K-Startup Grand Challenge offers opportunities for Vietnamese firms

The K-Startup Grand Challenge is a project conducted and financed by the Government of the Republic of Korea (RoK), Vice President of the Vietnam Software and IT Services Association (VINASA) Mai Duy Quang said at a press conference held in Hanoi on May 24 to introduce the programme.

The K-Startup Grand Challenge aims to promote the expansion of an open entrepreneurship ecosystem in Asian region, he said, adding that Vietnamese startups will have chance to receive US$100,000 as the first prize and assistance from the Korean Government.

Youn Jung Park, director of the Korea IT Cooperation Centre (KICC), said Vietnam has a young and proactive startup community with many innovative ideas.

Some 80 startups worldwide will receive US$11,130 each to pay living costs during 3.5-month training and connect investment in the RoK, she said.

Meanwhile, top 40 startup will be supported with more than US$22,000 each in business establishment and operation in the first six months in the East Asian country.

Registration to the programme should be made on http://kstartup.vinasa.org.vn no later than June 14. The qualification round will be organised on July 9-10 in Hanoi and July 11-12 in Ho Chi Minh City. Potential startups will be chosen to compete at the final round in the RoK.

To date, 37 startups have registered their participation, including 16 Vietnamese.

This is the third time that the K-Startup Grand Challenge has been held on the international scale.

In the past two events, 41 startups called US$26 million from investors. They inked 46 contracts and over 300 cooperative agreements. Particularly, over 80 startups have cooperated with large RoK corporations.