kor_poster_2021-korea-africa-startup-idea-contest

2021 Korea-Africa Startup Idea Contest

Objectives

2021 Korea-Africa Startup Idea Contest aims to promote creative startup ideas of Korean and African youth and to turn their ideas into reality. In particular, the program will

  • provide tailored consulting programs to the participating startups;
  • establish networks of Korean young entrepreneurs with the African youth residing in Korea as well as African startups, investors and accelerators; and
  • create opportunities for the participating startups to share their ideas and items with African stakeholders

 

Eligibility

Korean and African youth residing in Korea who have creative ideas or business models relating to Africa. If the African youth residing in Korea are included as a team member, the team will get additional points during the selection process.

 

Benefits

The ten selected teams will be given

  • tailored consulting programs by Korean and African experts to develop their ideas;
  • an unique opportunity to pursue a market research visits to Africa; and
  • an opportunity to establish a network with African stakeholders including startup incubators and local startups

 

A grand prize will be awarded to the final winners: KRW 20 million ($20,000) for the 1st place; KRW 10 million ($10,000) for the 2nd place; KRW 5 million ($5,000) for the 3rd place.

 

Partner organizations in Africa

  • South Africa: 22 on Sloane, GEN Africa
  • Kenya: East Africa Private Equity and Venture Capital Association (EAVCA)
  • Nigeria: Co-Creation Hub (CcHub)

 

KAF is expanding its networks with African partner organizations in order to 1) develop exchange programs between Korean and African startups; 2) collaborate on information sharing in regards to startups and youth development; and 3) develop and undertake joint research projects and studies.

 

Program schedules

  • Application deadline: May 16 (Sun)
  • Review of application documents: May 17 (Mon) – May 25 (Tue)
  • Evaluation of in-person presentation: June 3 (Thu)
  • Consulting programs: June – November
  • Market research visits to Africa: October
  • Final pitch and announcement of winners: November

 

How to Apply

Fill in the application form downloaded from the KAF website and submit via email.

KAF website: http://bit.ly/application_K-AfStartup

Video clips of previous contests: http://bit.ly/Video_K-AfStartup

 

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