[Report] K-Startup Enters New York, USA... The Dream of Overseas Expansion Begins

Ministry of SMEs and Startups to Host 'Korea-US Startup Summit' on 20-21
Introducing Large Corporation-Startup Collaboration Program
Facilitating Networking with US Venture Capital and Startups

[Asia Economy Reporter Kim Bo-kyung] The government has chosen the United States as the first destination to support startups' global expansion. In New York, known as "Silicon Alley" for its favorable environment for innovative startups, Korean and American entrepreneurs and investors came together. The plan is to broaden the startup ecosystem so that domestic companies can break away from the narrow domestic market and expand onto the global stage.

The "Korea-US Startup Summit," hosted by the Ministry of SMEs and Startups, was held over two days on the 20th and 21st (local time) at Pier 17 in New York, with over 200 participants including global companies such as Google and Amazon Web Services (AWS), startups from both countries, and venture capital firms.

Near the venue, yachts that had briefly docked while traveling around the world were lined up, and the iconic Brooklyn Bridge of New York was visible through the window. The event, which started at 1 p.m. on the first day, took place under clear weather with temperatures around 20°C.

On this day, domestic and international large corporations such as Google, Naver Cloud, and Hyundai Motor Company set up booths to introduce startups they are collaborating with to the U.S. market. "Mycel," a bio company spun off from Hyundai Motor in 2020 that produces eco-friendly leather car seats using biological materials like mushrooms, recently succeeded in raising 13 billion KRW in pre-Series A funding.

Sa Sung-jin, CEO of Mycel, who said this was their first overseas exhibition, stated, "There are only four companies worldwide doing similar business to ours," adding, "We are aiming to enter the global market next year, so we decided to participate in this event." He continued, "We have meetings scheduled with overseas venture capital firms and AWS," and said, "I want to build networks and establish good relationships through this opportunity."

FutureMain, a smart factory solution company established in 2014, also participated in the event. FutureMain provides services that monitor machinery and diagnose and analyze defects using artificial intelligence (AI) and augmented reality (AR) technologies. It participated in Naver Cloud's SME support program "SaaS N" and succeeded in raising 4.8 billion KRW in Series A funding last year.

FutureMain, which has secured various domestic clients such as Korea East-West Power, LG Energy Solution, and Daewoo Shipbuilding & Marine Engineering, is targeting entry into advanced manufacturing countries like the U.S. and Germany.

A FutureMain representative introduced, "We built an AR-based safety management platform using data accumulated over 30 years in the field of equipment diagnosis engineering," adding, "Another advantage is that it can be used anywhere in the world by accessing the cloud server."

Since 2019, Google has been running the "Changgu (Startup + Google) Program," collaborating with application-based startups to help them enter the global market. They have worked with about 80 companies annually and supported over 300 companies to date. This event involved startups mainly focused on mobile apps and game services.

Kim Ji-ha, Google Play Marketing Manager, said, "Google also started as a startup and came this far. While we are promoting startup support programs in many countries worldwide, Korea has particularly outstanding companies." He added, "We will spare no effort to introduce domestic startups to the U.S. market and connect companies in need of investment with overseas venture capital."

At the main stage on this day, the first part of the "Startup Demo Day" featured 10 startups from both countries with similar items presenting their ideas and exploring cooperation methods. On the sub-stage, collaboration programs between large corporations from both countries such as Google, AWS, Hyundai Motor, Naver Cloud, and Korean startups were introduced.

Tomorrow (the 21st), 10 Korean startups will conduct investment attraction IRs targeting U.S. venture capitalists. A joint fund formation agreement ceremony between Korea's Korea Fund of Funds and U.S. venture capital is also planned.