Start a business with a fresh business idea in Korea and settle down with a visa!

As a result of the ‘2022 K-Startup Grand Challenge’, Germany’s ‘Koralo’ was selected as the best foreign start-up team this year. This event was held in Seoul from the 9th to the 11th of November.

Hosted by the Ministry of SMEs and Startups in Korea, this event is a program that supports excellent foreign technology entrepreneurs to start a business and settle in Korea.

Its purpose is to increase the openness of Korea's startup ecosystem and equip it with global competitiveness through the influx of foreign talent into Korea.

The foreign team that wins in this competition is given the privilege of issuing a visa and participating in an internship, as well as a considerable amount of money.

Foreign residents should challenge too!

Looking back, I think foreign workers working in Korea and international students studying in Korea can also think about how to set up a business and settle in Korea.

What if you could connect the ideas you normally have as startup items and commercialize them?

And if you win a contest like the ‘K-Startup Grand Challenge’, you will be able to enter Korea with a visa and officially start your own business.

Competition process

The ‘K-Startup Grand Challenge’ first receives applications from the world. This year, China, Vietnam, Indonesia, India, the Philippines and Hong Kong. A total of 2,653 teams from 122 countries, including Singapore and Southeast Asia, applied for participation, recording an all-time high of 52:1 competition.

After that, through screening and auditions, 51 startup teams to enter Korea in July were selected. 51 teams that entered Korea in August prepared for this competition by receiving training from domestic startup planners at the Startup Campus in Gyeonggi-do for 15 weeks. As a result, the top 30 teams were selected.

This year's competition results

Team Koralo from Germany took the first place in the honor of receiving a cash prize of $120,000 in this competition. The Coralo team announced a startup item called ‘Production of vegan fish substitutes’.

The second place to receive a cash prize of $70,000 went to Singapore's myFirst. My First Team introduced 'Children's Smart Device and Management Solution' on this Demo Day.

The Nao Now team from the United States took third place as an “online English learning platform that connects Korean students with American college students.”

The top 30 teams, including 10 teams that receive prize money, will receive an additional settling support of 12.25 million won for about 15 weeks. In addition, it plans to provide additional education, networking, and free office space for domestic start-up planners by the first half of next year to advance the business model.

Why don't foreign residents living in Korea materialize their business items and give it a try?

Papaya Story