Orange Planet Startup Foundation
Supported Over 300 Startup Teams in 8 Years
More Than 50 Companies Exceeding 10 Billion KRW in Valuation
[Asia Economy Reporter Seungjin Lee] Smilegate, celebrating its 20th anniversary, is emerging as a ‘prestigious startup hub.’ Smilegate’s startup foundation, Orange Planet, has supported about 300 startup teams over the past eight years. It is laying the groundwork not only for initial support but also for nurturing companies beyond unicorn status to become decacorns (companies valued at 10 trillion KRW).
On the 21st, Seosangbong, head of Orange Planet, said, "The past eight years have shown the sincerity of founder Kwon Hyuk-bin in returning the support he received when starting his business back to young entrepreneurs," adding, "Smilegate began its social contribution projects as soon as it made its first sales after founding, and our goal is to become an indispensable presence in the startup ecosystem."
Founder Kwon was active in Samsung Electronics’ software developer training program, Software Membership, during his university years. Using the support he received then as a stepping stone, he ventured into entrepreneurship, which led to the creation of the current Smilegate. In 2014, he established Orange Planet to support founders. Seosangbong was one of the key figures at that time.
Seosangbong said, "When creating Orange Planet, the first thing we considered was not what to support but what not to do for those aspiring to start a business," adding, "During the establishment process, we met with representatives of about 100 startups, listened to their stories, and created guidelines on what to avoid."
Among the startup teams supported by Orange Planet over the past eight years, about 50 currently have a corporate value exceeding 10 billion KRW. Representative examples include ‘Bank Salad,’ a my-data specialized company, and ‘Humanscape,’ a blockchain-based medical data company. Among Orange Planet’s support programs, the mentoring program by experienced entrepreneurs has received particularly favorable reviews. Seosangbong explained, "In the rapidly changing startup environment, practical advice is possible, and applicants respond well because they can also gain emotional comfort during the mentoring process."
Smilegate, which declared its entry into the global financial market by launching an independent financial group, is creating a virtuous cycle where Orange Planet pushes startups forward and the venture capital firm ‘Smilegate Investment’ pulls them along.
The next goal of Orange Planet, recognized for its sincerity in supporting startups, is to become an indispensable presence in the startup ecosystem. Seosangbong stated, “I believe it is now time to play a role in nurturing skills to become a foundation for growth beyond unicorns to decacorns,” adding, “We are nearing the completion of programs that can support startups from the early stages through growth phases to graduation, and we will leverage this to rise as a prestigious startup hub.”
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