Certainly one of Asia-pacific-region’s (APAC) high tech accelerator packages, Okay-Startup Grand Problem (KSGC), is returning for its eighth yr with a give attention to worldwide startups.
Australia startups have loved nice success at KSGC, with two that includes within the high 10 in 2022.
Functions for 2023 are now open and shut on Could 18.
KSGC was launched by the Nationwide IT Business Promotion Company (NIPA) in 2016 and has been connecting budding startups to South Korea, with this system backed by the South Korean authorities.
A current report put South Korea’s early-stage startup funding between 2019 to 2021 at US$2.3 billion in comparison with US$687 million for the worldwide common.
Korea is Australia’s third-largest export market and fourth-largest two-way buying and selling accomplice.
The extent of funding between the 2 international locations has grown massively over the previous decade – from A$600 million in 2003 to A$49 billion in 2018.
Final yr’s KSGC obtained greater than 2,600 functions from 122 international locations, and since its launch this system has helped 167 startups arrange bases in Korea.
Haymarket HQ CEO Duco Van Breemen mentioned that many Western startups are likely to overlook the potential of South Korea as a profitable and sizeable market, regardless of its wealth.
“The Okay Startup Grand Problem provides a invaluable likelihood for startups looking for to speed up their entry into South Korea by leveraging this system’s sources, community, and experience,” he mentioned.
KSGC is providing a 3.5-month residency program, from July to November, to 60 startups world wide which are lower than seven years outdated.
Every startup’s consultant should be of overseas nationality and specific a transparent curiosity in increasing into the Korean and East Asian markets. The highest 5 startups will get a money prize, whereas the winner will get US$120,000.
This system, to be held in Pangyo Techno Valley, will present members with free workplace and venture areas, in addition to cowl their dwelling bills. Startups will obtain help from mentors, consultants, and enterprise improvement groups to assist in localisation efforts and obtain their full potential.
Apply for KSGC right here.