The Ministry of SMEs and Startups will push the "Startup for All Global Project" to support global startups by Koreans living overseas. It will also create a roughly 100 billion won "K-Founder Fund" to build a virtuous startup ecosystem in which Korean founders and investors who have succeeded abroad help junior founders grow and expand globally.
The Ministry of SMEs and Startups (MSS) said on the 24th (local time) that it will hold "K-Founders Connect in Silicon Valley" at the Silicon Valley startup and venture campus (SVC) in the United States to promote exchanges among Korean founders active overseas and strengthen consolidation with the global startup ecosystem.
About 70 people, including First Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups (MSS), startups, overseas Koreans, international students, Korean venture capital (VC) professionals, and officials from startup support organizations, will attend the event.
On the day, the Ministry of SMEs and Startups (MSS) will officially announce the "Startup for All Global Project" and hold a launch ceremony for the "K-Founder Fund" to revitalize the overseas Korean startup ecosystem.
The Startup for All Global Project is the first program to expand startup support, which had been centered on Korea, to overseas so that overseas Koreans and international students can also receive global startup support.
Focusing on four hubs—Silicon Valley and New York in the United States, Singapore, and India—the Ministry of SMEs and Startups (MSS) plans to select 80 promising prospective founders and startups and foster them into global entrepreneurs by providing online and offline mentoring, tailored incubation, and startup activity funds.
A professional mentor group will be formed with Korean founders and local investors active around the world, including Lee Jeong-hee, CEO of Primer USA; Oh Sun-ho, co-founder of Osteogene Tech; Kim Ju-yun, CEO of Dot; and Lee Seung-hun, CEO of Ringle, to share startup experience and know-how for entering global markets.
Using overseas hubs such as the K-Startup Center (KSC), the Ministry of SMEs and Startups (MSS) will provide information on local laws, regulations, and markets, and offer linked support from technology validation and business partner discovery to investment attraction to underpin the stable growth of overseas startups.
The "K-Founder Fund" is the first diaspora startup fund based on the government's parent fund with participation from Korean founders and investors who have succeeded overseas. It is expected to be created at about 100 billion won, and Kim Dong-shin, co-founder of Sendbird, the first Korean B2B unicorn in Silicon Valley, will manage the fund.
Linked with Korean founder communities such as UKF (United Korean Founders), the fund will run networking and investor relations (IR) sessions and is also expected to support domestic startups in entering global markets and attracting overseas investment.
Noh Yong-seok, first vice minister of the Ministry of SMEs and Startups (MSS), said, "The Startup for All Global Project is the first startup support program for overseas Koreans, and it is significant in that it established a tailored support system for our startup talent active overseas," and added, "In addition to cooperation with local VCs in the United States, based on the K-Founder Fund, we will build a virtuous ecosystem in which the capital and experience of Korean founders and investors who have succeeded overseas lead to new challenges by emerging founders."