44 Billion KRW Invested to Foster Unicorn Companies
Recruiting Companies Expanding to the US, Indonesia, Vietnam, etc.
Overseas Support Bases Expanded to 7 Locations Including the US
The Seoul Metropolitan Government is stepping up to support the global expansion of promising domestic startups. With a support budget of 4.4 billion KRW, this year it plans to expand the countries supported for overseas expansion, including Silicon Valley in the United States.
On the 16th, Seoul announced that as part of its global expansion program, it will recruit 43 startups preparing to enter five countries? the United States, Vietnam, India, China, and Indonesia?through Seoul Startup Hub Gongdeok until the 13th of next month. Starting with this, Seoul plans to sequentially operate global support programs at its startup support facilities such as Seoul Bio Hub and Seoul Fintech Lab.
Despite the three major challenges (high inflation, high interest rates, and high exchange rates), Seoul has consistently supported startups in attracting investment and pioneering overseas markets to ensure their growth momentum does not falter. As a result, up to last year, a total of 516 startups succeeded in entering overseas markets, achieving 128.6 billion KRW in investment attraction, 153.1 billion KRW in corporate sales, and establishing 103 overseas subsidiaries.
In particular, this year, the number of supported countries for expansion will increase from 14 to 16, operating customized programs. Additionally, the 'Startup Overseas Expansion Support Bases' currently operating in five locations across four countries?Spain, Vietnam, India, and Singapore?will be expanded to seven locations including the United States and Germany to provide close support in the local markets where startups aim to enter.
Furthermore, to accelerate the growth of startups in the fields of artificial intelligence (AI), bio, and fintech, Seoul Bio Hub, Seoul AI Hub, and Seoul Fintech Lab will operate industry-tailored growth acceleration programs. Seoul Bio Hub will support startups in the red bio sector such as pharmaceuticals, medical devices, and digital health to increase their chances of overseas expansion. Seoul AI Hub will expand opportunities for its affiliated companies to participate in overseas exhibitions through cooperation with related organizations such as KOTRA. Seoul Fintech Lab will also conduct a global accelerating program targeting five startups wishing to enter local markets, in partnership with specialized overseas global accelerators (ACs) in fintech.
Lee Hae-woo, Director of Seoul’s Economic Policy Office, said, "Global expansion is not an option but a necessity for startups to grow into unicorn companies. The city will continue to actively support Seoul’s promising startups so they can overcome the limitations of the narrow domestic market and advance into the global market."
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