KOTRA to Discover Startups Leading Innovation in the Car Industry with BMW

BMW Mobility Startup Pitching Day Held

KOTRA held the 'BMW Mobility Startup Pitching Day' on the 22nd in Hoehyeon-dong, Seoul. Eight domestic companies participated in the event. (Photo by KOTRA)

[Asia Economy Reporter Kim Ji-hee] KOTRA, in collaboration with BMW Startup Garage Korea, has embarked on discovering domestic startups that will lead innovation in the automotive industry.

On the 22nd, KOTRA announced on the 25th that it held the 'BMW Mobility Startup Pitching Day' in Hoehyeon-dong, Seoul. This event was organized to identify Korean startups leading digital innovation across all sectors of the automotive industry, including future vehicle development, manufacturing processes, and after-sales services. Eight domestic companies, including startups related to vehicle history management systems, participated.

At BMW headquarters in Munich, Germany, 100 engineers from R&D, IT, and production departments attended via video conference. After the Korean companies' pitches, in-depth consultations were held by department.

Prior to the event, KOTRA ensured that participating companies understood Germany's open innovation strategy and the pitching process. A professional instructor was invited to provide training on English investment promotion (IR) techniques.

Based on the consultation results by department, BMW headquarters will select startups to participate in open innovation projects and conduct Proof of Concept (PoC) projects. BMW will act as the startup technology verification client, providing office space, internal resources, and funding. KOTRA plans to support the selected startups in establishing local subsidiaries and market settlement through its Munich Trade Center.

Kwon Pyung-oh, President of KOTRA, stated, “We hope that the Korean startup technologies showcased this time will lead the digital innovation of the global automotive industry in the long term.”