The Korea Information Technology (IT) Cooperation Centre (KICC) in Viet Nam under the management of the Korea IT Industry Promotion Agency has launched the K-Startup Grand Challenge 2020 (KSGC).

Applications are now open until mid-November, and to be eligible your company must be incorporated or registered in your country for a time period of less than 7 years. The competition is open to all startups from Viet Nam, Laos, Myanmar, Cambodia, the Philippines, Hong Kong and Taiwan.

60 startups selected by the judging board from interviews will participate in the 3-month acceleration programme in South Korea, and 30 best startups will be supported for their settlement in the South Korea.

The winner of the contest will receive 120,000 USD cash prize. In addition, participating startups will be eligible to receive financing backing from Asia’s leading investment funds and get support from advisors, as well as receive additional benefits from the contest.

The KSGC is an inbound program designed to attract promising foreign startups to Korea within the “Global Accelerating Activation Program” under the Ministry of SMEs and Startups of the Republic of Korea.  

It was held for the first time in 2016. The annual event aims to support promising foreign startups to enter South Korean and international markets and promoting South Korea as the global leading startup business hub.

According to the contest’s organisers, as of 2019, more than 1.2 billion USD had been used to support startups through these competitions.

By K.NINH - Translated by MAI DUNG