The Korean Ministry of SMEs and Startups (MSS) led by Minister Lee Young, recently held the ‘Youth Startup Go To Global’ inauguration ceremony at Dream Plus in Gangnam, Seoul, on September 13. This event aimed to support young startups as they enter the global market, specifically targeting the United States, Singapore, and Saudi Arabia.
The event celebrated the success of 25 young startup teams participating in the Youth Entrepreneurship Academy’s global expansion program. This initiative has been running throughout the year and is designed to assist companies that originated from or graduated from the Youth Startup Academy.
The Small and Medium Venture Business Corporation, dedicated to the Youth Entrepreneurship Academy, began by selecting 50 companies through an initial evaluation process after announcing recruitment in May. These companies then underwent training and mentoring for global expansion, culminating in the final selection of 25 companies by the end of August.
The selected young startup teams are set to depart for their respective destinations, including the United States (10 companies) on September 18, Singapore (10 companies) on October 8, and Saudi Arabia (5 companies) on October 17. Their objectives include gaining insights into the local markets, increasing the likelihood of attracting investment, and participating in global venture capital (VC) mentoring, investor relations (IR), and networking programs with local companies.
In the United States, startups in biotechnology and sustainability will be involved in various activities, including visits to prominent VC firms and meeting mentors, including Andrew Chalas of Rever VC and Wei Changgeo of SOSV. The startups also have plans to visit unicorn company Moloco and participate in TechCrunch Disrupt 2023, the largest startup conference in North America.
The Singapore program will feature mentoring by notable figures in the VC industry, including Jeffrey Paine of Golden Gate Ventures, a VC specializing in gaming and e-commerce, and Kristav C. of the National University of Singapore’s Enterprise. There will be special lectures on the Singapore startup Investment ecosystem and demo days with local VCs. Visits to prominent startups like Grab will also take place.
In Saudi Arabia, mentoring and special lectures will be held by Muath Bin Hussain of Saudi Arabian accelerator The Garage, and IR will be conducted for local venture capitals. Saudi Arabia has shown great interest in the ‘Youth Entrepreneurship Academy’ and the Small and Medium Venture Business Corporation. A private accelerator also accompanies local officials in Riyadh for the Global Business Center opening in October to provide information about the Youth Startup Academy.
Lim Jeong-wook, head of the Startup and Venture Innovation Department at the Ministry of SMEs and Startups, said, “I hope that the inauguration ceremony will be an opportunity for young entrepreneurs to solidify their determination to make a powerful leap into the global market.” He added, “The government will also help young entrepreneurs continue challenging the global market. We will actively support and support you.”
Meanwhile, before the inauguration ceremony, an on-site meeting was held to listen to suggestions from young startups and discuss ways to encourage entry to overseas markets.
Participating young startups
- USA (10 companies) – BI Lab Co., Ltd., Gore Robotics Co., Ltd., Flare Labs Co., Ltd., Factgora Co., Ltd., CarCare, KFoodTech Co., Ltd., BEI Lab Co., Ltd., Greenish Co., Ltd., Vsion Co., Ltd., Wondervari Co., Ltd.
- Singapore (10 companies) – Layers Cosmetics Co., Ltd., Amass Co., Ltd., LOXIS., Alpha Omega Co., Ltd., Ribbit Co., Ltd., Mocon Co., Ltd., Coconut Silo Co., Ltd., Oldam Co., Ltd., Lab SD Co., Ltd. ), Su&Carrots Co., Ltd.
- Middle East (5 companies) – Avirtual Co., Ltd., Zoobio Health Core, ALife Co., Ltd., Shukran Korea Co., Ltd., Intelectus Co., Ltd.