K-Accelerator Launches NIPA-Labeled 'Startup Incubation Program'

[Asia Economy Reporter Oh Ju-yeon] The 'K-Global Accelerator Development Project' by the National IT Industry Promotion Agency (NIPA), a program supporting overseas expansion and investment for startups in the information and communication technology (ICT) sector, has officially begun.

K-Accelerator and Daedeok Venture Partners, selected as the operating organizations for the K-Global Accelerator Development Project, announced on the 26th that they held a signing ceremony with eight startups participating in the program on the afternoon of the 25th at Seoul Fintech Lab located in Yeouido, Seoul.

Team Leader Yoon Hyung-gu of K-Accelerator is introducing the 'K-Global Accelerator Development Project' at Seoul Fintech Lab located in Yeouido, Seoul, on the afternoon of the 25th.

The companies attending that day consisted of six startups under three years since founding?Thingsflow, Analytics, K&Us, DNeuro, Data Universe, DeepVisions?and two prospective startups. These companies possess intelligent information technologies such as big data, artificial intelligence (AI), and blockchain, and will participate in the accelerating program for about five months until November 30.

This program consists of diagnostic accelerating, close mentoring by experts, capacity-building education, IR, and participation in overseas programs. First, the operating organizations diagnose startups using their own kits. Based on the diagnosis, professional accelerators provide close mentoring on the business. Alongside this, education on business models, marketing, patents, and legal matters is provided according to the startups’ needs.

Startups can also gain opportunities for investment and participation in overseas programs by attending demo days. Selected companies can participate in programs held in Harbin, China; Silicon Valley, USA; and Singapore. Additionally, based on IR evaluations at the demo days, they can attract investments exceeding 150 million KRW.

Yoon Hyung-gu, team leader of K-Accelerator, said, "We plan to conduct practical education to support startups’ growth, overseas market entry, and investment attraction," adding, "We will hold networking events at least once a month and support connections to the Ministry of SMEs and Startups’ representative startup support project, the TIPS program, and follow-up investments."

Previously, six accelerators including K-Accelerator, Comax Ventures, Block Crafters, Awesome Ventures, Yozma Group Korea, and Infobank were selected as participants in the K-Global Accelerator Development Project. These accelerators independently select about eight promising startups and operate development programs such as mentoring and demo days.

So Jae-moon, CEO of K-Accelerator, introduced, "Startups participating in this program can expect global expansion and investment," and added, "K-Accelerator is an accelerator with strengths in this field." He continued, "Due to the COVID-19 pandemic, the progress of global programs is uncertain, but we will explore various methods such as meetings with overseas judges to create opportunities for startups’ overseas expansion."

On the afternoon of the 25th, Yoon Hyung-gu, team leader of K-Accelerator, introduced the 'K-Global Accelerator Development Project' at Seoul Fintech Lab located in Yeouido, Seoul.