South Korea acceleration program wants Latin American startups

Contxto – Kimchi and K-pop are great, but even better is South Korea’s potential and leadership in the worldwide tech industry. The Asian nation is now inviting entrepreneurs from Latin America to join its acceleration program, K-Startup Grand Challenge.

In Summary

We learned many interesting things about this program thanks to a press release the event sent to us. Accordingly, registration will stay open until June 14 and the program will last over three months. Sponsors will also cover living expenses for participants.

The program is looking for promising high-tech startups seeking to enter the Asian market, especially South Korea, for expansion and growth.

Participants will receive mentoring and assistance from key players in the Asian market. They will also receive support and advice to successfully land in the East. On top of that, the startups will have direct contact and mentoring from the all-powerful South Korean tech companies, including Samsung, Hyundai, LG, SK, among others.

While 40 companies will be initially selected to participate, only best 20 will receive an additional subvention of around US$11 thousand for another 3.5 months of the acceleration process. This is to encourage participants to stay a bit longer in South Korea for the settlement and consolidation program.

Finally, the best four startups will receive an additional prize of US$166 thousand.

In-Depth

K-Startup Grand Challenge is a project carried out and financed by the South Korean government. Its objective is to promote the expansion of an ecosystem of open venture in Asia and help set up South Korea as a prime business center in the region. The program began in 2016 and this year opens its fourth call.

The program comprises a series of workshops, seminars, conferences, and networking sessions with the mentors and large companies. Much will focus on learning how to jumpstart an entrance into the market.

With this, not only will the founder create connections but learn how to scale operations through strategic partnerships with bigger corporations.

South Korea is well-known for its tech infrastructure, government support for entrepreneurial initiatives, not to mention its ability to create, implement and adopt new technologies easily. The event hopes to serve as an example for Latin American startups willing to learn from the best.

Applications will be open until June 14.

-VC