The startup ecosystem in Korea has been surging since 2015 because the Korean government launched a drive to support startups and also promote entrepreneurship among the youth.

Entrepreneurship drive has been one sure strategy at the core agenda of past and successive presidents to alleviate the rate of unemployment among the youth.

Therefore, the Korean Government has instituted and empowered many organizations to run programs that are essential to the continued innovative drive it is pursuing. The government has outlined plans to support new and creative ideas, especially from foreigners and other sectors of the economy.

In the meantime, achieving these ambitious technological goals will also help propel the government’s steep dive into the fourth industrial revolution.

Therefore, here are 15 notable Korean government organizations and agencies that support startups. The kind of support varies according to each organization’s setup and goals.

However, most of them support early-stage ventures and startups. Whether you are looking for funds, office space, VC partners, mentoring, acceleration or global expansion, these companies and organizations listed here can help you in one way or the other.

It’s time to access them for the benefit and growth of your startup.

Korean Government Agencies that Support Startups and Small Business

Ministry of Science and ICT

This is the official government agency that is constituted to oversee and implement the government’s grand science and ICT policies. It is established to evaluate science and technology policy, support innovative research and development, human resource and skills development in ICT and accelerate growth engine. Presently, it is now championing the 4th industrial revolution.

Pangyo Techno Valley

Pangyo Techno Valley is the Korean version of Silicon Valley in the USA. Located in Seongnam, Gyeonggi Province of Korea, the vast industrial and startup campus is home to some of Korea’s top tech companies such as NCSoft Corp., Kakao, SK Planet, Nexon and other global companies. Currently, it also hosts global startups that are accepted into the annual K-Startup Grand Challenge program. First opened in 2011, the campus has accommodated over 1,200 companies. Aside from the startup campus, you can find a global R&D center as well as the center for creative economy and innovation.

Korea Creative Content Agency (KOCCA)

Creative content is at the forefront of Korea’s digital innovation. The Korea Creative Content Agency ensures the promotion of Korean content industry. They provide education for content creators and serve as an incubator for content start-ups. Some of the fields they support include games, Comics, AR/VR, Animation, Character Licensing, Broadcasting, and music.

Center for Creative Economy and Innovation (CCEI)

The CCEI is one of the leading government agencies that help local startups and business to expand globally. Opened in 2014, it operates 18 local offices in 17 regions across Korea. The CCEI is focused on creative viable startup hubs and providing special assistance to small and medium enterprises from the regions.

K-Startup

K-Startup is a government-run online hub that announces various startup programs aimed for the youth. The hub is filled with enormous resources that will help propel your startup from an idea into commercialization. Warning: the site is in Korean.

National IT Industry Promotion Agency (NIPA)

NIPA is Korea government’s IT promotion organization. Established in 1998, NIPA is affiliated to the Ministry of Science, ICT and Future Planning. They are tasked to promote Korea’s ICT industry and attract global business partnerships. Therefore, they also implement relevant policies through a robust R&D strategy.

Small & Medium Business Corporation (SBC)

The SBC exists to support startups and small business from business plans design, incubation, early stage, growth, market entry, and sustainable growth. They also offer loans with little interests to enterprises that plan to scale.

Small and Medium Business Administration (SMBA)

The SMBA is one of the agencies under the Ministry of SMEs and Startups that foster innovation of Small Medium-sized Enterprises (SMEs) and Micro Enterprises (MEs). Most importantly, their business mission is underpinned in three areas; business growth promotion, fostering business startups and support for micro-enterprises.

Korea Institute of Startup and Entrepreneurship Development (KISED)

KISED is also one of the affiliated organizations under the Ministry of SMEs and Startups, tasked with creating a convenient environment for startups to thrive and create jobs for the creative economy. Moreover, they provide entrepreneurship education, develop startup infrastructure, mentoring support and many others.

Korea Venture Investment Corporation (KVIC)

If you are looking for venture funding for your startup, the Korea Venture Investment Corporation (KVIC) should be top on your list. They provide a capital source for the venture capital market. Some of the funds they provide are related to job creation, angel funds, foreign VC investment funds, and industrial technology commercialization. This agency is also affiliated to the Ministry of SMEs and Startups.

K-Growth

The Korea Growth Investment Corporation is an independent funds-of-fund management agency that provides risk capital to Korean startups and SMEs at various stages of their business cycle. It had dedicated professionals to ensure that, the funds are channeled effectively for their intended purposes.

K-ICT Startup Mentoring Center

This mentoring center under the Korea Youth Entrepreneurship Foundation is a place where startups mentees are paired with experienced startup and business owners to help early-stage businesses.

Korea Trade and Investment Promotion Agency (KOTRA)

If you need consultation about establishing a global business or trade-investment venture in Korea, KOTRA is the right place for you. Hence, do not entangle yourself with any stress. They offer comprehensive direction for companies that intend to invest in Korea or expand their markets internationally. they also operate BuyKorea (a B2B E-marketplace for Korean products).

Korea Invention Promotion Association (KIPA)

Do you have any inventive idea? Are you seeking patent attorneys to file a patent for your idea? Then, KIPA is your one-stop service center for such tasks. KIPA help startups through idea acquisition, intellectual property registration, patent application and all other stages required for your invention to commercialization. Moreover, they host the Seoul International Invention Fair annually.

Korea Technology Finance Corporation (KIBO)

KOBO is a non-profit institution also affiliated with the Ministry of SMEs and startups, charged with the responsibility of facilitating technology finance for innovative companies and SMEs in Korea. They provide credit guarantee, technology appraisal, equity investment and technology transfer for many startups and firms.

Do you know of any other agencies that are not mentioned in this article? Please send me an email and we are sure to update it. Meanwhile, try these agencies.

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Korean startup ecosystem has been lopsided for a very long time. Until 2012-2013, the startup scene in Korean had remained homogeneous despite the many calls by foreign entrepreneurs to rake in foreign startups. Korea is becoming a hotbed for startups.  But not just startups but also global businesses, particularly due to the support from the central government and its supporting agencies. Therefore, some of these supports are now being designed and channeled into foreign startups in Korea.

Creative Economy Drive

The government since 2015 have been trumpeting the buzzword ‘Creative Economy’.  A move by the Korean government to expand job creation, innovation and stimulate economic growth. With the advent of the 4th Industrial revolution, Korea is investing heavily in the technological infrastructure and logistics.  Furthermore, they are creating a conducive environment for startups to thrive. Every now and then, there’s been an ascension in startup events, startup accelerators, angel investors, coworking spaces, venture capitalism and incubator programs.

Most of all, there’s been an unparalleled financial injection into the startup development.  As a result, the Korean government is inviting foreign startups to come and start their entrepreneurship journeys in Korea.

Furthermore, Seoul has become a prominent destination for not only attracting foreign independent travelers but also, foreign startup entrepreneurs. Due to this, it is important to outline the programs that support foreign startups in Korea.  In addition, give directions to prospective entrepreneurs.

Programs For Foreign Startups in Korea

OASIS STARTUP VISA PROGRAM

This is unarguably your first foot to launching a startup business in Korea. OASIS (Overall Assistance for Start-up Immigration System) is a visa point-system specifically targeted at foreigners who wants to establish a technology-based startup in Korea. Participants are required to take classes in Intellectual property, Patent, Business Laws, Korean Culture, and Society. Completion of the necessary required and elective course will earn you points.  These points will qualify you to obtain the D-8-4 Startup Visa.

Every legal foreigner (tourists, students, teachers) is eligible for this type of visa.  Promulgated in 2015, this program has continued to attract many foreigners with brilliant ideas to stay in Korea. Applicants must:

• have a bachelor’s degree or above
• obtain 80 points or more in the IP education and corporate registration

It takes a quite some time to complete but it is worth it. You can find more updated information about the class schedule programs at the OASIS VISA Website.

K-STARTUP GRAND CHALLENGE

The K-Startup Grand Challenge is Korea’s first global accelerator program that invites foreign startups to Korea for a 4 month-long acceleration program that includes funding and office space. Established in 2016, the program received over 1500 applications from 118 countries in the 2017 batch alone. Selected startups are offered a congenial space at the Pangyo Techno Valley Startup campus to operate. They are paired with some of the reputable tech companies and accelerators for mentoring and business training.

80 teams are initially invited to Korea after which the top 40 will go through intensive acceleration and incubation to battle it out the K-Startup Grand Challenge Demo Day in December. The winner of the Demo day is entitled to a whopping $100,000 cash prize. It is noteworthy that, since 2016, 41 startups have successfully incorporated in Korea with over $26 million in investments recorded.

The applications for 2018 batch is already closed but you can find more information on the K-Startup Grand Challenge to help you prepare for the next intake. It is a fully sponsored government program run by the Ministry of SMEs and Startups, National IT Industry Promotion Agency and other subsidiary supporting organizations.

GLOBAL ACCELERATOR PROGRAM FOR STARTUPS (GAPS)

The Small and Medium Business Administration (SMBA), a Korean Government Agency has been running this program since 2012. It aims to find and support foreign (prep) start-up entrepreneurs having excellent business items and providing them with commercialization fund, office, mentoring, start-up education, and various supporting program. Up to 13 teams are selected every year. The support also includes a Startup Visa. Visit https://www.k-startup.go.kr/main.do for more information. (Site is in Korean)

TECH INCUBATOR PROGRAM FOR STARTUPS (TIPS)

TIPS is one of the major government-backed Startup programs for both Korean-owned and Foreign startups in Korea. It ensures the growth and success of all the startups that pass through the program. They support these startups to enter the global marketplace. TIPS town, the hub located in Yeoksam, Seoul nurtures promising tech startups with office space, investor matching, mentoring, R&D and many more other support. Take your startup to TIP by checking them out here: http://www.jointips.or.kr/global/. Applications are open year-round.

SEOUL GLOBAL STARTUP CENTER (SEOUL GSC)

Seoul GSC is a startup incubation center established to support foreign entrepreneurs to start their business journeys in Korea. It was founded by the Seoul Metropolitan City Government but operated by Rehoboth, a private business and incubator services provider. The center provides support for early-stage startups in their 1-year incubator program, including Free office space, Seed Fund of about 10 Million KRW, Mentorship and skills training. Furthermore, if you are interested, visit www.seoulgsc.com for more updates.

BORN2GLOBAL STARTUP PROGRAM

Born2Global as the name suggests has its main focus on helping potential startups go global. The “K-Global Startup Hub” helps over 100 startups every year to enter new global markets. Born2Global is a Korean government agency under the Ministry of Science ICT and Future Planning (MSIP). They provide support in terms of education, PR, marketing, patent, incubation office space, demo days and more. If your startup operation is in the target areas of “Healthcare, Mobility, Energy, Agritech, Safety/Security,” then visit Born2Global for more updates.

SEOUL GLOBAL CENTER (Incubation and Big Think Demo Day)

Seoul Global Center is a full-government run support center that assists foreign residents in Seoul. The center also incubation service for early stage and most promising foreign startups by providing free office space in the business centers at Jongno and Gangnam. In addition, selected startup teams usually spend 6-months in the program and are given coaching, 1:1 mentoring, and special lectures.

Furthermore, they host the “Big Think Demo Day” for foreign startups in Korea with technology-based business ideas.

The post Top 7 Government Programs That Support Foreign Startups in Korea appeared first on Startup Radar.

The Korean media and the Korean government have concerns about cryptocurrency when it comes to it being used as a means to launder money or avoid taxes. Bad people will always use tools to serve their illicit ends. However, criminals are probably using US dollars more than Bitcoin or any other cryptocurrency, to fund their criminal endeavors. This point is often forgotten by critics of cryptocurrency.

Politicians and mainstream media in Korea have one thing in common: They overwhelmingly focus on Bitcoin. We are sure most people won’t even be aware that Bitcoin only accounts for 44% of the total cryptocurrency market and that this figure has been as low as 32.5%. What this means is that there are 100’s of billions of dollars of valuation in cryptocurrency projects other than Bitcoin.

The innovation in Bitcoin is only the tip of the iceberg when it comes to cryptocurrency. We think that if more coverage was given to other projects in cryptocurrency, then there would be more recognition for the innovation happening in the space.  Then the Korean media and government would embrace cryptocurrencies more in Korea.

How Cryptocurrency Technology Can Create Good In Korea

Much has been written on cryptocurrency prices or the death of Bitcoin. It’s near as if the only thing that matters is the price of cryptocurrencies. We are sure that founders of many cryptocurrency projects are horrified by this idea.

What many people do not know is that there are plenty of exceptionally talented people in the cryptocurrency space. These people are working on the cutting edge of technology and trying to solve real-world problems.

Bitcoin rose out of the ashes of the 2008 financial crisis and has gifted the world blockchain technology. In simple terms, this creates a public ledger of transactions and removes the need for a middleman to verify the transaction. Cutting out middlemen saves on cost and a public ledger means that transactions can be policed. There are also a number of business benefits of cryptocurrency.

Bitcoin enables people to freely transact value across the world. In the developed world we may take this for granted. What many do not know is that out of the 7.6 billion people on the planet, over 2 billion are unbanked.  Before Bitcoin, the only option open to economic migrants was to use expensive money transfer services such as Western Money Union. Bitcoin empowers these people with an alternative.

Ethereum’s innovation in smart contracts has gone further to cut out middlemen. Smart contracts have enabled the exchange of assets without the oversight of an expensive third party. This innovation really does have the potential to change the lives of many people for the better and Korea should be doing all they can to innovate with this technology.

To be continued…..

The post Korean Media Should not be Obsessed with Just Bitcoin appeared first on Startup Radar.

We work with select cities to share our data on where a large number of bicycles are going.  Why is this useful?  If we put bicycles in place and there are no bike lanes and bike accessible areas.  We can show a city like Suwon where people are riding their bikes so they can add in bike lanes.  We want to make sure MoBike is respectful to the community of Suwon and to the Korean government.  Therefore we go to the government and ask where they would like us to park the bikes.  When you are working with a cooperative government and a government that can see that bringing Mobike to Suwon benefits their citizenship, they will give us parking spaces.

Smart Operation Strategy

Smart operation leads to high utilization.  So as we put bikes on the street and because they are everywhere, people can jump on them and ride wherever they want with them.  Sometimes the person that jumps on that bike doesn’t live anywhere around anybody else.  Which is why we have drivers to go around and pick up all of these bikes by the end of the night.  We also will have already mapped out the most effective route for them via our GPS.

With Mobike and what we are doing with our smart technology and our ability to put bikes at the end or inside of areas that are in need of public transportation, we are helping cities solve their transportation problem.  We are helping solve their problems of having easy access to bicycles.

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