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K-Startup Grand Challenge 2022: From stepping stone in Korea to the gateway for Startups to conquer the Asian market

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After seven consecutive years of organization, attracting more than 10,000 Startups from 151 countries to participate, with 1,25 billion USD invested, The Korean Government’s K-Startup Grand Challenge program affirms its position as a gateway to help potential Startups conquer the Asian market.

Korea – New Startup hub in Asia

Korea is the 15th largest domestic market in the world with a scale of 736,21 million USD. LTE covers 100% of the Korean territory. The country has not only a favorable geographical position when located in East Asia, next to mainland ChinaJapanHong Kong, and Taiwan but also an active and well-designed Startup ecosystem, attracting investors, accelerators, and incubators worldwide.

The Korean Government is making firm commitments to support the Startup ecosystem with an investment of up to 10 trillion won (estimated 8,7 billion USD). There are currently about 40 Startup accelerators in Korea that provide capital to entrepreneurs in various fields. With such an environment, Korea is becoming the hottest Startup hub in Asia.

K-Startup Grand Challenge 2022 – The golden gate to Asia

Intending to become the leading Startup Center in the region and the world, the Korean Government has organized K-Startup Grand Challenge (KSGC) since 2016 to support foreign Startups who want to expand into the Asian market by using the Korean market as a stepping stone. Over the years, the program has had more than 10,000 applications from 151 countries worldwide, and the total investment is more than 1,5 billion USD. In 2022, the Korea IT Cooperation Center in Hanoi (KICC), which is a representative office of  the National IT of Industry Promotion Agency (NIPA), continues to be the unit responsible for implementing the K-Startup Grand Challenge 2022 (KSGC 2022) in Vietnam and PhilippinesTaiwanHong KongCambodiaMyanmarLaosEast Timor.

From April 15th, 2022, the KSGC 2022 program will begin to receive applications through https://www.k-startupgc.org/ until the end of May 31st, 2022.

June 7th – 10th, 2022 is the time to review the application.

June 20th – 24th, 2022 will take place the Global Audition.

June 30th, 2022, the best 60 teams worldwide will participate in the accelerator program in Pangyo Technology Valley, Korea, which will officially begin from August 1st to November 15th, 2022 (3.5 months).

The Top 60 Startups will receive support funding up to 11,136 USD/team and present products to investors at the investment fair. After that, the Top 30 Startups will participate in the establishment support program in Korea, which will last for another 3.5 months (with funding up to 11,136 USD/team). On the other hand, the Top 10 Startups will receive financial support totaling up to 320,000 USD.

More than just a competition, KSGC 2022 is a door for Startups to expand to foreign markets, connect with leading corporate and VCs in Asia and to validate their business model.

Who can register to participate?

Startups less than seven years old or Pre-entrepreneur whose representative holds a foreign nationality other than Korea.

Projects and Startups from all fields, including AI, Blockchain, 5G, Big Data, and E-commerce, have the potential to expand their business to the Asian market by using the Korean market as a stepping stone.

Blockchain

Move and earn leader STEPN drops new app and gaming token

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FSL, the global gaming and development studio behind web3 lifestyle app STEPN, NFT marketplace MOOAR, and social-strategy game Gas Hero, has officially announced the launch of STEPN GO. The new product is a social lifestyle app that rewards your daily movement and social interactions. Today marks an exciting milestone with the release of the STEPN GO Whitepaper and Tokenomic model. The game introduces a new token, GO GAME TOKEN (GGT), which users can earn by walking, jogging, and running with digital NFT Sneakers. There will also be a PvP game feature that allows users to earn GMT, the FSL Ecosystem token.

The original STEPN app was launched in 2021 and remains the world’s leading ‘Move and Earn’ application, pioneering the genre of gamified web3 fitness applications. With over 5.6 million registered users and over 1 million Sneaker NFTs owned by players, STEPN achieved monumental success, acquiring a global community. STEPN has partnered with prolific brands over the years including ASICS, Steve Aoki, and most recently adidas. STEPN was also the first blockchain gaming app to integrate Apple Pay, creating a seamless onboarding experience for web2 native users.

Yawn Rong, Co-Founder of FSL commented, “The STEPN community has been requesting social features within the app since the early days of STEPN. Therefore, we’re so excited to reveal these new features, which will propel STEPN GO into mainstream adoption. In addition to the Haus Mechanism and Interactive Map, we will also implement PvP elements within the app. Community is at the heart of everything we do at FSL, and we are ecstatic to announce this monumental milestone today, reinforcing our commitment to empowering and engaging our users.”

Building on the success of STEPN, FSL has designed unique social features within STEPN GO. The first key social element is the ‘Haus System’, which is a lending system that allows users to share their Sneaker NFTs with friends and family members who are new to the app, and split their earnings. This system will enable easy onboarding for new users to enjoy the app and kickstart their fitness journey. Another unique feature will be the ‘Interactive Map’, which will allow users to see other players’ avatars and even add them as friends within the platform. This Interactive Map will also allow users to drop messages that can be found by other players out doing STEPN GO runs.

Jerry Huang, Co-Founder of FSL added, “With STEPN GO, anyone can onboard their friends and family to web3 without needing to create a wallet or even buy NFTs. Exercise will be more fun and rewarding. We will combine fitness with many enjoyable experiences, including having your own customizable avatars with unique outfits!”

The Alpha Version of STEPN GO is set to launch by Q3 2024 with a Sneaker NFT Alpha Prize Draw lasting one month. A total of 3,000 Sneaker NFTs will be distributed within the app. To enter, users will be required to lock GMT. Access to the Alpha Prize Draw will be limited to FSL ID users, ensuring the most loyal FSL community members are rewarded. An additional 2,000 Sneakers will also be given away via the STEPN X account and STEPN GO Discord. Make sure to follow STEPN on X for your chance to win a Sneaker and gain early access.

The post Move and earn leader STEPN drops new app and gaming token appeared first on HIPTHER Alerts.

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Blockchain

CBiGroup Completes $15M Series A Funding, Focuses on R&D

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CBiGroup Completes $15M Series A Funding, Focuses on R&D

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Correction: CBiGroup Completes $15M Series A Funding, Focuses on R&D

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CBiGroup Completes $15M Series A Funding, Focuses on R&D

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