Gyeonggi Province, U.S. Korean entrepreneurs team up to boost startup growth

(Gyeonggi Province)

Gyeonggi Province and a group of South Korean-American entrepreneurs have joined hands to collaborate on helping regionally-based startups expand globally.

The Gyeonggido Business & Science Accelerator (GBSA), which supports small and medium-sized enterprises in Gyeonggi Province, signed a memorandum of understanding (MOU) with United Korean Founders (UFK) in New York City on Thursday (local time).

UFK, a non-profit organization co-founded by Jeong Sae-ju of Noom Inc. and Lee Ki-ha of Primer Sazze, supports the growth of Korean-American entrepreneurs and the development of a U.S. startup ecosystem.

The group has about 1,000 members on the West Coast and 500 on the East Coast.

Under the MOU, GBSA and UFK will identify promising Gyeonggi startups, assist them in entering the U.S. market, and support their growth into unicorns.

The partnership will involve joint investment briefings, investment matchmaking, expert consulting, educational support, and participation in startup events to promote scaling.

“About 30 percent of Korea’s startups are in the Gyeonggi area,” said Gyeonggi Governor Kim Dong-yeon. “It’s crucial to provide opportunities to create a startup ecosystem – that‘s the province’s job.”

He also emphasized policies that turn failure into an asset by giving startups new opportunities.

UFK co-founders Jeong and Lee stressed the importance of networks for startups.

“UFK was established to help entrepreneurs grow together,” they said, encouraging Korean entrepreneurs to seize this opportunity for success.

UFK will host the 2024 NYC Startup Summit on Friday, where 10 startups from Gyeonggi Province will pitch to UFK-linked venture capital investors.

Startups such as Korea Housing Information, a residential management solutions provider, and eKonology, a dental care solutions provider, are hoping to expand into the global market, including the United States.