Should you’ve ever needed to take your drone startup concept 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 searching for candidates from entrepreneurs now — and it’s particularly searching for candidates from drone corporations, 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 worldwide 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 exterior of Seoul within the neighboring Gyeonggi Province.
The advantages of collaborating 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 trying 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 modern know-how enterprise in Korea. If chosen, listed here are among the greatest advantages:
Monetary help, free workplace house and an intern
Every staff will robotically obtain roughly $10,000 to cowl dwelling bills over the 15-week program interval. The workplace house can be free, supplied to startups inside Pangyo Techno Valley (which is well accessible by public transportation). Plus, they’ll provide you with a Korean intern who’s fluent in English and Korean and may help help in Korean operations — splendid 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 if you happen to’re not within the prime 5, the highest 20 startups nonetheless obtain further 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 house. These contributors additionally get a further ~$10,000 to fund dwelling bills. Plus, there’s a further $25,000 up for grabs to eight startup groups.
Help with networking and enterprise progress
Count on to obtain commercialization help via mentorship from Korean startup consultants and accelerators. Which may embrace help with becoming your corporation 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 satisfy Korean corporations and traders via 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 simple. But when chosen, your organization and workers will obtain settlement help, together with administrative help associated to incorporation, visas, and dwelling preparations. This system can even assist you receive a Enterprise Startup Visa (D-10-2) and open financial institution accounts.
What sorts 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 may skip out.
As an alternative, the 2023 accelerator is concentrated on deep tech, which usually means corporations searching for to spend a prolonged period of time on analysis and growth. And whereas it’s positively in search of candidates in mobility and robotics, it’s additionally open to different sectors that aren’t essentially drone corporations, 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 searching for to construct up its manufacturing sector, so it is likely to be an particularly match for drone {hardware} corporations.
That stated, the competitors is fierce. In 2022, KSGC attracted 2,653 groups from 122 international locations worldwide. Final 12 months, 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 are actually revolutionizing self-driving serving robots tailor-made for Korean delicacies internationally.
The right way to apply for the South Korea’s Ok-Startup Grand Problem 2023 (KSGC)
After all, 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 might be given choice. 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 corresponding to downside recognition, feasibility and differentiation, enlargement plan, and staff.
If you wish to apply, you’ll have to maneuver quick. The appliance interval closes on Could 18, 2023.
Judges will take a look at preliminary paperwork functions beginning then via Could 26, after which candidates might be invited to take part in that audition analysis someday between Could 30 and June 2.
Closing contributors might 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?
Should you’re not eager on shifting to South Korea (or maybe you simply need to maximize your odds of getting accepted to any kind 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 be accepting functions proper now via Could 17, 223. That accelerator program is targeted extra on the drone aspect of issues (in addition to all points of uncrewed aerial techniques, IoT, huge knowledge, and robotics). It’s searching for candidates inside precision and distant sensing, good metropolis functions, knowledge assortment and analytics, steering or communication techniques, and sensors.
The Genius NY accelerator program is predicated in Syracuse, New York, and can slim down functions 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 corporations 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 Programs (UAS) Check Website at Griffiss Worldwide Airport obtained approval from the Federal Aviation Administration to have the ability to function drones weighing underneath 300 kilos all through New York’s 50-mile drone hall and be compensated for operations.
