SEOUL, South Korea, May 18, 2016 /PRNewswire/ -- "Pangyo," the South Korean Silicon Valley, is emerging as the latest hot spot of the thriving startup ecosystem.
It is known for IT city startups wanting to connect with the global market. This place is Asia's most fascinating startup hub in Asia, a future home to the next IT startup stars to connect with the global market.
The Korean government is in the process of opening a 582,000+ square-foot startup campus in Gyeonggi province to nurture domestic startups and provide connections to a global community.
The Korean government aims to achieve the following: provide stable business space for ICT field startups and venture companies to build a startup hub where VCs, angels, accelerators and startup supporting institutions can conveniently exchange ideas.
K-ICT Born2Global Centre, led by Chief Executive Director Jong Kap Kim, is the main government agency under the Korean government's Ministry of Science, ICT and Future Planning, under Minister Yanghee Choi, that conducts the above purpose with an aim to merge different industrial sectors, mostly with information and communications technologies, to generate new business opportunities and foster the growth of startups at the "K-Global Startup Hub @ Startup Campus".
50+ startups with global entry potential have been selected by Born2Global, global VCs and accelerators.
In addition to exclusive benefits by Born2Global for startups to enter the global market, facilities like office space, meeting rooms, conference rooms and co-working space are offered. Furthermore, there are opportunities for those involved in a wide range of businesses development to receive training services in practical jobs, conferences, seminars and meetings.
Born2Global provides opportunities for startups to present their business models to key investors and potential business partners to raise funding and take their business to the next level. Moreover, Born2Global helps startups to build strategic alliances with domestic and foreign investors and business partners. In effect, these alliances will bring investment attraction opportunities and evaluations of the startups' potential to be successful in the global market.
Born2Global selects startups with global entry potential and provides them with membership services. Born2Global has supported 100+ startups every year. Born2Global has provided one-on-one consulting services according to global market entering cycles from expert groups that include: lawyers, patent attorneys, accountants, labor attorneys, investment specialists, business development and marketing experts. In-house experts provide customized one-on-one consulting services that focus on helping startups reach global markets and are not limited to traditional mentoring of corporate management tactics.
Founded in September 2013, Born2Global has significantly contributed to building a strong foundation for successful investment attraction by establishing a favorable environment for startups to receive investment.
Born2Global has contributed to bringing in investments of over USD$133.2 million for 62 startups.
Also, Born2Global's experts have conducted 4,537 consulting services to 2,921 startups, including 358 overseas patent applications, 198 overseas business contracts & alliances and 26 overseas incorporations.
Startups supported by the Born2Global are already showing big results.
ASD Korea, which enables enterprises and service providers to extend their own ecosystem with their "Cloud for Business" service, was established in 2013. After obtaining an original investment of KRW1.1 billion, ASD Korea posted KRW$1.6 billion in sales in 2014.
Born2Global provided legal, accounting, and marketing services, as well as secured a spot in the B2G Global Connect Overseas Demo Day in Silicon Valley and New York, helping to draw funding.
SmartStudy, another startup, has attracted a total of USD$10.8 million in global venture capital investment from NXC, IBK Capital, and KDB Capital.
With legal, accounting, and marketing support, SmartStudy launched a series of 170 apps and has accumulated over 85 million global downloads and 8.8 million monthly active users. Their flagship app, PINKFONG Best Kids Songs and Stories, has been the top-grossing education app in 98 countries, and their YouTube channel brings in about 1.5 million daily views.
Lastly, Stratio, a Short-Wave Infrared (SWIF) image sensor developer has received a Phase 2 SBIR grant of USD$750,000 from the U.S. National Science Foundation (NSF) for their innovative technology. Born2Global provided legal, accounting and marketing services, as well as the benefit of opportunities for Straio to participate in a global Demo Day.
"We believe that startups can become independent, and through the development of unique business models, can compete with global companies," Jong Kap Kim, Chief Executive Director of Born2Global said. "Diverse benefits are being offered in various combinations to maximize synergy."
Established in September 2013, Born2Global is the major vehicle under the Korean Ministry of Science, ICT and Future Planning to support Korean startup companies in early stages that want to expand across international markets. Born2Global has been providing consulting services in various fields covering training, investment, law, patents, accounting and marketing to nurture global startup companies and also develop a domestic startup ecosystem and support system designed to form a virtuous cycle.
SOURCE K-ICT Born2Global Centre