Considered one of Asia-pacific-region’s (APAC) prime tech accelerator packages, Ok-Startup Grand Problem (KSGC), is returning for its eighth yr with a concentrate on worldwide startups. 

Australia startups have loved nice success at KSGC, with two that includes within the prime 10 in 2022. 

Purposes for 2023 are now open and shut on Might 18. 

KSGC was launched by the  Nationwide IT Trade Promotion Company (NIPA) in 2016 and has been connecting budding startups to South Korea, with this system backed by the South Korean authorities.

A latest report put South Korea’s early-stage startup funding between 2019 to 2021 at US$2.3 billion in comparison with US$687 million for the worldwide common.

Korea is Australia’s third-largest export market and fourth-largest two-way buying and selling companion. 

The extent of funding between the 2 international locations has grown massively over the previous decade – from A$600 million in 2003 to A$49 billion in 2018.

Final yr’s KSGC obtained greater than 2,600 functions from 122 international locations, and since its launch this system has helped 167 startups arrange bases in Korea. 

Haymarket HQ CEO Duco Van Breemen mentioned that many Western startups are likely to overlook the potential of South Korea as a profitable and sizeable market, regardless of its wealth. 

“The Ok Startup Grand Problem gives a worthwhile likelihood for startups looking for to speed up their entry into South Korea by leveraging this system’s assets, community, and experience,” he mentioned.  

KSGC is providing a 3.5-month residency program, from July to November, to 60 startups world wide which are lower than seven years previous.

Every startup’s consultant have to be of international nationality and categorical a transparent curiosity in increasing into the Korean and East Asian markets. The highest 5 startups will get a money prize, whereas the winner will get US$120,000.

This system, to be held in Pangyo Techno Valley, will present individuals with free workplace and undertaking areas, in addition to cowl their residing bills. Startups will obtain help from mentors, consultants, and enterprise improvement groups to help in localisation efforts and obtain their full potential.

Apply for KSGC right here.