Ministry of SMEs and Startups Notice No. 2021-238
「2021 K-Startup Center」 Announcement of Recruitment of New York Accelerator
April 14, 2021
Minister of SMEs and Startups
Program Background
The Ministry of SMEs and Startups (MSS) and the Korea Institute of Startup & Entrepreneurship Development (KISED) is operating the K-Startup Center in order to promote the entry of Korean growth-stage startups into overseas markets and to support them in settling into the new markets. MSS and KISED are recruiting accelerators to run local K-Startup Center programs in New York, in 2021.
Ministry of SMEs and Startups (MSS) is the ministry responsible for policies regarding small and medium-sized enterprises, venture companies, and startups in Korea and overseas not only policy planning, but also support, protection and fostering programs. Korea Institute of Startup & Entrepreneurship Development (KISED) is a public institution under MSS, specializing in providing support to over 5,000 startups annually through entrepreneurship education programs, financial support for commercialization, and support for global expansion.
KISED will select one accelerators in New York, USA. The selected K-Startup Center program’s accelerators will be responsible for directly evaluating and selecting Korean startups to participate in their program. Startups shall be recruited by KISED, with the focus on leading specialized industries in each country. Upon startups’ selection, the accelerators are responsible for conducting a Pre-program (online) in July 2021, followed by a KPI workshop in August and an on-site main program(or online program) between August and October.
Accelerators wishing to participate as K-Startup Center accelerators are asked to submit their applications by no later than May 7th(Fri), 2021, KST(Korea Standard Time).
Ministry of SMEs and Startups (MSS) is the ministry responsible for policies regarding small and medium-sized enterprises, venture companies, and startups in Korea and overseas not only policy planning, but also support, protection and fostering programs. Korea Institute of Startup & Entrepreneurship Development (KISED) is a public institution under MSS, specializing in providing support to over 5,000 startups annually through entrepreneurship education programs, financial support for commercialization, and support for global expansion.
KISED will select one accelerators in New York, USA. The selected K-Startup Center program’s accelerators will be responsible for directly evaluating and selecting Korean startups to participate in their program. Startups shall be recruited by KISED, with the focus on leading specialized industries in each country. Upon startups’ selection, the accelerators are responsible for conducting a Pre-program (online) in July 2021, followed by a KPI workshop in August and an on-site main program(or online program) between August and October.
Accelerators wishing to participate as K-Startup Center accelerators are asked to submit their applications by no later than May 7th(Fri), 2021, KST(Korea Standard Time).
Recruitment Overview
(Goal of Recruitment) To support successful localized scale-up of Korean startups by selecting specialized organizations to operate K-Startup Center programs in New York, USA, in 2021.
(Number of accelerators to be selected) 1 Accelerator that has experience experience supporting startups and have appropriate professional networks in each indicated specialized industry ; Retail, Fintech
(Application Open) April 14th(Wed)~May 7th(Fri), 2021, KST (Korea Standard Time)
(Contract Period) From Date of signing contract agreement with KISED until November 30th, 2021
(Responsibilities)
1) Evaluation & selection of startups
2) Operation of a 2-week ‘pre-program’
3) KPI workshop (including visiting Korea)
4) Operation of a 8-week local-based ‘main program’
5) Reporting of program result & budget expenditure etc.
※ If due to COVID-19 situation it is impossible to operate a main program on site, at least two overseas accelerator's personnel shall come to Korea to run the program in Korea
1) Evaluation & selection of startups
2) Operation of a 2-week ‘pre-program’
3) KPI workshop (including visiting Korea)
4) Operation of a 8-week local-based ‘main program’
5) Reporting of program result & budget expenditure etc.
※ If due to COVID-19 situation it is impossible to operate a main program on site, at least two overseas accelerator's personnel shall come to Korea to run the program in Korea
(Program Budget) KISED will estimate the budget of pre-program and regular programs for each country and will pay the amount in KRW after signing the program agreement with the selected accelerators.
| Country, Region | Startup Quota | Program Expenses | |
|---|---|---|---|
| Pre-program | Main program | ||
| USA, New York | Max 25 | 10 | Max 400,000,000 |
Program Briefing Sessions
Date & Time : April 21(Wed), 09:30am~10:30am (KST)
Organizaer : KISED, Global startup division
Contents : Detail explanation of recruitment, Q&A
Sign-up : https://forms.gle/vkk5LS7LpiwXNLmcA
Requirements
① Candidate accelerator must have a network of at least 10 specialized experts and mentors specialized in the specific industries, and must be able to assign at least two dedicated staff members with at least three years of experience in startup and the venture investment field.
② Candidate accelerators must present a history of investment or acceleration in at least 5 overseas startups
③ For conducting of the local main program, the accelerator must be able to provide access to public space: office space, meeting rooms seminar rooms for at least 10-20 people.
② Candidate accelerators must present a history of investment or acceleration in at least 5 overseas startups
③ For conducting of the local main program, the accelerator must be able to provide access to public space: office space, meeting rooms seminar rooms for at least 10-20 people.
Accelerator's Role (obligations)
① Startup Company Selection : Three or more experts in specialized industry(investors, mentors, etc.) shall be assembled to select startups who will participate in pre-program and main program.
② Pre-Program Composition & Operations : Setting up adequate business meetings and improving the understanding of the local market by analyzing the target market, customer-base size, competitors, etc (At least five business meetings should be provided)
③ KPI Workshop : Accelerators shall visit Korea in order to conduct at least three 1-on-1 meetings with selected companies and shall submit finalized KPIs to KISED
④ Regular Program Composition & Operations : Conducted on site (Max 8 weeks), after the end of the pre-program, from August 2021 onwards
※ If the local COVID-19 situation does not considerably improve within 1 month before the beginning of the regular program, the accelerator representatives shall come to Korea to operate the program in Korea
⑤ Submitting the Reports (Accelerator → KISED) : 1) Accelerator is to submit a report on the achievement of KPIs and it’s operational results of pre and main programs, 2) Expense Report & External Audit report
② Pre-Program Composition & Operations : Setting up adequate business meetings and improving the understanding of the local market by analyzing the target market, customer-base size, competitors, etc (At least five business meetings should be provided)
③ KPI Workshop : Accelerators shall visit Korea in order to conduct at least three 1-on-1 meetings with selected companies and shall submit finalized KPIs to KISED
④ Regular Program Composition & Operations : Conducted on site (Max 8 weeks), after the end of the pre-program, from August 2021 onwards
※ If the local COVID-19 situation does not considerably improve within 1 month before the beginning of the regular program, the accelerator representatives shall come to Korea to operate the program in Korea
⑤ Submitting the Reports (Accelerator → KISED) : 1) Accelerator is to submit a report on the achievement of KPIs and it’s operational results of pre and main programs, 2) Expense Report & External Audit report
Application
(Application Open) April 14th(Wed)~May 7th(Fri), 2021, KST (Korea Standard Time)
(How to apply) Please submit required documents via email (to sjlee@kised.or.kr) in a ZIP file or in form of an accessible Google Drive link.
(Required Documents for Submission) ① Application form, ② Statement of Expense Breakdown, ③ Resumes of designated staff, ④ Business Registration Certificate and ⑤ Introduction Materials (including a brochure, a intro deck and a promotional video)
Evaluation process
(Evaluation procedure) ① Document evaluation → ② 2nd phase 1-on-1 interview evaluation
| Accelerator Recruitment | → | Document/Interview Evaluation | → | Result Announcement |
|---|---|---|---|---|
| April 14 (Wed) ~ May 7(Fri) 2021 | May 12 (Wed) ~ May 14 (Fri), 2021 | ~ May 21(Fri), 2021 | ||
| Application submitted through email | KISED Evaluation Committee | KISED → selected accelerators |
(Evaluation Dates) May 13 (Thus) ~ May 14 (Fri), 2021
(Evaluation Times) 30 min between 8:30 am and 12:00 pm KST
※ Interviews are to be conducted at Korea Standard Time (KST, UTC+9). Please be understanding as in some cases it may be difficult to reflect different time zones in the interview scheduling.
※ Interviews are to be conducted at Korea Standard Time (KST, UTC+9). Please be understanding as in some cases it may be difficult to reflect different time zones in the interview scheduling.
Inquiries
KISED – Global Startup Division
Tel : +82-2-3440-7324
Email : sjlee@kised.or.kr
Email : sjlee@kised.or.kr