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2024-08-31
The Ministry of SMEs and Startups (MSS) has finalized the selection of 40 foreign startup
teams from 19 countries to support domestic acceleration through its “K-Startup Grand
Challenge 2024” out of 1,716 teams from 114 countries that applied. The "K-Startup Grand
Challenge" is a flagship inbound program by the ministry aimed at supporting the
establishment and settlement of outstanding foreign startup teams in South Korea. Since
2016, the program has supported the establishment of 195 domestic corporations and the
issuance of 364 startup visas.
The 40 selected teams for the "K-Startup Grand Challenge 2024" are competitive foreign
startups specializing in new industries, with 11 teams (27.5%) in IT & Software sectors, 10
teams (25.0%) in ESG & Green Tech, and 6 teams (15.0%) are in the Bio & Healthcare fields.
Geographically, the distribution of the teams are 22 from Asia (55.0%), 10 from Europe
(25.0%), and 8 from the Americas (20.0%).
The selected teams will receive domestic acceleration support and participation funding
from the ministry for approximately 3.5 months, along with networking and mentoring
opportunities with local companies