NIPA’s (National IT Industry Promotion Agency) initiative ‘K–Startup Grand Challenge’, a project conducted and financed by the Government of the Republic of Korea is all set to open its gates once again in India. The global startup event offers technology based startups that have a prototype or product service – catering to various industries, a chance to enter the Korean market and further expand its reach to global customers.
2016 K-Startup Grand Challenge offered the winners a host of benefits including grants, free office space and entry into an acceleration programme and more. 13 local corporations and branches were established as a result of the event. Over and above, 33 deals were signed with local/overseas companies along with 125 MoU/Partnership activities. An Indian entrant in the augmented reality space came in runner-up at the event and is now engaged in a contract with one of Korea’s major departmental store franchises.
In this year’s programme, the top ranked 50 teams will be invited to participate in a four-month accelerating program in the state-of-the-art Pangyo Techno Valley, located south of Seoul. Additional financial incentives from the Korean Government will be offered to the top 25 startups if they choose to establish a business entity in Korea.
“The key focus of the K-Startup Grand Challenge this year is to promote collaboration and exchange of ideas between India and Korea. A plethora of exciting opportunities await participants who will get an opportunity to showcase their entrepreneurial spirit. We are eagerly looking forward to tap the enormous potential that lies in Indian startup ecosystem and expecting to receive a large number of applications from India,” said Lee Kyung-hwan, Executive Director of India-Korea SW Cooperation Center.
The team at NIPA will be visiting cities across the country, including Mumbai, Bangalore Delhi, Pune, Hyderabad and Kochi. They will meet with prominent entities in the local startup ecosystems, including incubation centers, accelerator hubs and more. The interactions aim to channel the enthusiasm and vision of the local startup environment towards the event, offering them a great opportunity to graduate to the world stage.