South Korea’s K-Startup Grand Challenge (KSGC), a startup accelerator program backed by the government, is calling for applications from international startups interested in building a strong foundation in South Korea. The program, which is returning for its 8th year, is focused on attracting startups from Southeast Asia (SEA) and Australia and New Zealand (ANZ). Applications opened on April 10 and will close on May 18, 2023.

The KSGC program was launched by the National IT Industry Promotion Agency (NIPA) in 2016 and has been crucial in linking promising startups from around the world with South Korea. Over the years, the South Korean government has committed to establishing the country as a startup powerhouse. According to a report, early-stage startup funding in South Korea between 2019 and 2021 was $2.3 billion compared to the global average of $687. Successful startups in South Korea also took around 8 years to exit in comparison to the global average of 9.4 years in 2023.

The KSGC program has proven to be an international accelerator in high demand, with 2,653 global startups applying from 122 countries for KSGC 2022. To date, the program has resulted in 167 startups setting up bases in Korea.

Nim Sivakumaran, Head of Strategic Partnerships at Arcc Spaces, said, “The K-Startup Grand Challenge offers startups in Singapore and Malaysia a unique opportunity to access the market in Korea, funding, mentorship, and network building. We look forward to supporting SEA Start-Ups and Scale-Ups looking to accelerate their growth regionally and build a business for the long-term.”

To answer questions from startups interested in the program, meetup sessions are planned for Singapore, Malaysia, and Indonesia in the next few weeks.

Peatix, an event discovery platform of more than 10 years, is delighted to come on board as a marketing partner for the upcoming KSGC 2023. “We look forward to promoting the valuable initiatives organized by accelerator programs like KSGC to our growing network of startup communities,” said Peatix Marketing Lead Michelle Leong.

KSGC 2023 will offer 60 startups from around the world that are less than 7 years old a 3.5-month residency program from July to November. Each startup’s representative must be of foreign nationality and express a clear interest in expanding into the Korean and East Asian markets. There is a cash prize for the top 5 startups, with $120,000 for the winner.

The program will be conducted in Pangyo Techno Valley, and participants will have their living expenses covered, as well as access to free office and project spaces to work from. Startups will have access to mentors, consultants, and business development teams to help fulfil their potential and aid in their localization efforts.

With over 10 startup unicorns based in South Korea, focusing on startup diversity by bringing innovation and ideas from SEA could be the key to the future of the tech scene in Korea. Mr Shin Sung Woo, director of KICC Singapore, said, “The tech landscape changes rapidly, and we are proud to see the volume of strong and diverse startups who have participated in the program over the years. For 2023, we are excited to work closely with our startups and help them reach the next level for KSGC 2023.

To sign up for KSGC 2023, interested startups can visit the program’s website at https://www.k-startupgc.org.