The Ministry of SMEs and Startups said on Oct. 16 that it organized Korea-France Startup Summit 2018 in Paris on the occasion of President Moon Jae-in’s visit to France.
The event was designed to provide support for Korean startups to enter the French market and build networks. It was attended by related organizations including the Small and Medium Business Agency, Korea Institute of Startup and Entrepreneurship Development, and KOTRA.
At the event, Korean and French startup organizations signed four agreements to cooperate in supporting startups in both countries.
During the event, an innovative growth conference was held to introduce the two countries' support policies for startup companies and the best practices. In addition, a one-on-one business consultative meeting was held with French venture capital (VC), angel investors, and buyers. A networking party called Korea Startup Night was also held to promote friendship between Korean and French startups and officials.
Officials from both countries shared support policies for startup companies and explored more effective growth strategies.
In particular, the Korean companies introduced during the investor relations (IR) session have received a lot of attention from French participants, according to the ministry. A total of 35 Korean companies were introduced during the IR. They were selected from among 112 companies hoping to enter France. Among them, 12 companies attracted attention from French venture capital companies and held talks on investment. From the French side, seven companies disclosed their strategies for localization during the IR session. They were selected from among 24 companies hoping to enter Korea.
"France is the country where venture capital investments are the most developed in Europe," said Seok Jong-hoon, head of the Office of Venture Startup Innovation at the ministry. “We need to expand startup exchanges and cooperation between the two countries.”