By Israa Mohamed
Video = Comeup Global Startup Festival's official YouTube channel

The Ministry of SMEs and Startups has selected 40 startup teams from 19 countries for the competition "K-Startup Grand Challenge 2024."

This leading ministry project supports the launch of outstanding foreign startups and their setup of domestic companies. From 2016 to last year, a combined 185 such entities were formed and 364 startup visas issued.

From April to June this year, 1,716 teams from 114 countries applied for the event's open recruitment for a competition ratio of 43:1.

By sector, the 40 selected teams comprised 11 in information technology and software (27.5%), 10 in environmental, social and governance and green technology (25%); and six in biotech and health (15%).

By continent, the most teams came from Asia with 22 (55%), followed by Europe with 10 (25%) and the Americas eight (20%).

From next month, the ministry will provide the teams with domestic training (acceleration), participation subsidies, cooperation and exchange with domestic companies (networking), and consultations (mentoring).

The ministry in December will also hold a demonstration day for the challenge in conjunction with Comeup 2024, a global startup festival, at COEX Mall in Seoul's Gangnam-gu District. The top five teams receive a combined USD 400,000 in prize money and the top 20 get additional acceleration programs.

ess8@korea.kr