Seoul Metropolitan Government Initiates Program to Support Startups in Achieving Global Growth
The Seoul Metropolitan Government has launched a program to support promising Korean startups in achieving global growth, helping them to transition from the domestic market to becoming global unicorns. This year, the initiative has a budget of KRW 4.4 billion and aims to expand ‘Overseas Expansion Support Countries’ to include 16 nations such as the United States and Germany, focusing notably on Silicon Valley. Approximately 400 companies are expected to benefit from this international expansion support.
Initially, Seoul Startup Hub Gongdeok is seeking to recruit 43 startups with potential from five countries including the United States (Silicon Valley), Vietnam, India, China, and Indonesia by May 13th. Following this, Seoul’s startup support institutions like SEOUL BIO HUB, SEOUL FINTECH LAB, and SEOUL AI HUB will sequentially launch their own global support programs to recruit participating companies.
Despite economic challenges such as high prices, high interest rates, and high exchange rates, Seoul has continuously supported Korean startups with fundraising and market expansion efforts. To date, 516 startups have successfully entered international markets, securing KRW 128.6 billion in investments, achieving KRW 153.1 billion in sales, and establishing 103 overseas corporations.
Selected startups for the global expansion support program will receive comprehensive assistance from global accelerators and VCs, including capacity-building training, investor relations, local product and service validation, and legal and tax consulting for establishing corporations.
Furthermore, the ‘Startup Overseas Expansion Support Bases’ operating in Spain, Vietnam, India, and Singapore will be expanded to include the United States and Germany, providing targeted support in these local markets.
SEOUL BIO HUB, SEOUL AI HUB, and SEOUL FINTECH LAB are also running industry-specific acceleration programs. SEOUL BIO HUB supports startups in the red biotech sector, such as pharmaceuticals, medical devices, and digital health, to enhance their international market entry prospects, including participation in overseas biotech and medical conferences.
SEOUL AI HUB is broadening opportunities for participation in overseas exhibitions, currently recruiting companies for North America’s major tech conference, Collision (’24.6.17~20), and will support participation in the Middle East’s largest ICT exhibition, GITEX (’24.10.14~18), and the startup competition Tech Crunch (’24.10.28~30). SEOUL FINTECH LAB is conducting a global accelerating program for fintech startups wishing to enter international markets.
Details about this support program are available and applications can be submitted on startup-plus.kr.
Lee Hae-woo, Director of Economic Policy at the Seoul Metropolitan Government, emphasized, “For startups to grow into unicorn companies, global expansion is not a choice but a necessity. Seoul will continue to support its promising startups to break through the constraints of the domestic market and move onto the global stage.”
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