The K-Startup Grand Challenge 2024 has finally returned, revamped by KISED (Korea Institute of Startup & Entrepreneurship Development). KISED is a Korean governmental institution that promotes startups of future entrepreneurs by cultivating an entrepreneurial spirit. KISED establishes a tailored support system for each stage of a startup, from infrastructure and commercialization to globalization, in a bid to identify and nurture game-changing startups and to create an innovative startup ecosystem.

Starting this year, the K-Startup Grand Challenge Program begins anew with KISED, providing an improved program and various benefits for global startups. Including free office space in Pangyo Techno Valley, located close to Seoul, the KSGC 2024 provides a free Korean intern, visa acquisition support, a phase-1 participation subsidy of 3.5 million won per month per team, 1-on-1 startup expert mentoring, various seminars, etc.

The 20 teams selected through Demo Day will be joined in the Follow-up Support (Jan. - Apr. 2025) and each receive an additional phase-2 participation subsidy of 3.5 million won per month per team, as well as a 12-million-won fund for commercialization.

Furthermore, the prize money for the top 5 teams has been increased from $270,000 last year to $400,000 this year. The prize money was allocated as follows: KRW 200,000K ($150,000) for first place, KRW 135,000K ($100,000) for second, KRW 95,000K ($70,000) for third, KRW 70,000K ($50,000) for fourth, and KRW 40,000K ($30,000) for fifth.