Get in the Ring Joins South Korean Governments’ Initiative To Attract Global Startups With Its Residency and Acceleration Program
Get in the Ring is partnering with South Korea’s National IT Industry Promotion Agency (NIPA) for the K-Startup Grand Challenge 2021 (KSGC 2021) — a global startup acceleration program.
Get in the Ring provides opportunities for unconventional solutions in all corners of the world to prove and scale their solution to solve 21st-century challenges. Active in over 200 cities, Get in the Ring works alongside industry-leading partners, to support the scale and impact that startups make across the globe.
The K-Startup Grand Challenge 2021 is one such opportunity for unconventional solutions from around the world to scale their solution to the South Korean and South East Asian markets. Backed by the South Korean Government, the program will offer 60 teams and entrepreneurs a 3.5-month residency program in South Korea that includes access to expert guidance, co-working spaces, state-of-art R&D labs, corporate partnerships, entry to Asian markets, and more. The last day to apply for this acceleration program is the 15th of June 2021.
The acceleration program is hosted at the startup campus in Pangyo Techno Valley, a tech hub near Seoul. The top ten chosen startups will also win grants worth $320,000, with the first-placed team receiving $120,000. To apply, startups must be less than seven years old, and their representative must be of foreign nationality. They must also demonstrate a clear interest in expanding into the Korean and East Asian markets.
The program first launched in 2016, aims to promote the expansion of an open entrepreneurship ecosystem in Asia and assist in South Korea’s evolution into a prominent startup and business hub in the region. In the year 2020, despite the COVID-19 pandemic, the program saw a 58% surge in applications, with 2,648 teams applying from 118 countries.
Texas-based health-tech startup Ommo technologies spread its reach to the Asian markets with participation in the K-Startup Grand Challenge 2020 program. Since joining the KSGC program in the summer of 2020, Ommo technologies has raised US $3M led by Korean investors. Kyul Ko, Co-founder & COO, Ommo technologies shared – “KSGC helped pave the way for us to reach out to potential investors and partners. Not only does the Korean government support domestic startups, but it also helps international startups help find their home in Korea to take advantage of the support it provides, KSGC being the epitome. Once you are able to run your business successfully in Korea, then all of Asia is within reach.”
For further information and to apply for the K-Startup Grand Challenge, visit the website. Check the Facebook page and the LinkedIn page for more information and further updates.