The Ministry of SMEs and Startups (MSS) hosted a ‘demo day’ for K-Startup Grand Challenge 2023 in Seoul from October 31 to November 2. The event aimed to attract foreign entrepreneurs with innovative technologies to establish businesses in Korea.

MarinaChain from Singapore secured the first prize, receiving USD 120,000. The U.S.-based Luckmon and Hong Kong’s ANIWARE Company Limited claimed the second and third positions, respectively. MarinaChain offers decarbonization solutions for the shipping industry. Luckmon operates a gaming loyalty platform, while ANIWARE uses AI to monitor pets’ health.

The top 20 teams, including the five prize winners, will receive KRW 1.225 billion in additional financial support and opportunities for incubation and networking to support their business in Korea. They will have access to office spaces at the Pangyo Startup Campus until mid-2024.

Vice Minister OH Kee-woong of SMEs and Startups announced plans to enhance the startup visa system and support foreign entrepreneurs in Korea, aiming for Korea to become a leading startup hub in Asia.

The K-Startup Grand Challenge, launched in 2016, fosters foreign entrepreneurs to establish businesses and settle in Korea. This year, 1,924 teams from 108 countries applied, with 41 teams selected for the demo day after rigorous screening and preparation under Korean accelerators’ guidance.

During the demo day from October 31 to November 2, the top 20 teams presented their startup ideas and business plans.