South Korean project comes calling to recruit talented Bangladeshi youths for global startup biz challenge
Bangladesh is passing through a golden period of demographic dividend
Lee Kyung Hwan, executive director of India-Korea SW Cooperation Centre, tells theindependent
Sharif Ahmed
A South Korean initiative to promote global startup ideas by recruiting talented entrepreneurs has been rolled out in Bangladesh. The project called K-startup grand challenge is conducted and financed by the South Korean government.
The ultimate objectives of K-Startup grand challenge are to promote an open entrepreneurship ecosystem in Asia and to assist in South Koreas evolution into a prominent startup business hub in the region, according to Lee Kyung Hwan, executive director of India-Korea SW Cooperation Centre.
He said that the South Korean government was working to transform the countrys economy for another century of success by raising employment, the GDP and the countrys ranking in the world.
In order to do this, the government was supporting talented entrepreneurs and promising startups to turn South Korea and Pangyo Techno valley into a global startup hub in Asia, he added.
This is the very first time that we have come to Bangladesh to accept applications or startup business ideas from ingenious participants as part of our recruitment process, Hwan told The Independent in an exclusive interview last week.
Excerpts:
Q: Can you please explain the details of the K-startup grand challenge?
Hwan: The top 50 teams selected by the accelerators will be invited to stay in South Korea to participate in a four-month accelerating programme in Pangyo, located south of Seoul. At the end of the accelerating program, the government will host a demo day to select the top 25 startups from the programme.
They will get additional financial incentives. If they establish their businesses in South Korea, they will get additional support from the government.
Q: Can you tell us the detailed structure of the competition, programme timeline and process?
Hwan: The application procedure is divided into five parts. The first step is promotion and receipt of applications. All startup ideas which will be generated by the applicants will be included in this step.
The application period started from March 31 and will continue till June 7.
The second step is application review, in which experts from the foreign startup ecosystem and South Korean accelerators will review the applications. The time duration for this will be from June 8 to June 17.
The third step will be a global audition. Based on the application review, the organisers of K-Startup grand challenge will select 50 teams from around the world for interviews in their respective countries, or online via web conferences.
Q: Who can apply for this startup competition?
Hwan: Startups from all around the world that are interested in expanding their business into Asia or South Korea are encouraged to apply.
If a startup group has a unique idea, it can also apply for the competition.
Interested people should apply at http://www.k-startupgc.org/ by June 14.
Q: What would be the prize for the applicants?
Hwan: The selected 50 teams will be invited to South Korea and each team member will receive prize money of USD 833 up to two persons per team. The global auditions will be held from June 19 to July 14.
The four-month-long K-startup grand challenge accelerating programme is the fourth step, which will kick off in August. Up to two members from each of the most promising startup teams will travel to South Korea.
The programme will culminate with a highly publicised Demo day, which is the fifth stage. The top 25 teams will be selected and awarded additional prizes. The amount of the grant will be USD 27,000.
Q: What would be the grants for top four startups?
Lee Kyung Hwan: The top four teams will get a total prize worth USD 166,000. The top prize is USD 100,000, followed by the second prize of USD 40,000. The second runner-up will get USD 166,000 and third runner-up will get USD 6,000.
Q: Tell us something about the startup selection criteria?
Hwan: Basically, it is open to wide audiences and we are welcoming all types of ideas. However, the idea must be designed as a proper business plan.
We will also consider startups with brilliant ideas in sectors such as Artificial Intelligence, software, Internet of Things (IoT), cloud, big data, urban solutions and digital content, etc.
Q: How many applicants do you expect this year?
Hwan: Last year, we received 2,400 applications or ideas. We are hoping to receive 4,000 or more applications from Asia this year.
Q: What is the promotional plan to attract Bangladeshi applicants for the grand challenge?
Hwan: Initially, we are using Facebook, twitter, newspaper, business and entrepreneur web portals as a promotional tool and publicity to attract and recruit more talented applicants from Bangladesh.
Q: What is your perception about the Bangladeshi participants in this challenge programme?
Hwan: Bangladesh is one of the fastest growing economies in south Asia. The United Nations Population Fund (UNFPA) stated that a country with both increasing numbers of young people and declining fertility has the potential to reap a demographic dividend. Bangladesh is passing through that golden period.
This country is full of young people with tremendous amounts of talent. So, I am hopeful and eager to receive some outstanding startup ideas from qualified candidates in this country.
Q: What is the eventual plan of K-startup grand challenge 2017?
Hwan: The ultimate objective of K-startup programme is to transform South Koreas economy for another century of success. The government is ready to emphasis this at the grand challenge programme.
Q: According to an IBM study, 90 per cent of startups fail within five years due to lack of innovation. What is your take on this?
Hwan: The basic idea of startup ecosystem includes three thingsideas, inventions and research. Most startups fail within two years because the ecosystem is not accurately well-designed to sustain them in the long run.
Partnership and dynamism are the two key elements which can make a startup business sustainable in the long run.
South Korea presents an ideal environment to sustain startups as it is the worlds most connected country with 95 per cent Wi-Fi connectivity, the fastest average internet connection globally and the highest number of broadband services per capita.
