K-Startup Grand Challenge

K-Startup Grand Challenge is a startup accelerator program supported by the Government of South Korea.[1][2] The program was launched in 2016 by the National IT Industry Promotion Agency (NIPA) and funded by the Ministry of SMEs and Startups of South Korea.[3] The program is based in the Pangyo Techno Valley, known as the Korean version of the Silicon Valley.[4]

K-Startup Grand Challenge
K-스타트업 그랜드 챌린지
K-Startup Grand Challenge.svg
Formation2016; 5 years ago (2016)
TypeGovernmental organization
PurposeStart-up support
Location
Parent organization
National IT Industry Promotion Agency
Websitehttps://www.k-startupgc.org/

As part of the government's policy, South Korea has initiated a wide range of support programs for startups and has been investing nearly $2 billion annually into the Korean start-up ecosystem since 2013. Within the scope of these efforts, the government organized the K-Startup Grand Challenge program to invite foreign start-ups to come to Korea and cooperate with local VCs and companies. Inviting start-ups from overseas is to assist Korea’s evolution into a prominent startup business hub as well.


Program ContentsEdit

The process is composed of following contents:

  • Worldwide application usually runs for several months. Invited judges will review applications choose teams for auditions.
  • global auditions (Online) to select teams for interview and in-depth review by invited judges.
  • final selection of 60 teams for participation in the accelerating program.[5]
  • Demo Day will be held in Nov. 19 – 21st. Top 30 teams will be selected on the day based on their accelerating program activities and presentations. There will be also top 5 teams’ selection. Additional grant will be given to those top 30 and 5 teams in order to do business in Korea.

K-Startup Grand Challenge Programs by YearsEdit

K-Startup Grand Challenge 2016Edit

2,439 teams from 124 countries applied to the KSGC 2016 program. After judges reviewed documents and auditioned them, 40 startups were selected for an accelerating program. On Demo day, only half of team was selected. Those 20 teams were given addition fund from the government afterward.

K-Startup Grand Challenge 2017Edit

The KSGC 2017 program was expanded to 49 teams. Those of 1,515 applicants invited to Korea. The program provided the following financial support:[6]

  • round trip flight tickets for two team members.
  • ₩14,000,000 to cover the living expenses during four months from August to November.
  • Demo Day grants of ₩120,000,000 (1st place), ₩48,000,000 (2nd place), ₩24,000,000 (3rd place) and ₩7,200,000 (4th place).
  • A total of ₩32,000,000 settlement support for each of the Top 25 teams from January to June.

K-Startup Grand Challenge 2018Edit

The program was expanded again. 1,771 teams applied to the program and 73 candidate teams were invited to Korea. After several months of the accelerating program, 40 teams were chosen on Demo day. The Korean Government supported those teams afterward.

K-Startup Grand Challenge 2019Edit

1,677 teams from 95 countries applied to the KSGC 2019 program. Invited judges reviewed all applications and chose 240 teams. Judges had auditions with 240 teams to choose teams for the accelerating program. The result of that was 38 candidate teams selected from auditions. After 38 chosen teams done with the accelerating program, 20 teams were selected on Demo day based on their accelerating program activities. The Korean Government offered aids to 20 teams afterward.

K-Startup Grand Challenge 2020Edit

The application period for the 2020 program is may 15 - June 25. The Demo day was presented live in conjunction with Comeup 2020 between 17 - 19 November 2020.

Participating startupsEdit

K-Startup Grand Challenge 2016Edit

K-Startup Grand Challenge 2017Edit

  • AID:Tech, Ireland[7]
  • Aerostate, USA
  • Agorize Asia, France
  • Altagram GmbH, Germany
  • Bear Robotics Inc]., USA
  • Bildeco, Indonesia
  • BlockSchool, USA
  • Briefy, Germany
  • Box24, Thailand
  • andcards, South Korea — coworking space automation software.[8]
  • COOLFARM, Portugal
  • Crowdz, USA
  • Dinlr, Singapore (Food Tech, Restaurant Tech) — Dinlr helps F&B businesses to better manage and operate their business using front-of-house solutions designed for F&B industry.[9]
  • Dream Agility, England - UK’s leading ad tech firm which specialises in Machine Learning and Artificial Intelligence to deliver excellent PPC advertising performance.[10]
  • E Cycle, Hong Kong
  • Electroni Nose Co., Thailand
  • Futurehome AS, Norway
  • Jarvis Store, Indonesia
  • Jugnoo, India
  • Happy Skin Vietnam, Vietnam
  • Hatchme Pte Ltd, Singapore
  • Hauzd, Panama
  • HeySuccess Limited, England
  • igloohome, Singapore
  • Is it fresh, Germany
  • Kaitek Labs, Chile
  • Loka Travel Sdn Bhd, Malaysia
  • Marine Nexus Pte Ltd, Singapore
  • Mishipay Ltd., England
  • Mycroft AI, USA
  • Nanoclean Global Pvt, India
  • Overnest, USA
  • OWLR Technologies Ltd., England
  • Photomyne LTD., Israel
  • Polywed, Russia (Healthcare IT) — data-driven technology that increases in vitro fertilization (IVF) success rates.[11]
  • Preply Inc., USA
  • Printify Inc., USA
  • Rezi, USA
  • Shift Technology, France
  • Slasify, Singapore
  • SmartPeep, Malaysia
  • Softinn Solutions, Malaysia
  • Toolyt Vahmine Tech, India
  • TotalCross, Brazil
  • Transformify, England
  • UAV-IQ, USA
  • Warrantyzen, Malaysia
  • Waldania Automation, Malaysia
  • Whitney Technology, USA
  • Womi Technology Co., Vietnam
  • ZhenHub, Hong Kong

K-Startup Grand Challenge 2018Edit

  • First prize: NODIS, Singapore[12]
  • Second prize: Tespack, Finland
  • Third prize: XtayPro, Vietnam
  • Fourth prize: Lineus Medical, United States
  • Advantir Innovations, Singapore
  • Ami, Vietnam
  • AAAccell, Switzerland
  • OneCharge, Hongkong
  • Ohnana Tents, Netherlands
  • Rely, Singapore
  • Nexrea, USA
  • Nitium Technology, Malaysia
  • Festivality, Estonia
  • Bakuun.com, United Kingdom
  • DRVR, Thailand

K-Startup Grand Challenge 2019Edit

  • IGL Coatings, Malaysia
  • Kodimo, Vietnam
  • Holistics Lab, Malaysia
  • 360F, Singapore
  • Anzene, Singapore
  • 7 Till 8
  • Backyard Brains, Chile
  • Callista, Indonesia
  • DETA
  • Clotify
  • Eyeware
  • Future Labatory, Malaysia
  • GIBLIB, USA
  • BMPower, Russia
  • Incubig, India
  • Summarizebot, Latvia
  • MicroX Labs, India
  • TokTok, France
  • Inspire Me Korea
  • Stepinshop
  • Red Dino, Malaysia
  • TPS Engage, Romania
  • TuBudd
  • Aibrid, India
  • Xenon Automotive, India
  • Inspire me Korea

K-Startup Grand Challenge 2020Edit

  • Filmplace, Singapore
  • SAMYROAD, Spain
  • Heart Force AG, Switzerland
  • Outside Technologies, Singapore
  • Vouch SG Pte Ltd, Singapore

ReferencesEdit

  1. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2018-01-10.
  2. ^ "K-Startup Grand Challenge | Crunchbase". Crunchbase. Retrieved 2018-01-10.
  3. ^ Ramirez, Elaine. "Why Entrepreneurs Come To South Korea - And Why They Don't". Forbes. Retrieved 2018-01-10.
  4. ^ "K-Startup Grand Challenge - KIC Europe". KIC Europe. Archived from the original on 2018-01-10. Retrieved 2018-01-10.
  5. ^ "[비즈스토리] 'K-스타트업 그랜드 챌린지' 안착 … 혁신창업 인재육성으로 경제성장 이끈다". 중앙일보 (in Korean). 2017-11-22. Retrieved 2018-01-10.
  6. ^ 2017, K-STARTUP GRAND CHALLENGE. "K-STARTUP GRAND CHALLENGE 2017". www.k-startupgc.org. Retrieved 2018-01-10.CS1 maint: numeric names: authors list (link)
  7. ^ "K-Startup Grand Challenge 2017 Selected Top 49 teams". 2017-08-17. Retrieved 2018-06-13.
  8. ^ "Coworking Space in Your Pocket | andcards". andcards.com. Retrieved 2019-09-17.
  9. ^ "Dinlr". www.dinlr.com. Retrieved 2018-08-12.
  10. ^ "Dream Agility". www.dreamagility.com.
  11. ^ "Polywed". polywed.com. Retrieved 2018-08-12.
  12. ^ "K-Startup Grand Challenge 2018 Selected Top 80 teams". Retrieved 2018-08-12.

External linksEdit