KOTRA Supports Startups Entering Canada... Operates Accelerator Program

[Asia Economy Reporter Suyeon Woo] KOTRA announced on the 26th that it will operate an accelerator program online for startups aiming to enter the Canadian market for three months starting from the 27th of this month.

This program is conducted in collaboration with DMZ, the startup incubator of Ryerson University in Canada, which has over 470 alumni companies, and YSpace, an incubator under York University.

The accelerator program consists of workshops for establishing Canadian market entry strategies, one-on-one mentoring with local experts, and investment attraction meetings with Canadian venture capital (VC) firms.

Startups participating in this program will review ways to apply their products and services locally with experts from various fields. Additionally, they will have the opportunity to develop their Canadian market entry strategies through mentoring from local entrepreneurs. In the final week of the program, participants will join an online pitching day to promote their companies and meet prominent local investors. Twelve domestic technology startups from various fields, including artificial intelligence (AI) and healthcare technology, are participating in this program.

Kaitlin, DMZ program manager, said, "Korean startups are innovative and have sufficient potential to enter the North American market," adding, "Through DMZ’s customized programs and mentoring, we will help Korean startups establish a base in Canada and expand into North America."

Canada has been focusing on securing core technology competitiveness, having announced the world’s first national artificial intelligence (AI) strategy in 2017. With excellent research infrastructure and the advantage of lower labor costs for skilled technical personnel compared to other cities in the North American region, many global companies such as Google, IBM, and Uber have entered the market. Domestic companies Samsung and LG Electronics also operate AI research centers in Canada.

Jung Young-hwa, head of KOTRA Toronto Trade Center, said, "Canada fully supports new industries through government initiatives and has excellent human resources and research infrastructure," adding, "We will actively support our startups to enter the North American market beyond Canada through systematic support."