup ecosystem, this could prove to be a golden opportunity for the startups.

As per plan, 50 startups will walk away with a whopping $12,000 prize for living expenses over their four-month stay in South Korea. Of these 50, the selected 25 will be given a grant of $27,000 each at the Demo Day.

For people wondering why South Korea. Here's why!

South Korea is considered as one of the most connected country in the world as not only is 95 per cent of the country said to be covered by Wi-FI but it also has the fastest average internet connection all around the globe. Finally, it is home to some of the world’s largest companies. Remember, Samsung?

Startups that have been established within the past 5 years and have a prototype or product/service, and are at initial investment stage, are eligible to apply for the Challenge. Interested startups can submit their applications till June 14.

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