Government-run initiative allows African start-ups to expand to South Korea

Applications for the government-run K-Startup Grand Challenge are now available for African firms interested in expanding to South Korea.

The K-Startup Grand Challenge, organized by the National IT Industry Promotion Agency (NIPA) and sponsored by South Korea’s Ministry of SMEs and Startups (MSS), provides regulatory support and industry connections to assist multinational enterprises in establishing a presence in the country.

The initiative, which offers settlement money and immigration assistance to chosen firms, will run for 3.5 months, commencing in August, and will involve 60 startup teams. Companies will get grants of US $11,000 to cover expenditures, with the top 10 teams receiving US $320,000 in grant funding. The top 30 startups will receive further support to help them develop their businesses in South Korea.

Applications will be accepted until May 31.