Excitement builds for KSGC 2023 as deadline nears

The Korea Innovation Center Silicon Valley, or KICSV, an organization under the state-run National IT industry Promotion Agency, on Thursday held an online information session with potential startup applicants for the upcoming K-Startup Grand Challenge 2023, an annual acceleration program.

The 8th KSGC program is scheduled from July 25 to November 10. The application process is currently underway with a deadline of May 18.

The equity-free acceleration program allows fledgling startups from around the world to test and run their ideas in South Korea, providing a stepping stone for expansion into Asia.

“The KSGC provides global startups with fund, office space, one-on-one mentorship, consultation, and investment opportunities,” said KICSV CEO Peter Bae in a pre-recorded welcoming speech during the webinar, adding “Startups can also build business relations with established Korean companies to expand their business in Korea and later beyond the nation.”

Since its launch in 2016, the acceleration program has selected some 60 global startups each year that want to enter the Korean market and explore international markets further. Nearly 500 startups in diverse sectors, including artificial intelligence, fintech, logistics, biotechnology, robotics, gaming, and e-commerce have participated in the government program.

After the application process, which will end at 4 p.m. on May 18 in Korean Standard Time (12 a.m. May 18 in Pacific Standard Time), a panel of judges will select 60 startups to go through the global audition from May 30 to June 2. The results will be announced on June 15.

Each of the 60 teams will receive $10,840 to cover living expenses for the 3.5 months to participate in the acceleration program from July 25 to Nov. 10 in Pangyo, South Korea.

The selected startups will compete in the Demo Day from Oct. 30 to Nov. 2, and 20 teams will receive an additional $10,840 per team for the settlement program from Dec. 1, 2023 to Mar. 29, 2024. In addition to the awards, the top five winners of the Demo Day will receive a total of $270,000, including a whopping $120,000 for the first-place winner.

Previous participants were from various regions including Europe, North America, and Southeast Asia.

“I have never been to Korea before the KSGC although we operated remotely. The KSGC program gave me financial support to be able to move here. And being in the Korean market is a very different experience. I got to experience different culture first hand, and meet new people. Hiring employees became a lot easier because the KSGC has a network of various people,” said Rachel Mullen, the CEO of Nao Now, an online platform that matches top US university students with English learners. Rachel is currently residing and operating her business in South Korea. Nao Now won third place in the KSGC Demo Day in 2022.

“Meeting people is one of the greatest benefits you can gain from the program,” said John Park, the CEO of Gold NFT, which runs a solution that creates digital certificates for gold. The company won the fourth place in the KSGC 2022 Demo Day.

“Establishing a company in the Korean market can be challenging for foreign entrepreneurs. However, the fact that you can receive support for local laws regarding tax and labor issues is a great help,” he added.