Sri Lanka’s startup eco-system is booming with a value of around USD 32 million, said India-Korea SW Cooperation Centre, Executive Director Kyung Hwan Lee during a media briefing last week to announce the launch of the second edition of the ‘2017 K-Startup Grand Challenge’ in Korea.
Lee said Sri Lankan startups display innovation and enormous potential to break into the vast Korean and Asian market.
“Sri Lankan startups can use the Korean market as a launching pad to break into the Asian market which offers enormous opportunities to expand businesses,” Lee said.
South Korea, a leading economy in the region has over 95 percent of its country covered by high speed internet connectivity. It is home to leading global brands such as Samsung, Hyundai, KT, LG Electronics, KIA Motors, Kakao, Naver, CJ, SK and POSCO.
The country has moved into 5G technology and thrives on its technological boom.
The South Korean government invested USD3.8 billion promote the start-up eco-system in the country in 2014. Since then, the government has invested in a number of financial start-ups in the South Korea.
“Seventeen Sri Lankan companies took part in the K- Startup Grand Challenge last year without any promotion of the event. We expect more companies to take part this year,” Lee said.
K-Startup Grand Challenge, a project conducted and funded by Korea is an initiative of the National IT Industry Promotion Agency (NIPA).
The challenge offered winners free office space, grants and entry into an acceleration program.
Fifty top ranked teams will be invited to participate in a four-month acceleration program in the state of the art Techno Valley in Seoul. The top 25 startups will be provided financial incentives from the Korean government if they choose to set up a business entity in Korea.
The objective of the K-Startup Grand Challenge is to promote collaboration and exchange of ideas between Asia and Korea.
Startups from across the world are invited to take part in the Grand Challenge and showcase their entrepreneurial skills. The competition is a gateway to the Korean and Asian market. The Korean government has invested USD 1.5 million on the project this year.
“The start-up industry has not been able to have an impact as yet. The Korean government is keen to handhold and develop the industry,” Lee said. Korea hopes to promote the expansion of an open entrepreneurship ecosystem in Asia and to assist in South Korea’s evolution into a prominent start-up business hub in the region through the program.
Individual and corporates could take part in the event which comprises awards for the top four startups. USD 100,000, 40,000, 20,000 and 6,000 will be offered to the winners.