Ministry of SMEs and Startups Calls for 20 Overseas Pilot Startups... "7 Major US and European Corporations Participating"

Ministry of SMEs and Startups Overseas Proof of Concept (PoC) Support Project... Vodafone, BASF, etc. Participate
Up to 50 Million KRW for Overseas Expansion Funding... Follow-up Support Including Local Buyer Connections

[Asia Economy Reporter Lee Junhyung] The Ministry of SMEs and Startups announced that it will recruit 20 startup companies to conduct overseas proof of concept (PoC) with major companies in the US and Europe from the 26th to the 10th of next month.

This overseas PoC support project provides an opportunity for startups to demonstrate new technologies and innovative solutions before commercialization by using local companies' systems as a testbed. The Ministry of SMEs and Startups secured an additional budget of 1.26 billion KRW to support promising startups' entry into overseas markets through this project.

The Ministry, in collaboration with the Korea Institute of Startup & Entrepreneurship Development and the Korea International Trade Association, identified seven major companies in the US and Europe to conduct overseas PoC with startups. In North America, four companies including Tyson Foods, the world's second-largest food company, and KPMG, a multinational accounting and consulting firm, will participate. In Europe, three companies including Vodafone, the largest local telecommunications company, and BASF, the world's largest chemical company, will participate to carry out various collaborative projects such as technology procurement, investment, and certification.

The 20 selected startups will proceed with prototype production, local installation, and subsequent improvements. The Ministry will support up to 50 million KRW per company as overseas expansion funds. To increase the possibility of overseas commercialization, one-on-one mentoring by professional consulting firms will also be provided. For companies with excellent technology verification results, follow-up connections will be supported to enable additional cooperation such as investment, purchase, and licensing with local investors and buyers.

Kang Gisung, Director of the Global Growth Policy Division at the Ministry of SMEs and Startups, said, "Despite the difficult situation caused by COVID-19, Korea was recognized for its innovation by ranking first in the 2021 Bloomberg Innovation Index," adding, "We will support promising domestic startups' innovative technologies to lead the global market through collaboration with global major companies."