South Korea’s K-Startup Grand Challenge (KSGC) has firmly positioned itself as one of the world’s premier programs for global startups looking to scale in Asia. Launched in 2016 and supported by the Ministry of SMEs and Startups (MSS), KSGC offers an unparalleled platform for foreign entrepreneurs to establish, grow, and integrate into Korea’s dynamic tech ecosystem.
The 2024 edition marked a new era of growth and opportunity, with record-breaking participation, success stories, and unmatched support for startups from around the world. Under the new stewardship of the Korea Institute of Startup & Entrepreneurship Development (KISED) and supported by the Ministry of SMEs and Startups (MSS), K-Startup Grand Challenge (KSGC)’s 2024 edition attracted a staggering 1,716 applications from 114 countries, showcasing its global reach and fierce competition.
Record-Breaking Participation and Global Talent
In 2024, the application process for KSGC commenced on April 30, 2024, and concluded on June 7, 2024. During this period, startups from around the world submitted their applications to participate in the program. Following the application period, a rigorous evaluation process took place in June 2024. This included document reviews and global auditions to assess the potential and readiness of applicants.
The program saw a 43:1 selection ratio, highlighting the program’s rigor and the high caliber of applicants. After a thorough evaluation process, 40 startups were selected to participate in the 3.5-month acceleration program from September to December 2024, held in South Korea’s innovation hub, Pangyo Techno Valley.
The 40 chosen startups represented 19 countries, with diverse sectors such as IT & Software (27.5%), ESG & Green Tech (25%), and Bio & Healthcare (15%) being well-represented. This strong focus on emerging industries such as green technology and software reflected the increasing competitiveness and innovation among global entrepreneurs in these fields. The international scope was also notable, with 22 teams (55.0%) were from Asia, 10 teams (25.0%) from Europe, and 8 teams (20.0%) from the USA.
Comprehensive Support for Startups: A Holistic Approach to Growth
KSGC’s 2024 edition continued to deliver an extensive and comprehensive support package for participating startups. The program provided a wide array of benefits designed to help entrepreneurs navigate the challenges of scaling in a new market:
- Financial Assistance: Each selected team received a monthly stipend of 3.5 million KRW (~$2,600 USD) to cover living expenses, ensuring that entrepreneurs could focus on building their business without financial stress.
- Workspace: Free office space at Pangyo Techno Valley, South Korea’s cutting-edge tech hub, offered participants the perfect environment to collaborate and innovate. Additionally, each team was assigned one intern for every two teams, providing crucial support for day-to-day operations.
- Mentoring and Networking: KSGC facilitated intensive one-on-one mentoring sessions, as well as seminars and tailored networking events with Korean enterprises, investors, and other key stakeholders. This gave participants the opportunity to fine-tune their business models and gain insights from industry experts.
- Visa and Administrative Support: Foreign entrepreneurs were provided with streamlined visa and administrative support, allowing them to quickly settle in South Korea and focus on their business goals.
This well-rounded approach allowed startups to quickly integrate into South Korea’s vibrant entrepreneurial ecosystem, while also providing them with the necessary tools and connections to scale globally.
Demo Day at COEX: A Spotlight for Innovative Startups
The climax of the KSGC program was the highly anticipated Demo Day, which took place during COMEUP 2024, South Korea’s largest startup festival in December 2024. This event provided startups with a prestigious platform to showcase their innovations to an audience of investors, corporate leaders, and fellow entrepreneurs.
Polymerize, an India-based startup specializing in cloud-based AI-driven material informatics, was crowned the top winner at Demo Day. Their groundbreaking technology exemplified the type of innovation that KSGC is dedicated to promoting.
The second-place winner, Allisa Song, CEO of Nanodropper, shared her excitement about the experience: “All the teams were incredible, and I got to witness firsthand how dedicated everyone was. It was an honor to win second place.” The third-place winner, Tin Hang Liur, CEO of Open Energy from Singapore, expressed similar sentiments, emphasizing the strong bonds that formed among the participating startups and the invaluable support they received from KSGC.
The competition culminated with the awarding of a total of $400,000 in prize money, with the top five teams receiving substantial recognition and financial rewards. The first-place winner walked away with 200 million KRW (~$150,000).
Beyond Demo Day: Sustained Growth Opportunities
Understanding that true startup success requires ongoing support, KSGC introduced a Phase-2 Follow-up Acceleration Program for the Top 20 teams. Running from January to April 2025, this phase offered:
- Additional commercialization funding (12 million KRW per team)
- Further mentorship and corporate partnerships
- Deeper integration into Korea’s innovation ecosystem
Since its launch in 2016, KSGC has already supported the creation of 195 domestic corporations and the issuance of 364 startup visas, significantly boosting Korea’s startup diversity and vibrancy.
Korea’s Commitment to Global Entrepreneurship
Director-General Im Jung-wook of MSS emphasized that globalization is key to Korea’s startup future, with initiatives like K-Scouters and Global Startup Centers expanding support for international entrepreneurs. In fact, the Global Startup Center established in July 2024 will serve as a year-round bridge for foreign startups seeking soft landing programs and local partnerships.
“We plan to actively support the domestic settlement of foreign startup teams discovered through the Grand Challenge,” stated Im Jung-wook.
Ready for 2025: Your Startup Journey Begins Here
As applications for the K-Startup Grand Challenge 2025 are set to open soon, now is the perfect time for global startups to start preparing. Whether you’re working on AI breakthroughs, pioneering green technologies, or advancing healthcare solutions, Korea offers the platform, community, and resources to turn your vision into reality.
The success of KSGC 2024 sets a strong precedent for the future of global entrepreneurship in South Korea. With its robust support infrastructure and dynamic startup ecosystem, KSGC continues to be a premier gateway for international entrepreneurs seeking to scale their businesses in one of the world’s most innovative markets.
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