Tourism Organization Launches 'Tourism Global Challenge' to Discover Next-Generation Tourism Companies...

Applications open until the 27th, 30 places selected
100 million to 200 million KRW commercialization funding support

The Korea Tourism Organization announced on the 8th that it is recruiting companies to participate in the '2023 Tourism Global Challenge Program' aimed at discovering and nurturing innovative tourism companies.

2023 Tourism Global Challenge Program. [Photo by Korea Tourism Organization]

The Tourism Global Challenge Program is a program in which the Korea Tourism Organization, together with three overseas specialized accelerators?CNT Tech, MY Social Company, and Y&Archer?selects 30 companies to provide commercialization funds ranging from 100 million to 200 million KRW and customized support for overseas expansion.

Selected companies will undergo a professional incubation process and be given opportunities to showcase their products and services to local buyers by participating in overseas investor presentations and global tourism and tech expos.

This year’s application period is from the 9th to 27th, with submissions accepted until 2 p.m. The program targets tourism companies possessing innovative technologies in the tourism sector. It seeks companies attempting convergence across various travel-related fields such as accommodation, experiences, transportation, food and beverage, language, currency exchange, and convenience, based on digital technologies (artificial intelligence, data, service platforms, immersive content, etc.), aiming to create business models and challenge themselves as next-generation global tourism companies.

Previously, from 2020 through last year, the Korea Tourism Organization selected a total of 61 leading global tourism companies through this program. Pioneer companies leading next-generation travel tech such as Stayfolio, Onda, Monolith, Tripvitoz, and Caplix have emerged. Last year, startups like Hunter Global, Globallear, and AX established overseas subsidiaries and are actively pursuing overseas expansion.

The Korea Tourism Organization supports companies preparing to enter the Southeast Asian market through the Overseas Tourism Company Support Center (KTSC) opened in Singapore in August last year. This year, it is continuously expanding overseas bases to support tourism companies by establishing a Tourism Company Support Center in Tokyo.

Kang Gyusang, head of the Tourism Company Development Team at the Korea Tourism Organization, stated, "As the travel tech sector expands due to the digital transformation of the global tourism industry, we look forward to the challenges of promising companies preparing for overseas expansion with innovative business ideas and those aiming to grow into next-generation global tourism companies based on technology."