South Korea, the innovation powerhouse, is looking to power startups with the K-Startup Grand Challenge 2020

South Korea, the innovation powerhouse, is looking to power startups with the K-Startup Grand Challenge 2020

With 221 accelerators and 134 development centres since February 2020, South Korea is amongst the most dynamic start-up environments on the planet. The nation is likewise bullish on the development of its start-up scene by backing tax breaks and rewards for angel financiers and investor, tax advantages for mergers and acquisitions in the innovation and R&D sectors, and enhancements in visa guidelines for start-up and business owners from abroad.

 function

All of these efforts are crowned by its yearly start-up home, the K-Startup Grand Challenge &#x 2014; South Korea &#x 2019; s biggest outreach program for the entrepreneurial community. Continue reading to understand a few of the more engaging reasons that South Korea, and in specific the K-Startup Grand Challenge, produces a fantastic option if you &#x 2019; re aiming to scale your start-up throughout Asia.

Robust ICT Infrastructure

South Korea is the world &#x 2019; s most linked nation with 100 percent LTE protection. The nation has the fastest typical web connection and the greatest variety of broadband services per capita on the planet.

Strong governmental assistance

South Korea has actually set a goal of increasing the variety of its unicorns to 20 in 2020. To that end, the Korean federal government is continuously enhancing its facilities and has actually allocated $ 4.5 billion for data-related markets for 2020. It likewise recommended a financial investment pipeline of $12 billion over the next 4 years.

Safety and security

South Korea is among the most safe nations worldwide with an exceptionally low criminal activity rate. The nation has a patent law system in location so that start-ups might bring their innovative concepts under federal government security.

Early tech adoption

Korea supplies excellent chances to carry out customer screening. With practically half of the nation &#x 2019; s population in Seoul, Koreans are understood to be early adopters of brand-new innovations. They aspire to be the very first to purchase and utilize freshly launched innovation.

Collaboration with significant Korean business

A a great deal of popular Korean business that are associated with the program have actually revealed interest in working together with start-ups from around the globe. The K-Startup Grand Challenge therefore uses an extraordinary chance for start-ups to engage with the most prominent and ingenious Korean business that have a popular worldwide existence.

A entrance to Asia

Located in East Asia, South Korea has strong cultural and financial ties with China, Japan, Hong Kong, Taiwan, and more. Start-ups might make the most of South Korea &#x 2019; s beneficial area to broaden a start-up throughout the Asian market.

A lively start-up and tech community

Home to 11 unicorns, South Korea &#x 2019; s properly designed and active start-up environment frequently brings in the attention of financiers, accelerators, and incubators from all around the world. Google, for instance, released its first-ever Asian Google Campus in Seoul. Facebook is likewise on board with its New development Lab opened in Pangyo. Tasks in between start-ups and corporations are likewise active under federal government instructions. Corporations such as Samsung, Hyundai, LG, SK, POSCO, Lotte, Hanwha, CJ, GS all have robust velocity or endeavor programs.

Market possible

With the domestic market size of about USD 736.21 billion, South Korea has the 15th most significant internal market worldwide. Regardless of the small population and the little domestic need market size, the Korean domestic market has significant acquiring power, a reality that has actually been acknowledged by numerous international companies for a long period of time. Such an environment might offer a footstone for worldwide start-ups.

Talking about how South Korea is an excellent organisation market for foreign start-ups Matei Psatta, CMO of TPS Engage from the 2019 associate stated, &#x 201C; From my experience, South Korea resembles a window to worldwide growth. When you make partnerships with worldwide business like Hyundai, Samsung, LG, etc, you likewise get the benefit of extending services to other nations. &#x 201D; Apply for the K-Startup Grand Challenge 2020

As the world &#x 2019; s biggest three-month worldwide accelerator program, the K-Startup Grand Challenge can offer you and your start-up with the assistance and chances for financial investment that you require to introduce your company in Asia. The advantages consist of:

1. Access to modern Korean R&D laboratories

2. A $240,000 reward swimming pool for 5 winners

3. Grants and living expenditures throughout the program

4. Working out of a brand name brand-new, centrally-located start-up school

5. Professional mentorship

6. Business collaborations

7. Prospective for extra financial investment.

Who can use

Promising start-ups with a clear goal to broaden into Asia by utilizing the Korean market as a stepping-stone might use and sign up for the difficulty.

Know more about K-Startup Grand Challenge 2020 by using and signing up for it here.

Hurry! Applications close 24th June 2020.

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