It’s time to bring the heat! The Korea Trade-Investment Promotion Agency is serving up a sizzling opportunity for South African entrepreneurs with the K-Food Accelerator Competition. Win exclusive funding or cash prizes up to R50,000 and make your business dreams a reality!
By Tshegofatso Tube
KOTRA launched the K-Food Accelerator Competition in South Africa to promote K-Food awareness and develop sustainable distributions for market entry, particularly for Korean SMEs. The competition aims to discover fresh and creative ideas from local distributors and experts, build stronger partnerships with local companies, and raise awareness of Korean food. KOTRA’s trade analyst, Hanna Kim has given us more insight into the competition and the opportunities that it presents.
The competition’s primary goals are to promote K-Food awareness, develop sustainable distributions for market entry, increase localisation, and strengthen trade. This competition is an entrepreneur’s biggest dream. Not only do you get to grow your business but you also get to be responsible for bringing Korean cuisine into South Africa. Now that’s a game changer!
The South African market presents a significant opportunity for Korean food, driven by the growing demand for diverse and unique culinary experiences. The global popularity of K-pop and K-dramas has also contributed to the increasing interest in Korean cuisine.
Gochujang, a traditional Korean fermented chili paste, is identified as one of the most promising Korean food products for success in the South African market, thanks to its unique flavour and versatility. Hanna Kim believes that Gochujang and dishes like Bibimpap could resonate very well with the South African palate.
“I believe that one of the biggest strengths of Korean food is that it is incredibly diverse,” states Hanna Kim. Korea has a wide range of dishes and flavours, and adapts very well to international audiences. In Korea, there is a food called Kimchi and there are 250 types of Kimchi which all depend on the ingredients as well as the seasons. Korea definitely knows how to turn the heat up in the kitchen. Let them cook!
The competition’s judging process will evaluate submissions in two categories: business proposal track and creative idea track. Judges will assess business proposals based on feasibility, clarity, innovation, and potential impact, while creative ideas will be evaluated on originality, creativity, and cultural relevance.
Winners of the business proposal track will receive funding to launch their K-Food import and distribution business, while creative idea track winners will receive cash prizes of R50,000, R30,000, and R10,000 for first, second, and third place.
Entrepreneurs and businesses participating in the competition can expect to gain not only funding and prizes but also the opportunity to build a direct connection with KOTRA, which can open many doors for their business.
The success of Korean food in other emerging markets, such as the United States, Europe, and the Middle East, demonstrates its global potential. A notable example is a frozen Gimpap product that sold out in less than a month nationwide in the US.
Entrepreneurs, it’s your time to shine! If you’re confident in your abilities and ready to take on the challenge, submit your proposals to the K-Food Accelerator Competition by April 30, 2025. Head to https://socialtv.co.za to send in your entry and take the first step towards business success.