IBK to select startups for Silicon Valley accelerator program

Participants of the first IBK Changgong Silicon Valley accelerator program pose for a photo at the 500 Global headquarters in Silicon Valley, California, in November. (Industrial Bank of Korea)

The Industrial Bank of Korea on Tuesday said it is recruiting participants for the second “IBK Changgong Silicon Valley Accelerating Program,” which aims to give emerging ventures and startups momentum in the overseas market.

IBK has joined hands with 500 Global, an international venture capital firm, to identify innovative startups and to jointly undertake the global accelerating program.

The startups chosen to participate in the program will be provided with exclusive opportunities to take part in the two-month startup training program at Silicon Valley, California.

Funded by IBK, 500 Global will first help entrepreneurs raise startup capital. Upon their arrival in the US, the startups will receive full mentoring to give their business a boost, as well as enhance investor relations and network with local investors. Participants can also freely use the office space at 500 Global's headquarters in Silicon Valley, the bank added.

IBK will receive applications online via the IBK Changgong website, through the end of July.

“We will continue to offer early-stage investment and accelerating programs to new, promising startups, those with high potential for overseas expansion in particular,” said an IBK official.

IBK Changgong -- an amalgamation of “changeop gongjang,” meaning “Venture Factory” in Korean -- was established in 2017 to serve as an accelerator to discover and nurture the nation’s budding startups. Until now, a total of 707 startups have gone through IBK Changgong’s program, the bank added.

By Mun So-jeong(munsojeong@heraldcorp.com)