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All-expenses paid program helps startups to do enterprise in South Korea & Asia
SEOUL, SOUTH KOREA – Media OutReach – 20 Might 2022 – South Korea’s main accelerator program Ok-Startup Grand Problem (KSGC), thought of ‘a gateway’ to do enterprise in Asia, invitations world startups to take part. This system’s 2022 version began accepting functions on April 15, and the final date for the appliance stage is Might 31, 2022. Ok-Startup Grand Problem is a good alternative for world startups trying to discover Asia’s markets for his or her progressive services. A thriving economic system with one of the best ICT infrastructure and a extremely adoptive tech-savvy shopper market makes South Korea a perfect place to start the journey to doing a enterprise.
South Korea has an enormous market potential with a home market measurement of about US$1.63 trillion. The Korean home market is the tenth greatest globally, with a robust buying energy. South Korea is without doubt one of the most secure nations on the earth, boasting a particularly low crime charge. Moreover, Korea has a longtime patent regulation system in order that startups can safely carry their inventive concepts below authorities safety.
Causes to start a enterprise in South Korea
Gateway to Asia: South Korea is conveniently situated in East Asia between China and Japan, with Hong Kong and Taiwan to its south. Seoul, its capital, is the world’s second-largest metropolitan space, with nearly half of all Korean residents dwelling in or across the metropolis.
World’s finest ICT Infrastructure: Korea has a extremely developed ICT infrastructure, with 100% of its territory coated by LTE, and provides the world’s quickest web pace. All generations in Korea are avid customers of high-tech units with entry to high-speed web. Korean persons are energetic social media customers. 67.5% of on-line procuring is finished by way of cell functions. The spending per purchaser in e-commerce is forecasted to go from $2,600 in 2019 to $4,300 in 2024.
Take a look at Mattress Korea for the World Market: Korea gives glorious alternatives to do shopper testing. Koreans are recognized to be early adopters of latest applied sciences. They’re wanting to be the primary to purchase and the primary to make use of newly launched tech merchandise. They’ve entry to the newest applied sciences in varied industries and make the most of Korea’s world-class IT infrastructure.
Robust Authorities Assist: The Korean authorities is consistently enhancing the nation’s infrastructure. In 2017, South Korea established the Ministry of SMEs and Startups to systematically oversee varied startup help tasks to strengthen momentum. In 2022, the federal government plans to implement a startup help undertaking price US$3 billion to create a regional startup infrastructure and permit progressive skills with technical expertise to stream into Korea’s startup ecosystem and develop their capabilities to succeed. Moreover, the federal government plans to search out 200 promising startups by way of 2022 and 1,000 promising startups, and 700 pre-unicorn startups by 2025.
Thriving Startup Infrastructure: Korea is a rustic that has 18 unicorn startups. Its startup ecosystem is energetic and nicely designed, attracting the eye of traders, accelerators, and incubators worldwide. In response to the Startup Genome Report 2021, Seoul jumped to sixteenth from twentieth on the earth startup ecosystem rating, with an ecosystem valued at US$47.2 billion. Enterprise capital investments have additionally poured into Korean startups and grew 78% year-on-year in 2021, surpassing 7.7 trillion received (US$6.4 billion). The variety of new jobs created by startups in 2021 surpassed the variety of jobs created by the 4 largest conglomerates in Korea mixed. Lately, many main Korean firms have expressed curiosity in collaborating with startups from all over the world.
Robust Financial system: Economically, South Korea has turn into the tenth largest economic system and the fifth largest exporter of products and companies globally. Company giants Samsung and LG have turn into the highest show makers worldwide. Hyundai and Kia mixed are third in car manufacturing numbers. And in July 2021, the United Nations Convention on Commerce and Improvement (UNCTAD) upgraded Korea’s standing to a developed economic system. In response to the Bloomberg Innovation Index, South Korea has topped the worldwide listing of the 60 most progressive nations in its newest rankings.
Prime Analysis & Manufacturing amenities: Korea topped the charts in patent exercise and put up sturdy performances in R&D and manufacturing. South Korea invested nearly US$83 billion in R&D final yr, making it the fifth-largest spender amongst members of the Group for Financial Cooperation and Improvement (OECD). As well as, the Startup Genome Report stated South Korea was the fifth-highest investor in R&D with round $94.5 billion, and its ratio of R&D spending to GDP was the second-highest on the earth at 4.3%. Moreover, the rating of Seoul jumped to sixteenth from twentieth on the earth startup ecosystem rating in 2021.
Korea’s Cultural Affect: Korea is a cultural powerhouse with the Korean Wave, encompassing Ok-pop, dramas, style, cosmetics, and the humanities. Its tradition is without doubt one of the many causes it has turn into a supply of fascination for Asia, the Americas, and Europe. The Korean individuals even have main intangible property like ardour, inventive concepts, and momentum that work nicely with cutting-edge ICT expertise and inclusive governmental help.
Ok-Startup Grand Problem Program 2022
Ok-Startup Grand Problem 2022 is a 3.5-month-long all-expenses-paid program held from August 1 to November 15, 2022, on the Startup Campus in Pangyo Techno Valley. KSGC 2022 is supported by the Ministry of SMEs and Startups (MSS) and arranged by the Nationwide IT Business Promotion Company (NIPA). Sixty startups can be chosen to take part in this system. Every of the 60 groups will obtain $11,136 to cowl dwelling bills for the three.5 months. For 2022, the highest ten performing groups will get financial grants price $320,000. Additionally, the highest thirty startups will get additional help to increase enterprise in Korea by way of a settlement program with a supporting charge of $11,136.
The startup accelerator program, launched in 2016, helps international startups that wish to enter the Korean market and additional discover the worldwide markets. Through the years, this system has supported startups and companies which have succeeded in a number of fields globally like Synthetic Intelligence, fintech, logistics, biotechnology, robotics, recreation improvement, IoT, e-commerce, and so on.
Previously, the taking part startups have come from varied nations throughout Europe, North America, and Southeast Asia. The last word purpose of KSGC is to advertise the growth of open entrepreneurship in Asia and help in South Korea’s evolution as a distinguished enterprise hub within the area.
Who can apply?
- Startups lower than seven years previous or Pre-entrepreneur whose consultant holds a international nationality.
- Promising startups with a transparent goal to increase into Asia through the use of the Korean market as a stepping stone.
Timeline for KSGC 2022 Program
- The applying course of for world startups: April 15 to Might 31, 2022
- Evaluation by a panel of judges & world audition for high 60 groups: June 20 to 24, 2022
- Closing 60 groups choice consequence announcement: June 30, 2022
- Accelerator program to be held in South Korea: August 1 to November 15, 2022
- Demo day the place the highest 10 groups will get prizes: November 9 -11, 2022
- Additional settlement program for high 30 groups: January 15 to June 30, 2023
Advantages for the startups taking part in KSGC at a look
Networking and Professional help: Mentoring & data periods, teaching on Korean and Asian enterprise tradition, and seminars on subjects like patents, accounting laws, tax legal guidelines, and extra.
Monetary help: Residing bills price $11,136 and additional monetary help for high performers.
Further Investments: The accelerators could make fairness investments in promising startups. Startups could have entry to different VCs and traders who could select to take a position.
Break into Asia & Company Partnerships: The startups can meet Korea’s high tech firms with experience starting from smartphones to semiconductors. Additionally, easy accessibility to different Asian nations.
Korean Intern Assist: A Korean intern, fluent in English/Korean, can be supplied for each two groups. The intern can be an ideal useful resource for you whereas doing enterprise in Korea.
Entry to State-of-Artwork Assets: The groups get to remain and work at a worldwide startup campus in Pangyo, strategically situated within the south of Seoul. The startups get entry to world-class prototyping, testing amenities, and professional help.
Administrative help & Visa acquisition: NIPA and the workforce of this system make certain the visa course of is easy and well timed. The startups can have entry to administrative help, translation service, and interpretation to make work handy and productive whereas in Korea.
Korean Accelerators to help startups’ progress
This yr, 5 glorious Korean accelerators are ready to help international startups in rising in Korea – CNT Tech, Yozma Group Korea, Bigbang Angels, Pen Ventures, and Nautilus Funding.
CNT Tech is a tech-based world accelerator that has been a part of the KSGC program six years in a row. It has a popularity for actively investing in early-stage startups in Korea. CNT Tech invested in over 70 startups in 2021, which is the nation’s largest variety of enterprise investments.
Yozma Group Korea is a worldwide accelerating and funding firm specializing within the world accelerating and cross-border funding with greater than $350 million in AUM. Yozma Group’s Curiosity is in ICT technology-based startups in Digital twin, Mobility, and Digital Healthcare. It’s wanting ahead to working with the visionary startups who wish to discover Korean partnerships and past.
Bigbang Angels is a Korean early-stage VC with Singapore headquarters. The VC has invested in over 100+ AI, deep tech portfolio firms for ten years, with 4 profitable exit instances and three Pre-IPO within the portfolio. It’s fascinated with investing in world startups with IP able to expertise switch to Korea.
PEN Ventures is a enterprise capital and accelerator with workplaces in Silicon Valley, Singapore, Europe, and South Korea. It invests in startups and connects them to all types of recreation gamers. The corporate efficiently helps startups and entrepreneurs in Fintech, Cleantech, and Digital Well being care to enter the Korean market.
Nautilus Funding is a worldwide accelerator and enterprise capital in Korea. It focuses on cross border connection between Korea and Silicon Valley-based on the sturdy partnership with Nautilus Enterprise Companions, a Silicon Valley-based enterprise capital. Nautilus Funding helps startups financially by way of enterprise funding and strategically by way of the shut networks of Massive Tech firms within the US and enormous and mid-size Korean firms.
For additional data and the appliance for Ok-Startup Grand Problem,
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