The Korea-based International Startup Centre run by the Global Entrepreneurs Foundation is inviting applications from entrepreneurs around the world to launch their startup in Korea, offering US$26,000 equity-free investment and 10 months business acceleration.
The International Startup Centre has been selected as a partner host of the Korean government’s support programme for international entrepreneurs, which aims to boost the country’s employment and GDP (gross domestic product) by helping the startup-sector to thrive.
The country’s government has previously hosted two rounds of the four month-long K-Startup Grand Challenge, in a bid to attract foreign entrepreneurs to Korea.
The newly announced “Global Accelerating Programme for Startups” or GAPS will select 30 startups from around the world and provide them with support in launching their company in Korea, offering each startup US$26,000 in equity-free investment.
Those selected will participate in a 10 month programme of mentorship, networking, forging local partnerships, and support with visa processing and other regulatory requirements.
Startups will also receive office space in the Gangnam district of Seoul.
“We would like prospective startup founders to bring diversity to the startup scene in Korea. We have seen a lot from the K-startup [initiative], but to build up a rich startup ecosystem, there should be various resources from outside Korea. Hopefully, the [foreign]founders will be able to penetrate the domestic market and go global,” says Derik Kim, the head of Global Entrepreneurs Foundation.
Applicants will be assessed on the basis of the team’s makeup, their business model and its marketability and scalability. The application process includes a written submission laying out the business proposal and ideas, as well as a presentation and an interview.
Applications are open to any startup with a foreign co-founder looking to launch in Korea.
The programme runs from September to June, and applications are open here until July 31.