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Korean Government Starts Nurturing Global Ventures
Startups
Korean Government Starts Nurturing Global Ventures
  • By matthew
  • September 23, 2013, 05:12
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The opening ceremony of Born Global Startups at the Future Global Business Start-up Support Center in Seoul, sponsored by MSIP.
The opening ceremony of Born Global Startups at the Future Global Business Start-up Support Center in Seoul, sponsored by MSIP.

 

On September 16, the Ministry of Science, ICT and Future Planning (MSIP) held an opening ceremony for the Born Global Startups project at the Future Global Business Start-up Support Center in Sangam-dong, Seoul. The twenty selected global startup teams, three accelerators (startup incubation centers), and two business incubation centers participated in the event. 

The Born Global Startups program is a support program for businesses to plan strategy, attract investment, and enter the global market by discovering good ideas. Numerous business products with high barriers to entry were selected, including 3D printers, sensors for diseases diagnosis and analysis, and active-touch screens.

Among chosen businesses products, KoSan's low-cost 3D printers attracted attention, since he was one of the two finalists in the Korean Astronaut Program. As for overseas Koreans, excellent teams with graduates from Ivy League schools such as Stanford University, and engineers from global companies such as Google and Intel were chosen. 

The twenty selected teams will be provided with start-up money worth 30 million to 100 million won (US$27,903 to US$93,010). 

Meanwhile, the Global Accelerator Program aims to strengthen support for startups. It promotes business incubation centers for startup companies through financial support, education, and mentoring for three months. 

The three chosen startup incubation centers will be given 500 million won (US$465,052) each so as to train more than 10 teams in collaboration with overseas accelerators. 

Venture Square is scheduled to apply startup incubation programs in Silicon Valley to Korean startups in partnership with Plug and Play, one of the top three accelerators in the world. And the Global Startup Network will act as a bridge between Korea and the rest of the world in affiliation with Spark Labs, a Korean accelerator in Silicon Valley. 

In particular, RJ Communications will train start-ups that combine technology and fashion in cooperation with a Fashion Technology Accelerator, exclusively dedicated to start-ups at the intersection of technology and fashion.

Global Business Incubators are programs designed to support the successful development of entrepreneurial companies willing to enter the global market. Each of the two selected incubation centers will be given 250 million won (US$232,525). The two centers will provide specialized incubation programs at home and abroad to more than 60 people for business start-up systems abroad, marketing, and investment attraction. 

Sogang University is planning to offer incubation programs in Silicon Valley in collaboration with Standford University. Hanyang University is also planning with the Ewing Marion Kauffman Foundation and New York Institute of Technology to provide programs in Silicon Alley.