The Ministry of SMEs and Startups (Minister LEE Young, hereinafter referred to as MSS) organized a ‘demo day’ for the K-Startup Grand Challenge 2023 in Seoul from October 31 to November 2. The event aimed to attract foreign entrepreneurs with exceptional technologies to start business in Korea.

MarinaChain from Singapore won first prize, receiving USD 120,000. Luckmon from the U.S. and ANIWARE Company Limited from Hong Kong placed second and third, respectively. MarinaChain provides software and solutions for decarbonization for gas terminals, shipyards, and shipowners in the shipping industry. Luckmon is a gaming loyalty platform that rewards gamers. ANIWARE is a platform that uses artificial intelligence to diagnose and monitor pets’ health.

The 20 highest-scoring teams, which include the five winners of cash prizes, will receive KRW 1.225 billion in additional financial support for a period of approximately 15 weeks for their settlement in Korea. Furthermore, these teams will receive additional assistance through incubation and networking opportunities with the Korean startup accelerators to advance their business models. They will also be provided with office spaces at the Pangyo Startup Campus until the first half of 2024.

During his speech, Vice Minister OH Kee-woong of SMEs and Startups said, “MSS will enhance the working and startup visa system and improve all related infrastructure, including launching a dedicated agency to support foreign entrepreneurs in Korea.” He also added, “MSS aims to become the leading startup country in Asia and one of the top three global startup countries.”

Launched in 2016, the K-Startup Grand Challenge is a program that supports outstanding foreign entrepreneurs in starting their businesses and settling themselves in Korea. This year, a total of 1,924 teams from 108 countries applied to participate.

After a thorough screening, forty-one teams were selected to come to Korea in August for demo day. Those selected prepared for a demo day for 15 weeks at the Pangyo Startup Campus under the guidance of Korean accelerators.

The 41 teams presented their startup ideas and business plans at the demo day held from October 31 to November 2. As a result, the top 20 teams were selected.

<Overview of ｢K-Startup Grand Challenge 2023｣ Demo Day >

-Date: Tuesday, October 31, 2023, 10:00 – Thursday, November 2, 2023, 15:00 (Award Ceremony: Thursday, November 2, 2023, 14:00-15:00)
-Venue: SKY31 Convention Hall, 31st Floor, Lotte World Tower, 300 Olympic-ro, Songpa-gu, Seoul, Korea
-Participants: Vice Minister OH Kee-woong of SMEs and Startups, 41 participating foreigner teams, 4 Korean startup accelerator, etc.
-Prize money (USD): 1st place-120,000, 2nd place-70,000, 3rd place-40,000, 4th place-25,000, 5th place-15,000