Korea opens its doors to foreign startups via In2Korea

Korea opens its doors to foreign startups via In2Korea

By Digital News Asia, Aug. 17, 2017

• Participants will get on-demand access to experts, along with other perks like free office space

• Startups should have developed an MVP, demonstrate a strong reason for wanting to enter Korea

KOREA’S efforts to diversify and expand the tech-savvy country’s startup ecosystem got another boost today in the form of In2Korea. The government-supported programme gives startups the support, expertise and resources they need to succeed in Korea.

Organisers have sent invitations to 30 startups that applied during an early application period, and these companies come from countries including Singapore, India, Russia, South Africa and the United States. They cover a range of industries like fintech, green tech, AI and e-commerce.

Now the programme will begin accepting additional companies that apply through a rolling application period, which began on Aug 16. Startups should have developed an MVP and be able to demonstrate a strong reason for wanting to enter the Korean market.

Participants will get on-demand access to experts in fields like law, finance, HR and marketing, along with other perks like free office space. They will be paired with mentors who have established or run businesses in Korea and can guide them smoothly through the process of getting off to a smooth start.

Full perks for startups include:

Access to experts: Legal, accounting, marketing and other professional services to help you take your business from a concept to corporation

Free office space: Work from Korea's US$160 million Startup Campus in Pangyo, within walking distance of Korea's tech giants and 15 minutes from the glitz of Gangnam

Access to talent: Exclusive access to monthly job fairs where you can meet qualified engineers, marketers and support staff

Fast track visa process: Get your Korean Startup Visa within a matter of months, so you can legally do business in Asia's new startup hub

Cultural acclimation: Learn Korean and get insider tips from expats and entrepreneurs who have spent years succeeding in Korea

For startups, Korea has become a new hub in Asia, offering a safe, stable environment, the world’s most connected technology infrastructure, world-class talent and a wealthy population of early adopters.

Korea’s high tech ecosystem is equally attractive to investors and job seekers. But getting started in a new country is always a challenge. That’s why Korea’s National IT Promotion Agency (NIPA) created In2Korea, which kicked off in August 2017. Government support means that In2Korea takes no equity and offers all of its services free of charge.

Startups will be offered an office space in a Global Startup Campus in Pangyo, which is just in a short subway ride from Seoul's trendy Gangnam district

“In2Korea helps startup entrepreneurs, professional job seekers and investors succeed in Asia’s hottest startup hub, Korea,” said DJ Kim, vice president of NIPA.

“We’ve already recruited some of the best mentors and area experts in Korea, and they’re eager to get started working with the startups.”

How to apply

All foreign startups and entrepreneurs interested in developing their business in Korea are eligible to apply for the program. Rolling applications are now open. To apply and find more information, visit In2Korea’s website at www.in2korea.org

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