K-Startup Grand Challenge offers opportunities for Vietnamese firms

Update: May, 25/2018 - 11:43
The press meeting introduces K-Startup Grand Challenge held in Hà Nội. — VNS Photo Vũ Hoa
Viet Nam News

HÀ NỘI — Vietnamese start-ups will have the opportunity to attend professional training courses, receive consultations from experts and seek investment capital by attending the K-Startup Grand Challenge 2018. 

This is a project conducted and financed by the South Korean government, said Mai Duy Quang, vice president of the Việt Nam Software and IT Services Association (VINASA), at a press conference in Hà Nội on Thursday to introduce the programme. 

The K-Startup Grand Challenge aims to promote the expansion of an open entrepreneurship ecosystem in Asia, he said, adding that Vietnamese start-ups will have the chance to win US$100,000 as the first prize and receive assistance from the South Korean government. 

Youn Jung Park, director of the Korea IT Co-operation Centre, said Việt Nam had a young and proactive start-up community with many innovative ideas. 

Some 80 start-ups worldwide will receive $11,130 each to pay for their cost of living during the three-and-a-half-month training and will be able to connect with investors in South Korea, she said. 

The top 40 start-ups will be supported with more than $22,000 each for business establishment and operation in the first six months in South Korea. Interested entrepreneurs can register for the programme on by June 14.

The qualification round will be held on July 9-10 in Hà Nội and July 11-12 in HCM City. Potential start-ups will be chosen to compete in the final round in South Korea. So far, 37 start-ups have registered for the programme, including 16 Vietnamese firms. 

This is the third edition of the K-Startup Grand Challenge held on an international scale. In the first two events, 41 start-ups collected $26 million from investors. They inked 46 contracts and over 300 cooperative agreements, with over 80 start-ups cooperating with large South Korean corporations. — VNS