The Ministry of SMEs and Startups said on the 16th that it held the first forum of the "K-Founders Network in India" in India.
The "K-Founders Network" is a program that supports the formation of a network of entrepreneurs active overseas. The Ministry of SMEs and Startups (MSS) plans to connect senior entrepreneurs settled locally with domestic startups to share market information and business experience, and to support building local partnerships. Starting with India this year, it plans to expand to major countries including France, China, and the United States.
Launched on Apr. in India, the "K-Founders Network in India" held its first official event through this forum. About 70 people attended the event, including Mok Seung-hwan, head of the Startup and Venture Innovation Office at the Ministry of SMEs and Startups (MSS), Korean-founded corporations that have entered India, local venture capital (VC), accelerators (AC), government agencies, and experts.
Lee Cheol-won, CEO of Afinit and chair of the network, said, "What matters most is the consolidation of Korean entrepreneurs in India," adding, "With the launch of this network, a foundation has been established for corporations that did not know one another to interact and collaborate."
Going forward, the K-Founders Network will support domestic startups' market entry and local settlement by producing a guidebook for corporations entering India, expanding local networks, and sharing success stories.
The Korea Startup Forum, the organization in charge of the project, signed a memorandum of understanding with the Federation of Indian Chambers of Commerce and Industry (FICCI). The two sides agreed to build a cooperative framework to expand startup exchanges and support global expansion.
Mok Seung-hwan, head of the Startup and Venture Innovation Office at the Ministry of SMEs and Startups (MSS), said, "India is a rapidly growing market worldwide and a stage for new opportunities," adding, "The Ministry of SMEs and Startups (MSS) will promote the consolidation of senior and junior entrepreneurs through the private K-Founders Network and strengthen the foundation for domestic startups' global expansion."
The Ministry of SMEs and Startups (MSS) also announced a plan to push the "Global Project for Everyone's Startups" in India. Through this, domestic corporations and prospective entrepreneurs can receive mentoring from senior entrepreneurs on the ground. After a selection process, it plans to support commercialization, including local office space, legal and tax consulting, proof of concept (PoC), and VC linking.