If you’ve only been associating South Korea with K-Pop, award-winning films, and delicious cuisine, then you’re missing out on the bigger chunk of the South Korean narrative.
South Korea’s resilience trumps over tragedy
In February 2020, South Korea had the second largest number of COVID-19 infections in the world outside of China. However, their rapid action and stringent rules set an example for the rest of the world to follow. That is to say, challenges of pandemic proportions can be overcome through a timely and proper response.
And while the entire global economy has been hit hard including the richest nations like the US and European countries, South Korea has shown commendable resilience and has been less affected, according to the IMF survey. In fact, the IMF forecast that the South Korean economy will grow significantly in 2021 and the growth rate rebound projection is as high as 3.4 per cent. This expected so-called “V-shaped recovery” for South Korea means that it will be one of the top countries to bring forth thriving businesses.
South Korea, a nation teeming with opportunities for international startups in 2020
The promising projection of economic growth, a system that encourages innovation, a government that nurtures the startup ecosystem, and a culture of adopting new technologies make South Korea a very favourable destination for global startups.
Also, in recent years, the South Korean government has ramped up its efforts to invite foreign entrepreneurs to the country. Programmes like the K-Startup Grand Challenge offer an all-expense paid acceleration programme for 3 months for about 60 international startups. This makes it Asia’s biggest acceleration programme for foreign startups.
From those foreign startups that had participated in the programme, 70% end up continuing their business in South Korea long-term. Many of these startups cite the following reasons for expanding their business in the country:
- Strong local ecosystem – With one of the best wireless infrastructures, South Korea is the next big startup tech hub. Moreover, there are numerous angel investors, VCs and accelerator programmes for startups to increase their business and innovate. In 2019 alone, 11 South Korean startups achieved the unicorn status, putting the nation in 4th place among other countries with most startups.
- Easy adaptation to Technology & Innovation – As proof of this, technology and innovation has played a big role in South Korea’s fight against COVID-19.
- A myriad of growing sectors – Amidst the pandemic and due to it, e-commerce startups such as Market Kurly, Woowa Brothers, and Coupang have seen substantial growth. There is also a lot of potential for startups in Blockchain, FinTech, Biotech, and IoT which are key growth areas in South Korea.
- Availability of top-class workspace and sponsored programmes – The country’s aspiration to become the ‘Silicon Valley’ of the East means that it ensures businesses to get high-tech infrastructure and logistics. For instance, the Pangyo Global Startup Campus is home to all international companies chosen for the ace startup accelerator programme from the K-Startup Grand Challenge.
- Easy access for international startups with programmes like K-Startup Grand Challenge – With the domestic startup market thriving, the South Korean government is keen to invite foreign entrepreneurs and skilled workers into the nation. Penetrating the market has been made easier thanks to initiatives such as K-Startup Grand Challenge, the largest outreach programme for foreign startups since 2016.
K-Startup Grand Challenge 2020: the opportunity of a lifetime for promising entrepreneurs
In a nutshell, the programme is an opportunity to work with the brightest talents from the nation, to participate in business networking, and to secure cash prizes to help you kickstart your business in South Korea. Check out the benefits of participating in this programme:
South Korea has proven its mettle as a resilient country with an enterprising business community, even in times of global crisis.
On this solid ground, programmes like K-Startup Grand Challenge gives a robust opportunity to those businesses and startups looking to take their companies to the next success level. Are you ready to embark on your journey to startup success and grow your business in South Korea? Check out the full mechanics and application process here.
The post K-Startup Grand Challenge 2020: the business launchpad to South Korea and gateway to Asia for startups appeared first on e27.