Ministry of SMEs and Startups to Support Startups Overseas… Launches ‘Startups for All Global Project’ for Overseas Koreans

Domestic startup support policies are expanding their scope of activity overseas. Policies are being actively pursued to include overseas Koreans and international students in the scope of support and to connect them with the global startup ecosystem centered on Silicon Valley.

The Ministry of SMEs and Startups announced that it held ‘K-Founders Connect in Silicon Valley’ at the Silicon Valley Startup & Venture Campus (SVC) in the United States and officially announced the ‘Global Startup Project for Everyone’ and the ‘K-Founder Fund’ worth 100 billion won.

Noh Yong-suk, First Vice Minister of SMEs and Startups, poses for a commemorative photo at the launch ceremony of the “K-Founder Fund” held at the Startup & Venture Campus (SVC) in Silicon Valley on the 24th (local time) (from left: Kim Dong-shin, CEO of ASQ; Noh Yong-suk, First Vice Minister of SMEs and Startups; and Lee Dae-hee, CEO of Korea Venture Investment). (Photo courtesy of the Ministry of SMEs and Startups)

Launch of 100 Billion Won K-Founder Fund to Support Startup Challenges Overseas

The ‘Global Startup Project for All’ is an initiative that expands the scope of startup support to include overseas Koreans and international students, enabling our citizens to take on the challenge of starting a business abroad. It was established by reflecting policy proposals raised by international students at the ‘AI Connect Summit’ held in Singapore last March.

The Ministry of SMEs and Startups plans to select 80 prospective entrepreneurs and startups from four regions, including Silicon Valley and New York in the U.S., Singapore, and India, and provide them with customized incubation, mentoring, and startup activity expenses.

In addition, a professional mentoring team is formed with the participation of Korean entrepreneurs active overseas, such as Primer USA, Osteogen Tech, Dot, and Ringle, as well as representatives from local investment firms, to share startup experiences and know-how on entering global markets. Support is also provided through the K-Startup Center (KSC) for information on local laws and regulations, identification of business partners, technology demonstration, and investment attraction.

At the event, the launch of the 100 billion won ‘K-Founder Fund’ was also announced.

This fund is the first fund based on overseas Koreans established jointly by the Fund of Funds and a network of overseas Korean entrepreneurs and investors. It will be managed by Valon Capital, led by CEO Dongshin Kim, co-founder of the Silicon Valley Korean unicorn company Sendbird.

The Ministry of SMEs and Startups plans to support the global expansion and investment attraction of domestic startups through the K-Founder Fund, and to establish a virtuous cycle structure in which the experience and capital of successful Korean entrepreneurs abroad are passed on to younger entrepreneurs.

In addition, the Ministry of SMEs and Startups held a meeting attended by startups entering Silicon Valley, the Korea Technology Guarantee Fund, Stanford University accelerators, and the UKF (Korean Entrepreneur Network) to discuss difficulties in the process of overseas expansion and policy support measures.

Noh Yong-seok, First Vice Minister of the Ministry of SMEs and Startups, stated, “The ‘Startup for All Global Project’ is significant as it is the first startup support program targeting overseas Koreans,” adding, “We will support our citizens in taking on the challenge of starting a business anywhere at home or abroad, and create an ecosystem where the experience and capital of overseas Korean entrepreneurs and investors lead to new startups.”