For those who’ve ever needed to take your drone startup thought and launch it in South Korea (otherwise you already are working a drone startup that you simply’re keen to maneuver), then right here’s a golden alternative. South Korea’s Ok-Startup Grand Problem 2023 (KSGC) is looking for candidates from entrepreneurs now — and it’s particularly looking for candidates from drone firms, and candidates who maintain a overseas nationality (which means, they aren’t essentially even South Korean).
It’s all part of the Korean authorities’s hopes that it’ll recruit promising entrepreneurs and startups into its model of Silicon Valley, referred to as Pangyo Techno Valley, and in the end making the area of South Korea a world startup hub that provides jobs, will increase GDP and general raises South Korea’s international standing as a tech superpower. Pangyo Techno Valley is simply outdoors of Seoul within the neighboring Gyeonggi Province.
The advantages of taking part within the South Korea’s Ok-Startup Grand Problem 2023 (KSGC)
The Ok-Startup Grand Problem (KSGC) is the most important international startups acceleration program in South Korea, a 15-week residency program particularly designed to help overseas startups seeking to enter the Korean market.
This system will choose 60 startups which can be lower than seven years previous, whose representatives maintain overseas nationalities and want to set up an progressive expertise enterprise in Korea. If chosen, listed below are a number of the largest advantages:
Monetary help, free workplace area and an intern
Every staff will routinely obtain roughly $10,000 to cowl residing bills over the 15-week program interval. The workplace area can also be free, offered to startups inside Pangyo Techno Valley (which is definitely accessible by public transportation). Plus, they’ll offer you a Korean intern who’s fluent in English and Korean and might help help in Korean operations — superb for companies unfamiliar with the Korean language or tradition.
From there, there’s severe cash for the finalists. The ultimate Demo Day in November 2023 will choose the highest 5 promising startups for grand prizes, that are price roughly $270,000.
Even in the event you’re not within the high 5, the highest 20 startups nonetheless obtain extra follow-up help, together with a 15-week paid extension in Korea that runs from December 1, 2023, to March 29, 2024. These of us will get prolonged enterprise startup visas, in addition to ongoing help with networking alternatives and workplace area. These individuals additionally get an extra ~$10,000 to fund residing bills. Plus, there’s an extra $25,000 up for grabs to eight startup groups.
Help with networking and enterprise progress
Anticipate to obtain commercialization help by means of mentorship from Korean startup consultants and accelerators. That may embrace help with becoming what you are promoting mannequin extra intently within the Korean market, invites to meetups, and session and seminars associated to commercialization, contract, tax, regulation, and insurance policies associated to doing enterprise in Korea.
You’ll even have alternatives to fulfill Korean firms and buyers by means of enterprise conferences and occasions organized particularly all through this system.
Logistical help in shifting to South Korea
Normally, shifting to a overseas nation isn’t straightforward. But when chosen, your organization and staff will obtain settlement help, together with administrative help associated to incorporation, visas, and residing preparations. This system will even provide help to acquire a Enterprise Startup Visa (D-10-2) and open financial institution accounts.
What forms of drone startups ought to apply for the Ok-Startup Grand Problem 2023?
This accelerator isn’t essentially a match for all drone startups, so seemingly the extra ready-to-operate drone service suppliers would possibly skip out.
As a substitute, the 2023 accelerator is concentrated on deep tech, which generally means firms looking for to spend a prolonged period of time on analysis and improvement. And whereas it’s undoubtedly in search of candidates in mobility and robotics, it’s additionally open to different sectors that aren’t essentially drone firms, together with e-Commerce & Retail, ESG & Inexperienced Tech, Meals Tech & Agri Tech, Healthcare & Bio, IT & Software program, Mobility & Robotics, Manufacturing & IoT, Metaverse and Media.
South Korea has additionally been looking for to construct up its manufacturing sector, so it could be an particularly match for drone {hardware} firms.
That mentioned, the competitors is fierce. In 2022, KSGC attracted 2,653 groups from 122 nations worldwide. Final yr, simply 51 groups had been chosen, which means just one in each 52 candidates get supplied a spot within the accelerator.
Amongst previous success tales embrace Bear Robotics, a Silicon Valley startup based by ex-Google employes. They participated in KSGC 2017, have since attracted greater than $100 million in investments and at the moment are revolutionizing self-driving serving robots tailor-made for Korean delicacies internationally.
apply for the South Korea’s Ok-Startup Grand Problem 2023 (KSGC)
In fact, it’s removed from a assure you get entry to all these advantages. You’ll have to use — and be accepted to — the accelerator, first.
Organizers say that startups with a Minimal Viable Product (MVP) or who’ve particular plans to relocate their headquarters or set up an organization in Korea will likely be given desire. It’s a two-step course of the place judges consider your written utility, after which there’s a ‘international audition analysis that assesses standards reminiscent of drawback recognition, feasibility and differentiation, enlargement plan, and staff.
If you wish to apply, you’ll have to maneuver quick. The appliance interval closes on Might 18, 2023.
Judges will have a look at preliminary paperwork purposes beginning then by means of Might 26, after which candidates will likely be invited to take part in that audition analysis someday between Might 30 and June 2.
Ultimate individuals will likely be named on June 15. And if chosen, you’ll take part within the acceleration program, which runs from July 25 to November 10, 2023. Apply for the Ok-Startup Grand Problem 2023 right here.
What different 2023 startup accelerator packages are on the market?
For those who’re not eager on shifting to South Korea (or maybe you simply need to maximize your odds of getting accepted to any type of startup accelerator, there’s are loads of different alternatives for drone-related startup accelerators on the market.
One other big one, Genius NY, can also be accepting purposes proper now by means of Might 17, 223. That accelerator program is centered extra on the drone aspect of issues (in addition to all facets of uncrewed aerial techniques, IoT, large knowledge, and robotics). It’s looking for candidates inside precision and distant sensing, sensible metropolis purposes, knowledge assortment and analytics, steering or communication techniques, and sensors.
The Genius NY accelerator program relies in Syracuse, New York, and can slender down purposes to 5 finalists, all of whom are assure to separate a part of the $3 million money prize pool — which features a single, $1 million grand prize. Syracuse is a very interesting location for a lot of firms within the drone business given its shut proximity to New York’s Griffiss Worldwide Airport, considered one of simply seven FAA-designated UAS take a look at websites in the US.
Extra lately, the New York Uncrewed Plane Techniques (UAS) Check Web site at Griffiss Worldwide Airport bought approval from the Federal Aviation Administration to have the ability to function drones weighing below 300 kilos all through New York’s 50-mile drone hall and be compensated for operations.
