The Ministry of SMEs and Startups said on the 15th it is recruiting companies to join the K-Startup Center (KSC), which supports domestic startups' entry into global markets.
KSC is a support center for startup overseas expansion established at major overseas hubs, starting in Seattle in the United States in 2019, followed by Silicon Valley in the United States, Tokyo in Japan, Singapore, and Hanoi in Vietnam. It supports startups with technology proof-of-concept (PoC), matching with investors and large corporations, local accelerating, office space, and legal, tax, and visa consulting.
KSC is characterized by providing proof-of-concept opportunities by connecting local governments and global corporations. Maritime navigation company A attracted overseas investment through PoCs with the Maritime and Port Authority of Singapore (MPA) and PSA, while waste cooking oil recycling company B built a foundation for multi-country expansion by cooperating with local corporations in Vietnam and international organizations.
Results have also emerged. Last year, overseas investment attracted by 119 resident corporations at five KSC hubs totaled about $240 million. In a survey during the same period, the share of corporations that secured at least 100 million won in domestic investment was 70.3% for supported corporations, more than double that of unsupported corporations (32.1%). The overseas investment attraction rate was also 23.0% for supported corporations and 11.8% for unsupported corporations.
Satisfaction was also high. Among supported companies, 91.9% said they were satisfied with the office space, and 87.8% said they felt the effects of overseas expansion support. In addition, 89.2% said they intended to participate again or recommend it.
The Ministry of SMEs and Startups (MSS) plans to strengthen KSC's functions by creating a Startup-Venture Campus (SVC) that aggregates related institutions, including the overseas office of Korea Venture Investment Corporation. SVC is being pursued as national agenda item No. 34 and is set to expand to seven regions over the next five years, starting with Silicon Valley.
SVC is a startup support hub that conducts local startup ecosystem research, technology proof-of-concept, linkage with domestic support programs, investment attraction, and guarantees for overseas expansion. The Ministry of SMEs and Startups (MSS) plans to streamline the operation of overseas hubs by aggregating related institutions and strengthen support for incubation, proof-of-concept, guarantees, and investment attraction.
In addition, the Ministry of SMEs and Startups (MSS) will pilot the Startup-Venture Campus Pilot Program mainly in Western countries. At the New York Global Business Center (GBC), the Korea Institute of Startup and Entrepreneurship Development (KISED), the Korea SMEs and Startups Agency (KOSME), and Korea Venture Investment Corporation will collaborate to support startups. In the United Kingdom and the Netherlands, local venture capital will select promising startups, and a 15-week intensive program led by an accelerator will support technology proof-of-concept and investment attraction.
Details can be found on the K-Startup website and each hub's LinkedIn channel.