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The South Korean government is inviting applications from tech startups worldwide to its K-Startup Grand Challenge, in a bid to attract foreign entrepreneurs to Korea and transform the country into an entrepreneurial hub.

The K-Startup Grand Challenge will see applicants participate in a pitching week, following which 40 startups from around the world will be selected to join a three month accelerator programme.

During the accelerator, startups will receive office space, mentorship, information sessions, business skills training, education on Korean culture, and access to networks.

Each startup will receive a US$4,100 monthly subsidy to cover living expenses, return airfares for three team members, and visas.

The programme culminates in a Demo Day, at which 20 winning teams will be chosen to remain in Korea for a further six months, and will receive a financial package to further build their businesses.

Each of the 20 winning startups will be awarded US$33,000; while the top four teams will receive additional grants of US$100,000 for the first place, US$40,000 for second, US$20,000 for third, and US$6,000 for fourth.

A number of funds will also look to make further investments in return for equity.

The government said the incubator hopes to attract the world’s top startups to Korea, and to transform the Seoul’s Pangyo Valley into the “Silicon Valley of the Asian region”.

Applications are open until June 14, here.

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