The government of Korea has reportedly collaborated with MNCs like Google and Airbus to support more local startups to go overseas and become unicorn firms, as per the Ministry of SMEs and Startups.
Additionally, the startup ministry will offer opportunities for partnership with international venture capital institutions, starting with the upcoming Korea-U.S. event this month for startups. They will also establish a special visa scheme to draw more skilled employees to Korea from overseas.
This support package referred to as the K-Startup Global Entry Strategy was unveiled by the ministry during an urgent gathering of economic ministers led by Choo Kyung-ho, the minister of economy and finance and the deputy prime minister.
According to Lee Young, minister of SMEs and startups, the support program is meant to assist more Korean business startups in expanding into international markets and gaining knowledge rather than remaining confined to the limited local market.
Young stated at the Government Complex Sejong conference that numerous global unicorn firms are developing, and many developed nations are actively assisting these startups.
The minister added that the globalization of innovative startups is inevitable. If unicorn businesses stay in the home market, which has a small market size, social friction with old industries would develop.
The minister claimed that starting in 2023, 270 local businesses will be able to go overseas owing to an assistance program developed in collaboration with nine international firms, including Google and Airbus.
Additionally, startups will be able to use international networks and infrastructure that bigger local companies have built in their foreign markets.
An accelerator program, the Global Unicorn Project will also be introduced the following year so that businesses that want to expand globally can seek guidance from private consulting companies on how to establish strategies for global expansion, as well as assistance with obtaining funding and building networks.
The ComeUp event, a business expo for local companies, will be run by an expert private organization to make it one of the top five global startup events.
Source credit: https://www.koreatimes.co.kr/www/tech/2022/09/419_335804.html
