The South Korean government has set up a scheme to attract 50 foreign startups to its shores.

The K-Startup Grand Challenge is an acceleration programme that is part of South Korea’s goal to promote a more diverse entrepreneurship ecosystem, Digital News Asia reported. Through the programme, local startups can meet, work and exchange ideas with foreign ones.

The government and Shift., a Seoul-based accelerator, are conducting and funding the programme. The programme will offer startups over US$800,000 in grants along with equity investment opportunities, according to the report.

“Through partnerships, it will be helpful for startups to meet Korean investors in this programme,” Shift. senior executive director Juno Kwon was quoted as saying.

About one thousand entrepreneurs and startups have already applied for this year’s KSGC, according to the report.

Image by Johannes MartinCC BY-ND 2.0