Start-up supporters in and out of Korea cooperate with each other to help Korean venture firms penetrate the global market.
The Ministry of Science, ICT and Future Planning announced on May 13 that it selected Dotname Korea, Venture Square, Spark Labs, D3 Jubilee, and Venture Port as the beneficiaries of the Global Accelerator Promotion Project for this year.
Each of the five companies is scheduled to receive a subsidy of 350 million won (US$342,300) to offer market penetration assistance for 10 or so venture firms. Both of the parties will also launch promotion programs at home and abroad for four to six months so that the venture firms can attract investment and market their products abroad.
First, Dotname Korea is going to select candidate start-up companies to enter the global market, then invite Jon Bradford, Managing Director of TechStars London and David Kim, CEO of Telos Venture, as judges to make the final selection. The start-ups that they choose will get the opportunity to enter the global market.
Venture Square makes use of the acceleration programs of Draper University and Plug and Play Startup Camp. The beneficiaries are to be housed in incubators located in at Silicon Valley so that mutual exchanges can be maximized.
Venture Port, in the meantime, is working with the Shanghai and East China IT Corporate Council and Startup East to attract investment and provide programs tailored for the U.S., Chinese, and Israeli markets.