Seoul to open 2nd global support center for Korean startups in India

Seoul Startup Hub Bengaluru [Source: Seoul Metropolitan Government]

The Seoul Metropolitan Government will open its second global startup support center in Bengaluru, India, next month as part of its long-term plan to set up a total 10 startup support centers around the world by 2026 to support Korean startups’ advance into overseas markets.

The municipality announced on Wednesday, it will receive applications until Oct. 21 to select five Korean startups willing to do business in India. The new startup support center in India, dubbed “Seoul Startup Hub Bengaluru”, will serve to assist Korean startups on path to enter the Indian market by helping create prototypes or proof-of-concept (PoC) models and supporting their funding rounds.

The winning companies will get support from Seoul Startup Hub Bengaluru for their successful entry into the Indian market. The center in India will help them develop market access strategies, arrange partnerships with suitable local companies or institutions in India, operate market entry programs for each startup, and provide a free work space for temporary business preparation.

Location of Bengaluru, India [Source: Google Map]

The center in Bengaluru is the second startup incubator center by the Seoul Metropolitan Government. The city government opened its first program in Ho Chi Minh City, Vietnam in May last year.

Bengaluru often referred to as India’s Silicon Valley is home to leading startups and accelerators. India has a huge domestic market with a population of 1.4 billion and a competitive startup ecosystem with 68 unicorns born so far.

Since last year, Seoul has supported Korean startups in their access to the Indian market in collaboration with Bengaluru-based accelerator, The GAIN.

Applications are available at www.startup-plus.kr, and applicants will be evaluated for selection based on their understanding of the Indian market, business model, and language proficiency.

Separately, Seoul Metropolitan Government will hold a special Indian session (Friday, 17:00 to 18:00) for companies that want to do business or attract investment in India during its global startup festival ‘Try Everything 2022’ to take place in Seoul for three days from Wednesday.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]