K-Startup Grand Challenge opens, aims to boost foreigner-led, student ventures

A government initiative aimed at discovering and supporting startups run by foreigners opened its recruitment on Wednesday, with the new edition introducing a separate track exclusively for international students.

The K-Startup Grand Challenge, run by the Ministry of SMEs and Startups and the Korea Institute of Startup and Entrepreneurship Development (Kised), is accepting applications until June 17. The program aims to select 80 in the general category and 20 in a newly introduced international student category.

Selected teams for the general track will take part in a 10-month program designed to provide hands-on experience in exploring the Korean market and scaling their businesses.

Through the program, the participants will develop market entry strategies and localization plans, build partnerships with large and midsize companies, receive support for visa acquisition and company incorporation, and connect with potential investors.

The top-performing teams, chosen during a final demo day, will receive a cash prize of 100 million won ($68,580) in total.

For this year’s edition, organizers launched a separate track for international students to broaden participation and support promising student entrepreneurs, helping them establish themselves in Korea after graduation. The student initiative, which will start in August and run through December will provide free sessions like expert guidance, mini demo day and pitch coaching.

“The initiative focuses on helping international founders establish actual corporations and grow their businesses beyond merely experiencing Korea’s startup ecosystem,” said Yoo Jong-pil, president of Kised. “We will do our utmost to attract and retain talented international entrepreneurs in our startup ecosystem.”

Applications for the K-Startup Grand Challenge are open until 3 p.m. on June 17 via its official website. Deadlines for the international student track is yet to be determined and will be announced in the website's notice section, along with other details.

BY YOON SEUNG-JIN [[email protected]]