Ministry selects 40 global startups for K-Startup Grand Challenge

The Ministry of SMEs and Startups selected 40 global startups that will participate in the K-Startup Grand Challenge, receiving help to start their businesses in Korea.

Participants for the 2023 K-Startup Grand Challenge demo day event pose for a photo in November last year. [NEWS1]

The Ministry of SMEs and Startups selected 40 global startups that will participate in the K-Startup Grand Challenge, receiving help to start their businesses in Korea.

The ministry selected 40 startups from 19 countries to participate in the K-Startup Grand Challenge, according to the ministry on Monday. Of them, 55 percent come from Asia, 25 percent from Europe and 20 percent from the United States.

There were 1,176 teams from 114 countries that applied for the K-Startup Grand Challenge, which received applications between April and June.

Selected teams will receive a stipend of 3.5 million won ($2,550) per month to cover living costs during the program's run from September to December. They will also be able to participate in startup accelerator programs that will provide them with office spaces, mentoring and networking opportunities with other local startups.

The teams will also participate in a demo day event during Comeup, a startup festival that will be hosted at COEX in Gangnam District, southern Seoul, in December. Five winning teams will be awarded prize money worth $400,000, with the top 20 teams given the opportunity to participate in additional accelerator programs after the K-Startup Grand Challenge ends.

"Globalization is key to helping Korea's startup ecosystem grow, and the Ministry of Startups and SMEs is offering various inbound support by establishing the Global Startup Center and offering the K-Scouter program," said Lim Jung-wook, deputy minister of the Office of Startup and Venture Innovation. "We will work with the Global Startup Center, which opened at the end of July, to do our best to help the global teams selected via the Grand Challenge settle down in Korea."

The K-Startup Grand Challenge is a startup ministry program for foreign entrepreneurs, launched in 2016 to encourage foreigners to establish startups in Korea.

Through the program, 195 startups have been created. Another 364 participants were able to get startup visas by taking Overall Assistance for Start-up Immigration System courses during the program, which is necessary to get points for the startup visa.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]