The door to the Asian market for Vietnamese startups

2021 is a breakthrough year for the Korean startup ecosystem despite the complicated COVID-19 pandemic in the world. One of the successes is that Sendbrid successfully raised US$100 million in a Series C funding round at a valuation of $1.05 billion. Sendbird is currently one of 12 unicorn startups based in Korea.

Along with the goal of the Korean Government is to attract global startups to set up business in Korea, thereby helping to expand to other major economies in Asia. Starting to receive registration documents from April, K-Startup Grand Challenge is an annual program organized by the Korean Government since 2016 with the aim of building an open ecosystem, helping Startups expand their market. schools in Asian countries. 2021 is the sixth year the program is held on a global scale. Since its inception in 2016, the contest has received 10,050 entries from 151 countries with over $1.25 billion in investment capital promoted.

This year’s competition is expected to support startups in Vietnam in particular and in other countries that can expand their markets abroad, providing opportunities to contact and seek mentors and support in solving obstacles. from business model, language, legal policy…

K-Startup Grand Challenge 2021 has officially opened applications from April 15, 2021 – June 15, 2021 at https://www.k-startupgc.org/

In 2021, the Korea Information Technology Cooperation Center in Hanoi (KICC), under the Korea Information Technology Industry Promotion Agency (NIPA) continues to be the unit responsible for implementing the K-competition competition. Startup Grand Challenge 2021 (KSGC 2021) in Vietnam. The detailed information on how and benefits for startups are announced as follows:

Participants are start-up projects with less than 7 years of operation or at least 01 founding team member who is a national in one of the countries/territories other than Korea. Potential startups and projects with the clear goal of expanding their businesses to the Asian market by using the Korean market as a stepping stone.

The announced prize for the Champion is $120,000, the runner-up is $70,000, the third prize is $40,000, the fourth is $25,000, the fifth prize is $15,000 and the next five in the top 10 will each receive $10,000. .

Top 5 winning teams of K-Startup Grand Challenge 2020

The jury will judge the exam and organize a global online contest from July 5 to July 9 to select the Top 60 startups coming to Korea to participate in the 3.5-month startup accelerator program with experience. Support fee up to 11,136 USD/team and product presentation in front of investors at Demo Day. In which, the 30 best startups will participate in the establishment support program in Korea for the next 3.5 months with a support budget of up to 11,136 USD/team.

In addition, during their stay in Korea, startups will be supported by the Organizing Committee to connect with leading investment funds in Asia; to research, develop and test products at the research room with experts; get support from the Korean government to settle down and set up a business in Korea; receive dedicated advice and help from professional experts from large corporations in Korea and Asia; connect and cooperate with major partners in the Korean market.

Details and how to register for the program are posted on the official website of K-Startup Grand Challenge 2021 and on the official Facebook page of KSGC. Deadline for application is June 15, 2021