24 Countries, 60 Teams Coming to Korea to Start Businesses

'K-Startup Grand Challenge' Selects 60 Teams Overcoming 44:1 Competition Ratio

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) announced on the 28th that it has completed the document evaluation and non-face-to-face overseas auditions for 2,648 teams that applied for the 'K-Startup Grand Challenge 2020' and has finally selected 60 teams from 24 countries to enter Korea, overcoming a competition rate of 44.1 to 1.

This year's K-Startup Grand Challenge 2020 received applications from 2,648 teams across 118 countries, a 58% increase compared to the previous year, marking the highest number since the program's inception in 2016. Subsequently, non-face-to-face auditions were held from the 9th to the 17th of this month at five overseas hubs including Europe and the United States for 360 teams that passed the document screening, and finally, 60 teams were selected.

The distribution of selected teams by continent is as follows: Europe with 24 teams (40%), Asia with 23 teams (38%), and the Americas with 11 teams (18%). For the first time, one team each from Africa and Oceania, which had no selected teams last year, were chosen.

By field, the teams are distributed as follows: Artificial Intelligence (AI) with 19 teams (32%), Healthcare with 11 teams (18%), and E-commerce with 4 teams (7%). Many of the successful teams were in non-face-to-face related fields that have gained attention since the COVID-19 pandemic. By age group, 32 teams were in their 30s and 16 teams were in their 20s, accounting for 80% of the total in their 20s and 30s.

The Ministry plans to support the selected teams by assisting with visa issuance in August, sequential entry into Korea, settlement support funds, business connections with domestic companies, and mentoring to help them settle well in Korea. Additionally, opportunities will be provided for the selected teams to meet with senior participants of the K-Startup Grand Challenge who have already settled, to share settlement know-how and business methods and to network. Ultimately, a demo day linked to the COMEUP event to be held in November will be organized, where follow-up settlement funds will be provided to the top 30 teams, and prize money will be awarded to the top 5 teams among them.

Meanwhile, to prevent COVID-19, the 60 selected teams will be quarantined for two weeks immediately upon entry at overseas entrant quarantine facilities. The Ministry plans to regularly provide personal hygiene education according to the COVID-19 response manual even after the quarantine is lifted, and will establish a cooperative system with related organizations to thoroughly prepare for any symptomatic cases during the nurturing period.

This content was produced with the assistance of AI translation services.