Ministry of SMEs and Startups Announcement No. 2022-111

「K-Startup Center 2022」

Announcement of Recruitment of Global Accelerator

Jan 28th, 2022

Minister of SMEs and Startups

1. Program Background

The Ministry of SMEs and Startups (MSS)* and the Korea Institute of Startup & Entrepreneurship Development (KISED)* are 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. The MSS and KISED are recruiting accelerators in 7 countries to run the K-Startup Center programs in 2022.

* The MSS is responsible for policies regarding small and medium-sized enterprises, venture companies, and startups in Korea and oversees not only policy planning, but also support, protection and program promotion.

** KISED is a public institution under the ministry, specialized in providing support to over 7,000 startups annually through entrepreneurship education programs, financial support for commercialization, and support for global expansion.

The MSS will select seven accelerators based in the US, Sweden, Finland, France, Israel, India, and Singapore. Accelerators wishing to participate in the K-Startup Center program shall submit their applications by no later than Feb. 18 (Fri.), 2022, KST

2. Recruitment Overview

□ Objective : To support Korean startups to successfully scale-up in the global market by collaborating with specialized accelerators

□ Number of accelerators to be selected : 7 Accelerators

◦ Accelerators that have experience in supporting startups and have appropriate networks in each indicated specialized sector

Country	USA (New York)	Sweden (Stockholm)	Finland (Helsinki)	France (Paris)	Israel (Tel Aviv)	India (New Delhi)	Singapore (-)
Sector	Digital Transformation	AI	AR,VR	Culture contents	Bio Healthcare	EduTech	Fintech
	Digital Health	Alternative Industry	Smart Energy		Defence Industry	AgTech	Smart City

* Accelerators shall select and apply for one country only

□ Application Deadline : January 28 (Fri.) - February 14 (Fri.), 2022, 18:00pm(Korea Standard Time)

□ Process : Apply→Screening→Interview→Selection→Agreement

① Apply	□	② Screening	□	③ Interview	□	④ Selection	□	⑤ Agreement
via email (ksc@kised.or.kr)		Document Screening		via Zoom		7 Accelerators		Signing the agreement
28/1-18/2		21/2~22/2		23/2~24/2		25/2		after startup selection

□ Agreement Period : From the date of signing the agreement until November 30, 2022

□ Responsibilities of Accelerator

1) Evaluation & selection of startups

2) 2-week KPI workshop in Korea

3) Operation of a 4-week online program

4) Operation of a 8-week on-site program in their country

5) Reporting of program result & budget expenditure  etc.

□ Program Budget

◦ The budget for the program will be determined after the selection of participating startups. However, it is limited from KRW 15,000,000 to 25,000,000 per startup.

- The number of participating startups is subject to change according to the result of the selection of startups.

<Program Budget for K-Startup Center Program>

(Unit : KRW)

Startup Quota	Range	Program Expenses
MAX 12 startups	15,000,000~25,000,000 (per startup)	180,000,000~300,000,000 (for 12 startups)

3. Requirements

□ Qualifications

① The accelerator must assign at least two staff those exclusively responsible for the K-Startup Center program.

- The staff of KSC program must have +3 years of professional experience working in the field of startup mentoring, consulting, business growth education, or the venture investment industry and have a level of understanding and expertise in the local startup/investor scene

<Responsibilities of the dedicated staff>

Manage the day-to-day operations of K-Startup Center program, from startup selection, curriculum building and coordination of mentors and event guests

Develop the overall program strategy and project plan

Support startup community and other business development activities

Track and take notes on participating startups’ performance

Ensure the participants are receiving the support they need to achieve their goals

Work closely with KISED team to ensure the successful execution of defined activities, program deliverables and associated events

Report key results and updates related to the activities and program to KISED

② The accelerator must have high value networks and connections such as major conglomerate, business partners, investors, customers, mentors, and experts that can benefit participating startups

③ The accelerator should provide office space that can accommodate 10 startups(MAX 20 people) during the on-site program

④ The accelerator must have a record of investment in +5 foreign startups in the past two years

4. Accelerator’s Roles

□ Startup Selection

◦ Step 1. Recruitment : KISED will promote the recruitment of 80 growth-stage Korean startups and check if the startups’ applications meet the minimum qualification

◦ Step 2. Screening : Accelerators shall select startups for the interview after reviewing applications based on their own criteria

◦ Step 3. Interview : Accelerators shall organize the Startup Selection Committee composed of the +3 recruiting director or experts and have first or second round interviews with the finalists

◦ Step 4. Selection : Each accelerator will select 10 startups and notify KISED of the result

<K-Startup Center Startup Recruitment Overview>

□ Qualification : Startups established within 7 years, with investment or overseas sales record

□ Application Period : March 14th – April 1st, 2022

□  Application process : Online application → Qualification screening by KISED → Application screening by accelerators → Zoom interview by accelerators → Selection

□ KPI Workshop

◦ Objective : Define KPIs with each participating startups, through group sessions and one-on-one discussions

◦ Period : Mid June 2022 (2 weeks)

◦ Location : Seoul, Republic of Korea

- Accelerators shall visit Korea in order to meet their selected cohort, to conduct group sessions and 1:1 meetings and to define their objectives and goals for the upcoming on-site program

◦ Program Contents :

Session	Contents	Details
Group Session (2 DAYS)	Location	Seoul Republic of Korea* * The exact venue will be announced later
	Participants	7 accelerators, 80 startups, KISED team * The group session will be held respectively by the country
	Contents	Kick-off session General introduction of the accelerators and the program curriculum Introduction to global startup ecosystem and global market Group session on how to write KPIs/OKR Icebreaking & Networking & any other group activity
Individual Session (5 DAYS)	Location	Startups’ office or any other places
	Participants	Accelerator team and startup team
	Contents	1:1 Deep dive sessions Set up and confirm startups’ KPIs for the program Build mutual understanding with each startup Create the customized roadmap for each startup to achieve their goals

□ Online Program

◦ Period : July 2022 (4 weeks)

◦ Program Contents

-	Business Matching : Connect startups with global networks and help them to build relationships and to set up the business meetings before on-site program

* Startups shall specify what business entity(conglomerates, venture capitals, startups, etc.) they want to meet during the program

- Office hour : Improve the startups’ understanding of the global market and their roadmap through 1:1 conversation

* Startups shall have access to accelerator’s network such as market experts and mentors, etc.

□ On-site Program

◦ Objective : Support startups to scale-up in the global market through partnerships(MOU/NDA), fundraising, sales & marketing activities, building overseas branch/corporation, etc.

◦ Period : August – October, 2022 (8 weeks)

- Each accelerator shall present detailed schedule in the application form

◦ Location : Accelerator’s office and space

※ If it is not viable to operate 8-week accelerating program in their country due to COVID19, it shall be replaced by 6-week online program and 2-week on-site program in Korea with at least two managers of accelerator.

◦ Program Contents :

- Accelerators shall provide each participant with a tailored program based on their growth stage in order to help them launch and expand their businesses

<On-site Program Overview>

NO	Contents	Details
1	KPIs Check	Ensure startups follow the roadmap to achieve their goals and check if they need to change their plans
2	Group seminar	Hold workshops on different subjects, such as detailed market analysis, branding/marketing etc. for better understanding of the local business scene
3	Office hour	Help startups have their business models and marketability evaluated, discuss strategies on local branding and marketing, and broaden their local network.
4	Business Meeting	Identify local partner companies, and provide opportunities for follow-up cooperative projects through business meetings with investors, government agencies, startups and conglomerates.
5	Networking Event	Hold networking events where startups could meet startup ecosystem stakeholders.
6	Demo Day	Hold a Demo Day where startups can pitch their business items and broaden their global networks during the on-site program

□ Reporting (Accelerator → KISED)

◦ Program Plan : Accelerators shall submit startups’ confirmed KPI reports and detailed plan and schedule for the on-site program

◦ Program Report : Accelerators shall submit a report that includes program result and the achievement of startups’ KPIs within 4 weeks from the end of the program

◦ Expense Report : Accelerators shall submit a financial report confirmed by external accounting firms including details of program budget execution and expense proof documentation within 4 weeks from the end of the program

* Accelerators shall faithfully comply with any requests for additional data by KISED (according to due date)

5. Application & Selection Procedures

□ Application period : January 28 (Fri) ~ February 18(Fri) 18:00, 2022, KST (Korea Standard Time)

□ How to apply : Please submit required documents via email (ksc@kised.or.kr)

* Accelerators shall select and apply for one country only

□ Required Documents for application

◦ Application Form(.doc)

◦ Program Proposal(.ppt/.pdf)

◦ Expense Breakdown(.xls)

◦ Resumes of dedicated staff

◦ Business Registration Certificate

◦ Introduction Materials

□ Selection Method

◦ ① Document Screening(21/2~22/2) → ② Interview(23/2~24/2)

- Interview time : 30 min, between 2:00 p.m. ~ 5:00 p.m. KST, Feb. 23 (Wed.) ~ Feb. 24 (Thu.), 2022

① Apply	□	② Screening	□	③ Interview	□	④ Selection	□	⑤ Agreement
via email (ksc@kised.or.kr)		Document Screening		via Zoom		7 Accelerators		Signing the agreement
28/1-18/2		21/2~22/2		23/2~24/2		25/2		after startup selection

* Schedules are subject to change and will be announced individually

□ Selection Criteria

No.	Criteria	Details
1	Acceleration capabilities	Experience & expertise of industry-specialized mentors, dedicated staff members Access to each countries’ specialized industries’ networks Organization’s reputation/track record in supporting startups with programs Availability of office space and commodities
2	Program Contents	Understanding of K-Startup Center program A detailed operational plan for the program Detailed plans to achieve startups’ KPIs
3	Program expenses	A detailed breakdown of program expenses Competitiveness of program operating costs compared to other candidate in the same country

6. Precautions

□ Accelerators shall be responsible for any unexpected occurrence caused by unawareness.

□ If false information is found during or even after the selection, the accelerator may be excluded from the process or de-selected.

□ The selected accelerators must act according to the 'Accelerator Roles’ during the period of agreement with KISED.

□ The selected accelerators shall dedicate at least 2 staff members, or mentors to support and manage startups.

□ The selected accelerators shall faithfully comply with any necessary requests, such as submission of data from the Ministry of SMEs and Startups and KISED, for up to 5 years from the year after the termination of the program agreement.

7. Program Schedule

Procedure		Details	Schedule
Recruitment of Accelerators		▸Accelerators shall submit application form to KISED (via email)	January
		▸Selection committee composed by KISED will evaluate the applicants of each country	February
Recruitment of Startups		▸The MSS and KISED will recruit startups wishing to join KSC program. ▸KISED will provide the accelerators with startups’ application	March
Selection process of Startups		▸Accelerators should conduct document screening & interview to select their cohort ▸KISED shall inform the startups of evaluation results	April
Signing Agreement		▸KISED and each accelerator will sign an agreement	May
Advanced payment of program budget		▸Advanced payment of 50% of the program operational expenses	May
KPI Workshop (2 weeks)		▸Define KPIs with each participating startups, through group sessions and one-on-one discussions	June
Online program (4 weeks)		▸Connect startups with global networks and Improve their understanding of the global market and their roadmap through 1:1 conversation	July
Submission of Program plan		▸Accelerators shall submit to KISED a detailed operational plan, based on selected companies’ KPIs	July
On-site Program (8 weeks)		▸Support startups to scale-up in the global market through partnerships(MOU/NDA), fundraising, sales & marketing activities, building overseas branch/corporation, etc.	August-September
Submit Program Report & Expense report		▸KISED shall confirm the accelerators’ results of the program & expenses and the final payment will be made	November

* Above schedule may change due to various circumstance

8. Inquiries

□ Global Startup Division @ KISED : ksc@kised.or.kr, +82-2-3440-7321

Attached 1		Guideline of Application form

Item	Instructions
Accelerator Overview
Accelerator’s status	A comprehensive overview of the accelerator by providing information, such as establishment date, CEO/founder, history, infrastructure, available funds, status of existing acceleration programs, number of annually supported companies, startups’ exit etc. other successful cases.
Status of Team members	The status of the team and dedicated staff who will be cooperating with KISED and run the K-Startup Center program, as well as the experience of the dedicated managers etc.
Experience in startup acceleration	Experiences and results of startup acceleration programs (including global market expansion programs) operated by themselves for the last 3 years
2. K-Startup Center program
Program Goals	Present both quantitative and qualitative goals & objectives
Selection Criteria for Startups	Provide a list of key criteria for evaluation to for the selection process (both document screening and interview)
Plan of online program	Prepare a detailed overview of operations on weekly and monthly basis, by theme and by program.
Plan of on-site program
Measures for support and management of startups	Complete a detailed step-by-step management and support plan for startups for the duration of the program, including specific criteria for measuring each startups’ achievements.
3. Network
Network status	Describe an overview of a diverse network of various entities suitable for specialized industries’ connection, such as the government institutions, corporates, research institutes, universities, investment companies, etc.
Plans for utilizing the network	Provide an overview of how the accelerator will utilize its network in the program, such as through mentor matching
4. Dedicated Staff Information who will join KSC Program
Contact information of dedicated staff

Attached 2		Application form

2022 K-Startup Center Accelerator Application (Summary)
1	Accelerator Overview
Accelerator Name						Representative Name
Date of Establishment						Website URL
Address of Head office
Applicant’s Country						Number of accelerating companies
Status of Team Members			Name & Position			Major Responsibilities
2	Summary of K-Startup Center Program
Goal
Proposed amount of program budget			KRW :
Selection Criteria for Startups
KPI Workshop			Number of ppl coming to Korea
Online program			Operating Dates
			Main Contents
On-site program			Operating Dates
			Main Contents
3	Network (Mentors, Partners, Advisors)
Status			How many mentors / partners / advisors from venture capitals, universities and public organizations can you match with startups?
How to utilize the network
4	Dedicated Staff Information who will join KSC Program
Name		Position		Duities			Email		Phone Number

Attached 3		Program Proposal

※ Please submit a program proposal including following contents in a PPT or PDF format.

1. Accelerator Overview

1) Describe yourself

2) Please explain your team members and their roles.

3) How many startups have you accelerated or invested in? Have you incubated foreign startups? Please explain on details of your portfolio.

2. Operational Plans for the program

1) What is your objective?

2) Startup selection criteria

3) Online program plan

4) On-site program plan

5) How to manage and support startups

3. Network

1) Please list the names and describe expertise of your mentors, partners and expert advisors

2)	How will you utilize those mentors, partners and advisors for startups in KSC program?

4. Dedicated Staff of KSC Program

※ You should provide their resume separately.

Attached 4		Program expense breakdown

※ Please propose the program budget based on supporting 12 startups, considering your country’s living expenses, inflation, labor cost, rental cost, etc.

2022 K-Startup Center Program Expense Breakdown
Category	Item	Budget (KRW)	Budget (Currency)	Ratio (%)	Remarks
Labor	KSC staff
	headquarter staff
	mentor/experts, etc.
SUBTOTAL
Travel	Airfare
	Transportation
	Accommodation
SUBTOTAL
Program	Program design
	Program management
	Event
	Marketing
SUBTOTAL
Rent	Office space
SUBTOTAL
Others	External Audit
	Miscellaneous
SUBTOTAL
TOTAL