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K-Startup Grand Challenge 2019 attracted 1,677 teams, the largest ever

According to Yonhap News,

This year marks the fourth anniversary of K-Startup Grand Challenge, a part of startup accelerator programs helping would- be entrepreneurs show their unique ideas and seeking outstanding candidates well qualified to enjoy subsequent benefits, attracted the largest number of 1,677 teams from 95 countries in total, said ministry of SMEs and Startups on Dec. 25. Counted by the number of businesses invited, the scale becomes even larger than that of Mass Challenge: 1,600 teams in the USA and French Tech Ticket: 1,220 teams in France.

The ever growing program enabled Startup ministry to help establish 77 businesses incorporated, successfully attracted investment worth KRW 87.1 billion, raised KRW 29 billion in sales and hired 171 new employees over the past four years since the inauguration of the event in 2016.

The ministry said nearly 60 selected invitees will be given subsidies as much as KRW 6 billion next year, adding that “Those who wish to start business across the world appears to be fascinated by excellent ICT infrastructure and potential corporate partnership opportunities, which now turns Korea into a global startup hub where entrepreneurs with remarkable ideas are flocking into.”

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Source: Yonhap News (Dec. 25, 2019)

*This article was translated from Korean.
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