The Ministry of SMEs and Startups said on the 8th that it held the seventh small business growth relay roundtable at the Seoul Center for Creative Economy & Innovation under the theme "Beyond regions to glocal." Glocal is a portmanteau of "global," meaning the world market, and "local," meaning region.
This roundtable is the seventh event of the "Small business growth-focused relay roundtable Season 2," which has been underway since Nov. of last year.
The Ministry of SMEs and Startups (MSS) invited nine entrepreneurs and investment experts to foster local startup corporations that grow on a regional base and leap to the global stage.
In the first presentation of the day's roundtable, Yang Gyeong-jun, head of Krypton, introduced cases in which local startup corporations that began in regions grew into global corporations under the theme "Global expansion of local startups and the role of investors." Local startup corporations from various regions such as Seosan, Jeju, and Yeongdeok shared experiences of building brands based on regional resources and unique stories, entering overseas markets, and achieving results.
Attention also focused on cases that developed regional resources into products and then returned value to the local community, including Song Ju-hyeon, head of the gimtae specialty local corporation "Girin Company," which rebirthed gimtae, once consumed or discarded only locally, into an ingredient favored by Michelin chefs worldwide; Oh Se-min, head of "1950 Co., Ltd.," which succeeded in exporting toothpaste and daily necessities using Jeju specialties; and Han Chae-won, head of "ChoBless," which solidifies fermented vinegar for export.
In the open discussion, participants shared the difficulties, trial and error, and processes of overcoming challenges in the course of overseas expansion. They also discussed policy proposals and on-site opinions for sustaining growth as glocal corporations, including ways to use artificial intelligence (AI) for overseas expansion, product and service innovation, and opening sales channels.
Lee Byeong-gweon, second vice minister of the Ministry of SMEs and Startups (MSS), said, "Many local corporations are taking on the challenge of exports, leading to an increase in exports centered on consumer goods," and added, "The MSS will expand related policies so that young people in the regions and small business owners can start locally without fear of failure and grow into glocal corporations recognized in overseas markets."
The Ministry of SMEs and Startups (MSS) plans to launch, for the first time this year, the "Global Small Business Fostering Program," which supports export-oriented product development and the opening of overseas sales channels to boost small business exports.