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Notification of the Ministry of SMEs and Startups No. 2024 - 272
Recruitment of Non-Korean (Pre-) Startups for
2024 K-Startup Grand Challenge
K-Startup Grand Challenge, KSCC, is a global startup program aiming
at supporting prominent non-Korean startups for their exploration of
opportunities and settlement in the Korean market. the Ministry of
SMEs and Startups, MSS, hereby announces the recruitment of (pre-)
startups to take part in the program.
April 25, 2024
Minister of the Ministry of SMEs and Startups
1
Overview
□ Objective
: This program is to provide support to promising non-Korean
startups for their incorporation and settling down in the Korean market.
□ Contents
: Accelerating, participation subsidies, prize money, office
space, infrastructure, support for startup visa acquisition, human
resources for non-Korean startups, incorporation in Korea, etc.
□ Target
: Non-Korean (pre-) startups established by foreign nationals
with seven years or less of experience (ten years or less of experience
if the applicant is a New Industry Business Startup, [Ref. 2])
□ Scale
: Around 40 startups
* Selection scale subject to change based on policy decisions.
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□ Duration
: September 2024 ~ April 2025
Category
(Phase-1) Accelerating Program
(Phase-2) Follow-up Accelerating Program
Duration September ~ December 2024 (3.5 mths)
January ~ April 2025 (3 mths)
Target
40 Startups
Top 20 startups selected during the
Demo Day event
2
Eligibility and Exclusion Criteria
□ Eligibility
◦ Non-Korean tech- and/or service-based (pre-) startups operated
by representatives with foreign nationalities* who wish to
settle down in the Korean market
* Pre-startups or startups with seven years or less of experience (A startup with
ten years or less of experience is also eligible according to Article 25 of
“Support for Small and Medium Enterprise Establishment Act,“ if it is a new
industry business startup publicly notified by the Minister of SMEs and Startups)
** Startups established no earlier than 25.4,2017—in case a startup is a new industry
business startup, no earlier than 25.4.2014—are eligible for the application.
□ Exclusion Criteria
◦ Startups are unable to apply if they fall into any of the following:
① Startups (or individuals) of types stated in Article 4 (Types of Business Excluded
from Scope of Business Startup) of Enforcement Decree of the Support for
Small and Medium Enterprise Establishment Support Act. [Ref. 3])
② Startups (or participants) who took part in this same program between 2016
and 2023 ※ Including those who gave up, or whose participation in the program was
suspended, in the middle.
③ Startups (or individuals) subject to sanctions, such as restrictions on participation
in startup programs of the Ministry of SMEs and Startups.
④ Those who participate as evaluators in the Evaluation Committee which is to
select startups in this program.
⑤ Those who are unable to enter Korea due to personal circumstances, visa
issuance issues, etc.
⑥ Startups (or individuals) confirmed by the Minister of SMEs and Startups to
have reasons for restricting participation in this program.
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3
Contents of Support
□ Settlement Support
◦ Help desk : Administrative support shall be provided for the
incorporation, visa acquisition, stay, living convenience, etc.
‣ (Visa Acquisition) Global Startup Immigration Center will provide proactive support for visa
issuance: D-10-2 and D-8-4. * With recommendation letter from the Ministry of SMEs and Startups,
participants will be exempt from the score schemes for visa acquisition.
‣ (Bank Account) Participants will be given support for opening individual and corporate bank
account for the program.
‣ (ConsultingžSeminar) Startups will be offered education and 1:1 consulting from the
experts on incorporation, tax, accounting, patent, labor affairs, etc.
‣ (Coordination) From the beginning of the program, questions from the participants will
be heard and responded, especially on the program operation, such as administrative
details and living convenience.
◦ Interns: One Korean intern, speaking Korean and English, shall
be offered for every two startups, who will support participants`
commercialization in Korea during the accelerating program
period. (3.5 months)
◦ Office Space: Office space in Pangyo Startup Campus shall be
offered. (Space for two people / team)
o Location: 1F, Bldg 3, 20 Pangyo-ro 289beon-gil, Bundang-gu, Seongnam-si
Gyeonggi-do, (Start-up Campus, Global Bootcamp)
o Size: Office space with 220 seats, 10 meeting spaces, public community spaces, etc.
o Period: From September 2024 to June 2025
* However, period is subject to change depending on the program participation, government policy, etc.
o Remarks: Free rent and maintenance fees
o Provided equipments: Office desks and chairs (two people per team), wired network,
printer, etc.
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□ Program Support
◦ Phase-1 Accelerating Program (3.5 months): Korean accelerators
provide catered support to participants, such as matching them to
potential Korean partners, engaging them in networking events
with investors, etc, for their advancement into the Korean market.
◦ Demo Day : Each accelerator carries out its own Demo Day
event. After adding up the scores gauging their settlement level
in the market, opportunities to take part in K-Startup Grand
Challenge Demo Day will be granted to top eight startups.
Pangyo Startup Campus
Event Hall
Office Space
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< Demo Day event process (Plans) >
Category
Settlement
Evaluation
Demo Day event by each
accelerators
Grand Challenge Demo
Day
Targets
· 40 teams
· Top 8 Teams
Selection
· (Follow-up Support) Top 20 teams
· (Grand Challenge Demo Day) Top 8 Teams
· (Prize) Awards by 5-team
ranking
Operating
entity
KISED
Each accelerators
KISED
◦ Phase-2 Follow-up Accelerating Program (3 months) : Top 20
startups selected during the demo day event, will be given
opportunities to have meetings with Korean companies and
investors, office space, etc.
‣ (Accelerating) Accelerating modules will maximize each startup`s strong points (merits) and
improve week points of doing business in Korea through localization, and pivoting, etc.
․ (On-demand Support) After carrying out survey on participants` demands, their interests
will be taken into account to provide catered accelerating modules.
․ (1:1 Mentorship with Experts) Mentorship for startups` scale-up will be provided upon
quick diagnosis on the participants.
․ (Matching & Meeting) Startups will be given opportunities to have networking with
large conglomerates and SMEs in Korea for fruitful results, such as partnership,
contract, MoU, early-stage sales record, etc.
․ (Meetup) Participants will be allowed to participate—with their accelerators—in meetup
and demo day events arranged by private companies in order to have deeper
understanding on the Korean startup and venture ecosystem.
․ (Consulting·Seminar) Consulting and seminar sessions will be offered to startups on
regular and occasional basis, especially on commercialization, tax, laws and regulations.
◦ Phase-3 2nd year Accelerating Program (TBD) : Acceleration
will be extended for a total of 2 years (to 2025) for the best
teams from the 2024 selection (under consideration)
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□ Financial Support
◦ Phase-1, 2 Participation Subsidies: For those who have faithfully
participated in the program, monthly grant will be given to
support startups` stay and business activities in Korea.
◦ Demo Day Prize Money: In commemoration of the excellence, and
encouragement for more proactive business activities in Korea, top
5 startups shall be selected during the Grand Challenge Demo Day
who shall receive prize money.
< Overview of Financial Support >
Category
Targets
Contents
Phase-1
Participation Subsidy
40 teams
KRW 3,500K x 3.5mths (Sept.-Dec.2024)
Phase-2
Participation Subsidy
Top 20 teams
KRW 3,500K x 3mths (Jan.-Apr.2025)
Phase-2
Fund for
Commercialization
KRW 12,000K per team
Demo Day Prize
Money
(To be provided in
Korean won)
Top five teams selected
during the Demo Day
event
1
st place
$150,000 (KRW 200,000K)
2
nd place
$100,000 (KRW 135,000K)
3
rd place
$70,000 (KRW 95,000K)
4
th place
$50,000 (KRW 70,000K)
5
th place
$30,000 (KRW 40,000K)
4
Roles and Responsibilities
◦ All participating startups and teams have the obligation to
participate in the entire K-Startup Grand Challenge program
in good faith, and to be fully aware of Detailed Management
Standards of the program.
◦ Being a program where non-Korean startups participate, 2024
K-Startup Grand Challenge requires English communication
skill during the evaluation period and accelerating programs.
Translation services shall not be provided.
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◦ All participating startups are encouraged to purchase travel
insurance, and all disadvantages and responsibilities arising from
not complying with the following* are to be borne by the
applicants.
* Complying with the Korean laws and regulations, reachability amid emergent
situation, personal hygiene to prevent diseases, caution for theft and loss, etc.
◦ Representatives or C-levels of the participating startups must be
fluent in English, and in full charge of the program in good faith.
* In principle, change of staff members in charge is not allowed. If the
substitution is unavoidable, or officials in charge are unable to stay in Korea,
the participating startup must ask and receive approval from the
Management Agency in advance.
◦ All participating startups shall respond to the general requests
required for the record management for the next five years
from the year when the program terminates.
◦ Civil and criminal liabilities arising from the theft of others`
ideas or technologies lie on the startups (representatives).
◦ If a startup is a corporate body, responsibilities for program
operation and program costs management rest on the
corporation. Responsibilities arising from retrieval of the
program costs due to inappropriate use rests with the
representatives of the startups (selected ones), and such acts,
including but not limited to misuse, embezzlement, swindling,
etc, may encounter administrative actions, such as sanctions or
claim collection, etc.
◦ Selected ones may encounter sanctions, such as expiration of
the agreement, if they change representatives without any
justifiable reasons.
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5
Application and Registration
□ Period :
April 30 ~June 7, 15:00 (KST), 2024
□ Instrument :
Online application by accessing KSGC homepage
◦ URL : https://k-startupgc.org
Cate
gory
Documents
Remarks
1
Application form
(written in
English)
Please refer to the format
(Att. 1)
2
Introductory materials
IR Pitch Deck
3
Additional documents
(Optional)
Technology
Startup
Preparation
Visa
or
Technology Startup visa in Korea, Certificate
of Business registration in Korea, etc
4
Passport
(Those who passed the
document screening)
To check the nationality of the applicant
(representative of the startups)
5
Business registration
(Those who
passed the document screening)
Business registration of the startups` home
countries, or any other documents equivalent
thereto
< Required Documents >
* Please note that the files to be uploaded shall not exceed 100MB.
** Please make sure to use the application form attached. Application not using
the attached format shall be disregarded from the evaluation. If an applicant
fails to submit any of the required documents mentioned above, the
application shall also be set aside.
6
Evaluation and Selection
□ Evaluation Process
◦ The evaluation consists of three steps: ①preliminary review →
②document screening → ③presentation evaluation. Scores of
each step shall be disregarded in the next rounds.
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① (Preliminary Review) This step is to exclude applications who
filled less than 60%, minimum amount, of the application
form. Documents will be not taken into account if they are
falling short—less than 60% of the required amount. Omission
of certain required documents, applications not written in
English, etc, will also be disregarded.
② (Document Screening) Applicants three times the number of
startup teams to be finally selected (around 120 teams) shall be
selected through this step.
- Startups who are subject to exempt from the document
screening also have to finish application, and meet all the
requirements stated in the notification.
< Additional Points >
③ (Presentation Evaluation) 15-minute presentation and 15-minute
Q&A session (Language: English)
* The session will be carried out online in mid-June in KST.
** Applicants who participate in the presentation evaluation may be asked to
submit additional document, such as passport or business registration.
Category
Explanation
Points
Remarks
Additional
Points
(4 points
in max)
In case a (pre-) startup`s representative has
technology startup preparation visa(D-10-2) or
technology startup visa(D-8-4) in Korea, the startup
will
receive
additional
points
in
document
screening.
2
Visa valid as
of the
application
deadline
In case a (pre-) startup has registered as a
corporation in Korea, the startup will receive
additional points in document screening.
2
Certificate of
Business
registration in
Korea
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< Process of Startup Selection (Plan) >
① Preliminary
Review
▶
② Document
Screening
▶
③ Presentation
Evaluation
▶
④ Qualification
Review
Exclusion of
ineligible
applicants,
confirmation of
applicants to be
screened and
evaluated
Evaluation on
problem
recognition,
scale-up strategy,
viability, etc.
Evaluation on team
composition, core
technology,
competitiveness, etc.
Review on required
documents, such
as business
registration, etc.
Preliminary Review
Committee
Evaluation
Committee
Evaluation Committee
KISED
~ June 2024
~ June 2024
~ June 2024
~ July 2024
□ Evaluation Criteria
< Evaluation Criteria (Plan) >
* Applicants—(pre-) startups—are preferred whose MVP can be showcased in
Korea, or who have detailed plan of headquarters relocation to, or
incorporation in Korea are preferred.
Category
Key Details
Problem
Recognition
▸ What is the problem to solve? What is the pain point of the
customers?
▸ What is the applicant`s solution—goods and services—to the
problem, and is it creative / innovative?
▸ Does the applicant understand business model, namely B2B, B2C,
and B2G, and does the one have clear target customers?
Viability and
Differentiation
▸ Is the applicant`s item viable—possibility of improvement or
development? What is the detailed plan for commercialization?
▸ What is the applicant`s sales record, funding round, amount of
funding, etc?
▸ What differentiates the applicant from its competitors around the
world: technological barriers, etc?
Korean Market
Expansion Plan
▸ Is the applicant`s market targeting analysis-based and feasible?
▸ Does the applicant have a detailed commercialization strategy for
market expansion?
▸ Is the applicant willing to make a foray into the Korean market,
incorporation in Korea or relocation of its headquarters to
Korea?
Team Capacity
▸ Experience in starting up a business, core capability of the team
▸ Growth potential and sustainability of the team
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□ Final Selection
◦ (Final Selection) Applicants will be shortlisted taking their
presentation evaluation result into account. The committee
will finally select top 40 startups.
7
Note
□ Upon the Application
◦ Application to the program must be done by the
representative of the applicant—startup. If the applicant`s
name is different from the representative`s name stated in the
application form, the application will be excluded from the
evaluation, or regarded failed. If it is the case of a finally
selected one, the selection and agreement reached therewith
may be cancelled.
◦ Responsibility for ignorance of the contents of the notification
rests with the applicants.
◦ Details not specified in the notification shall be informed
separately to the finally selected startups.
◦ Any startup found to have submitted unidentified and/or false
information during the process, or even after its selection, may
be excluded from the evaluation process or its selection may be
cancelled.
◦ Any startup shall faithfully accept necessary requests by
KISED, such as submission of documents, for the five years
from the year following the end of the agreement.
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◦ Please keep the deadline in applying and submitting the
documents. (No later than 15:00 KST, June 7, 2024)
* Any contents of the submitted documents are neither editable, addible, nor
replaceable after the deadline even though there are omission and mistakes.
◦ Grave breach of the agreement during the program or poor
performance of a startup may terminate the agreement
according to relevant regulations.
◦ Startups who give up on the program operation after selection
without any justifiable reason may be excluded from
participation in the future.
□ During the Evaluation
◦ If the eligibility of a startup is unclear for not submitting
evidential documents, the startup shall be eliminated from the
evaluation.
◦ The representatives of the applicants shall participate by
themselves during the whole evaluation process. If not, they
shall be excluded from the selection.
◦ The Korea Institute of Startup and Entrepreneurship
Development(KISED)
may
(video-)record
the
entire
presentation
evaluation,
including
online
interview
to
guarantee the fairness of the process.
◦ An applicant who participate in the presentation evaluation
shall submit related documents that can prove its nationality
and the fact that it has seven years or less or experience. (In
case of a new industry business startup, ten years or less)
* Documents that can prove the startups` nationality and history, such as
passport, business registration, etc.
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□ After the Selection
◦ If a finally selected startup violates the requirements of the
notification, relevant regulations, etc, or if it states false
information in the program plan, or omit important
information, its selection may be cancelled; its participation in
the Ministry of SMEs and Startups` startup programs may be
restricted afterward; and it may be requested to return the
government grant.
◦ Startups finally selected shall comply with Guidance on the
SMEs and Startup Programs, Guideline on Operation of Startup
Program, Detailed Management Standard of the said Program,
and guidline materials provided by the Management Agency of
the program. Applicants are wholly responsible for any
disadvantages of not being fully aware of the regulations.
◦ If a finally selected startup is found to have not fulfilled the
application requirements, its selection and agreement reached
therewith may be cancelled. The startup may be asked to
return the program costs, while being kept from taking part in
other startup programs.
◦ A startup`s participation in this program may be suspended,
and it may be asked to return the government grant provided
for the program according to the result of spot (interim)
and/or final inspection.
◦ Change in the representative of a startup may cause the
cancellation of the agreement.
◦ In case a startup should return the program costs due to
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misuse, embezzlement, swindling, etc, the Korea Institute of
Startup
and
Entrepreneurship
Development
and
the
Management Agency of the program may take administrative
actions, such as sanctions or claim collection, etc.
◦ If a selected startup or a staff member thereof breaches Korean
laws or international laws, or is engaged in a lawsuit, it may
lead to cancellation of the final selection, termination of the
agreement, restriction of participation in future programs,
request for return of the government grant.
◦ Finally selected startups shall open a bank account (for program
costs)
designated by the Korea Institute of Startup and
Entrepreneurship Development.
* If a startup is not capable of opening a bank account or bank account
transactions, its selection may be cancelled.
7
Contact
◦ (Inquiries on the Program) K-Startup Grand Challenge
Secretariat
- E-mail* : ksgc.secretariat@ccei.kr
- Phone☎ : +82-031-780-9077
◦ (Other Inquiries) The Korea Institute of Startup and
Entrepreneurship Development(KISED)
- E-mail* : inbound@kised.or.kr
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Reference 1
Program Schedule (Plan)
Notification
Application from the
Startups
Qualification Review,
Evaluation and Selection
the Ministry of SMEs and
Startups
K-Startup Grand Challenge
Homepage
KISED, Management
Agency
Thursday, April 25, 2024
Tuesday, April 30 ~
Wednesday, June 7, 2024
∼Mid-June 2024
Final Selection
(40 teams)
Preparation to Enter Korea
Accelerating Program
KISED, Management
Agency, Startups
Support for short-term visa
issuance, etc.
Accelerators
~ July 2024
~ July ~ Mid-August 2024
~ September ~ December
2024 (3.5 mths)
Demo Day Event
Follow-up Support
(20 teams)
Final Report and
Inspection
Startups
Accelerators
Startups, Management
Agency, Accelerators
Mid-December 2024
January ~ April 2025
(3 mths)
May 2025
* The schedule stated above is subject to change.
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Reference 2
New Industry Business Startup Sector
◦ (Pre-startup to 7 years or less of experience) Tech or services
based startups can apply regardless of industry.
◦ (8 years to 10 years) If your startup falls under any of the
following new industry business startup sectors, startups are
eligible for the application.
< New Industry Business Startup Sector >
①
Artificial Intelligence
⑩
Self driving vehicle
⑲
Smart home
②
Big Data
⑪ Electric, hydrogen car
⑳
Renewable energy
③
5G+
⑫
Bio
◯
21
Secondary battery
④
Blockchain
⑬
Medical device
◯
22
Carbon capture, utilization,
and storage, CCUS
⑤
Service platform
⑭
Functional foods
◯
23
Resource recycling, energy reuse
⑥
Realistic contents
⑮
Drone, personal
mobility device
◯
24
Aerospace
⑦
Intelligent robotics
⑯
Future fleet
◯
25
Next generation nuclear power
⑧
Smart manufacturing
⑰
Disaster and safety
◯
26
Quantum
⑨ System semiconductor
⑱
Smart city
◯
27
Cybersecurity
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Reference 3
Types of Business Excluded
▶ Startups (or individuals) of types stated in Article 4 (Types of Business Excluded
from Scope of Business Startup) of Enforcement Decree of the Support for
Small and Medium Enterprise Establishment Support Act. are not eligible for
Startup support.
NO.
Types of Business
Code
number
1
General Entertainment Bars Business
56211
2
Ballroom Entertainment Business
56212
3
Other meander facility management and operations
91249
4
Any other industries designated by the Ministry of SMEs and
Startups Ordinance as industries that significantly violate
economic order and public order and morals.
-
*
For the details of the types of business, refer to 10th Korean Standard Industrial Cla
ssification Code (Statistics Korea, kssc.kostat.go.kr).
