Hyderabad startups are in for a treat with South Korea’s National IT Industry Promoting Agency, NIPA inviting city’s startups for its K-Startup Grand Challenge. The Challenge gives an opportunity to city’s startups to visit South Korea for one-week long intensive pitching, networking and meeting with accelerators.
The K-Startup Grand Challenge 2016 is South Korea’s first accelerator inviting startups globally to set a foot in the Korean market. The idea will be to encourage new and early-stage ventures that have ideas for the benefit of the South Korean economy. It is sponsored by the Ministry of Science, ICT and Future Planning (MSIP).
According to Caleb Kyung Hwan Lee, Executive Director, Korea-India SW Co-operation Centre, NIPA, “We have visited T-Hub incubation centre in the city and held discussions with its management. The centre has excellent infrastructure and ecosystem for startups. Our objective is to encourage promising startups through the K-Startup Grand Challenge and we are expecting a good number of startups from the city to take part in it.”
“So far, we have received 800 registrations from around the world and they include 100 applications from India. We expect the numbers to go up by the time we close registrations on June 14,” Lee added.
A total of 80 startups will be selected to visit the country for the week long acceleration programme at Startup Campus in Pangyo Techno Valley in South Korea. 40 of these 80 will be selected for a further three-month acceleration programme, out of which 20 will get mentoring and funding opportunities.
The focus will be on promoting startups in 17 sectors including financial technologies, internet of things (IoT), cloud, wearables, big data, automobiles, urban solutions, biotech, etc.