Creative Korea
The 2015 Creative Startup Korea opened at the COEX Convention Center in Seoul on June 3. The two-day event is sponsored by the Korea Trade-Investment Promotion Agency (KOTRA), the Creative Economic Initiative Public-Private Partnership, and the Seoul Business Agency. Eighty venture capital firms from 12 countries, along with 150 South Korean startups, are taking part in the event that was organized to help domestic startups attract investment and provide opportunities to advance into overseas markets.
It is exceptional that foreign venture capital firms gather at an event for domestic startup investment, which shows a growing interest in global venture capital in Korean startups. In particular, Israel’s Yozma Fund announced an intent to invest in Korea last year, and Google recently opened its first Asian campus.
The event will include a showcase of new products, one-on-one investment consultations, an investor relations session, Fireside Chats, speeches by founders of successful startups, and Japan’s venture capital seminars.
In the showcase, a total of 150 firms, including firms operating in creative economy innovation centers and incubating firms of the Seoul Business Agency, will display creative and high-technology products. The main areas are Internet of Things (IoT), hardware, software, Big Data, mobile, games, healthcare, and education. Foreign investors will personally visit exhibition booths and have one-on-one investment consultations. During the investor relations session, 22 selected startups will have the chance to pitch to venture capitalists in a bid to win investors' hearts.
Christine Tsai, one of the founding partners of 500 Startups in the U.S., delivered a keynote speech at the event’s opening ceremony. She said, “We have been operating the 10 billion won [US$9.03 million] micro-fund called “500 Kimchi” in cooperation with the Small and Medium Business Administration and the Korea Venture Investment Corporation since Feb. We have a high opinion of Korean ventures’ potential.”
Thanks to the trip of President Park Geun-hye to Chile in Latin America in April, Start-Up Chile also visited the country and sought startups, which are able to make it in the Chilean market. The organization is in charge of the startup support projects of the Chilean government, and it has been investing up to US$40,000 (44.29 million won) in each firm to more than 800 firms from 65 countries since 2010. Sebastian Diaz, the director of communications at Start-Up Chile, said, “Through the event, we have confirmed the potential of Korean startups. We are hoping to see more Korean startups in the Chilean market in the future.”
Also, startups that have achieved success in overseas markets visited the event to pass on their expertise. Tim Hwang, CEO of Fiscal Note, which was selected as one of 10 startups that are transforming industries by CNN, presented ways for Korean startups to make inroads into the American market, citing his personal experiences from high school.
Meanwhile, the KOTRA operates an “Invest Korea” consultation booth to provide information about South Korean investment laws and procedures and the government support policy to foreign investors.
Kim Sung-soo, head of KOTRA’s Marketing Strategy Division, said, “There is a growing interest by overseas venture capital firms in Korean startups. We are hoping that the event helps Korea become a hub of Asian startups.”