The Korea Information Technology (IT) Cooperation Centre (KICC) in Viet Nam under the Korea IT Industry Promotion Agency has recently launched the K-Startup Grand Challenge 2022 (KSGC).

Held for the first time in 2016, the Korean Government-hosted annual contest aims to build an open start-up ecosystem in order to assist start-ups to expand their markets to Asian countries.

The contest is intended for all start-up projects operating for less than 7 years with representatives of foreign nationality (except for South Korean ones).

After going through the online selection and interview round, the top ranked 60 teams selected by the accelerators will receive financial support to participate in a 3.5 month-long acceleration programme in South Korea and present their products to investors.

At the end of the acceleration programme, the top 30 startups will be then chosen for a Demo Day. These startups will get additional financial incentives, and if they choose to establish their businesses in Korea, they will get additional support from the Korean Government.

As prize structure, the total value of prizes is US$320,000. In particular, the first-prize winner of the contest will receive 120,000 USD cash prize.

In addition, participating startups will have the opportunity to receive financing backing from Asia’s leading investment funds and get support from advisors. Moreover, they will receive other support from the contest’s organisers to solve problems relating to language barriers, legal policies, etc.

Applications are now open until late May 31 at https://www.k-startupgc.org/.

Reporting by MINH LE - Translating by M.DUNG