NextElevation Partners with CNT Tech to Foster Innovative Startups

Formation of Venture Investment Association
Development and Operation of Innovation Programs to Foster Promising Startups

Next Elevation, a startup accelerator (AC) subsidiary of Asia Economy, is partnering with investment specialist accelerator CNT Tech to form a venture investment association. They have also agreed to collaborate on the development and operation of programs to nurture promising startups. This partnership is expected to lay the foundation for innovative domestic and international startups to grow into unicorns.

Next Elevation and CNT Tech announced on the 30th that they will sign a strategic alliance to discover and nurture startups leading the future with innovative ideas and technologies. The memorandum of understanding ceremony was held at the Asia Economy headquarters in Chungmuro, Jung-gu, Seoul, attended by key figures including Ma Young-min, CEO of Next Elevation, and Jeon Hwa-seong, CEO of CNT Tech.

On the 30th, Ma Young-min, CEO of Next Elevation (left), and Jeon Hwa-sung, CEO of CNT Tech, are taking a commemorative photo after signing a business agreement. Photo by Yoon Dong-joo doso7@

Through this agreement, both companies plan to maximize the use of their respective capabilities and resources to support outstanding domestic innovative startups. First, Next Elevation and CNT Tech will jointly form a venture investment association to discover and invest in innovative startups. They also plan to actively cooperate in developing and operating accelerating programs for discovering and nurturing promising startups.

This collaboration is expected to contribute to the continuous growth and development of the domestic and international startup ecosystem. CNT Tech has nurtured over 5,000 companies and is the largest accelerator in Asia, achieving the highest number of domestic investments for four consecutive years. Jeon Hwa-seong, CEO of CNT Tech, also serves as the chairman of the ‘Early Investment Accelerator Association,’ which was recently launched through the merger of the Korea Accelerator Association and the Korea Early Investment Institution Association. This association has about 300 member institutions, forming the core of early investment and nurturing in the domestic startup ecosystem.

Next Elevation also has strengths in accelerating programs for discovering and nurturing startups. Established last year as a subsidiary of Asia Economy with the goal of fostering innovative startups, it discovered five startups in its first year and successfully completed the first accelerating program. This year, the second program started in March, with six startups currently participating in the 15-week accelerating course. A demo day to review the results of this program and support follow-up investment attraction is scheduled to be held at COEX on the 27th of next month.

Jeon Hwa-seong, CEO of CNT Tech, said, "The cooperation between Next Elevation and CNT Tech, which focuses on early investments with great social value, is expected to give much hope to young people," adding, "We will invest in the hopes of youth through joint fund management."

Ma Young-min, CEO of Next Elevation, said, "We expect synergy effects in discovering and nurturing promising startups through this agreement," and added, "We hope to contribute to the growth of the startup ecosystem through close collaboration."