Ministry of SMEs and Startups (MSS) is the ministry responsible for policies regarding small and medium-sized enterprises, venture companies, and startups in Korea and overseas not only policy planning, but also support, protection and fostering programs. Korea Institute of Startup & Entrepreneurship Development (KISED) is a public institution under MSS, specializing in providing support to over 5,000 startups annually through entrepreneurship education programs, financial support for commercialization, and support for global expansion.
KISED will select one accelerators in New York, USA. The selected K-Startup Center program’s accelerators will be responsible for directly evaluating and selecting Korean startups to participate in their program. Startups shall be recruited by KISED, with the focus on leading specialized industries in each country. Upon startups’ selection, the accelerators are responsible for conducting a Pre-program (online) in July 2021, followed by a KPI workshop in August and an on-site main program(or online program) between August and October.
Accelerators wishing to participate as K-Startup Center accelerators are asked to submit their applications by no later than May 7th(Fri), 2021, KST(Korea Standard Time).
1) Evaluation & selection of startups
2) Operation of a 2-week ‘pre-program’
3) KPI workshop (including visiting Korea)
4) Operation of a 8-week local-based ‘main program’
5) Reporting of program result & budget expenditure etc.
※ If due to COVID-19 situation it is impossible to operate a main program on site, at least two overseas accelerator's personnel shall come to Korea to run the program in Korea
Country, Region | Startup Quota | Program Expenses | |
---|---|---|---|
Pre-program | Main program | ||
USA, New York | Max 25 | 10 | Max 400,000,000 |
② Candidate accelerators must present a history of investment or acceleration in at least 5 overseas startups
③ For conducting of the local main program, the accelerator must be able to provide access to public space: office space, meeting rooms seminar rooms for at least 10-20 people.
② Pre-Program Composition & Operations : Setting up adequate business meetings and improving the understanding of the local market by analyzing the target market, customer-base size, competitors, etc (At least five business meetings should be provided)
③ KPI Workshop : Accelerators shall visit Korea in order to conduct at least three 1-on-1 meetings with selected companies and shall submit finalized KPIs to KISED
④ Regular Program Composition & Operations : Conducted on site (Max 8 weeks), after the end of the pre-program, from August 2021 onwards
※ If the local COVID-19 situation does not considerably improve within 1 month before the beginning of the regular program, the accelerator representatives shall come to Korea to operate the program in Korea
⑤ Submitting the Reports (Accelerator → KISED) : 1) Accelerator is to submit a report on the achievement of KPIs and it’s operational results of pre and main programs, 2) Expense Report & External Audit report
Accelerator Recruitment | → | Document/Interview Evaluation | → | Result Announcement |
---|---|---|---|---|
April 14 (Wed) ~ May 7(Fri) 2021 | May 12 (Wed) ~ May 14 (Fri), 2021 | ~ May 21(Fri), 2021 | ||
Application submitted through email | KISED Evaluation Committee | KISED → selected accelerators |
※ Interviews are to be conducted at Korea Standard Time (KST, UTC+9). Please be understanding as in some cases it may be difficult to reflect different time zones in the interview scheduling.
Email : sjlee@kised.or.kr