8 out of 10 Startups Using the 'Overseas Expansion Voucher' Say It Helps with Exports and Investment Attraction

[Asia Economy Reporter Hwang Yoon-joo] The 'Startup Overseas Expansion Voucher,' hosted by the Ministry of SMEs and Startups and operated by the Korea International Trade Association (KITA), has been shown to significantly aid startups in pioneering overseas markets and attracting investment.

According to a survey conducted by KITA targeting companies using the Startup Overseas Expansion Voucher, 81% of respondents stated that it was helpful, the association announced on the 27th. In fact, the 126 responding companies recorded export performance of $16 million and investment attraction amounting to 40 billion KRW last year.

The voucher program supports the global scale-up of startups possessing innovative technologies or business models. Last year, KITA supported overseas marketing and investment attraction for a total of 260 startups using the Ministry of SMEs and Startups' voucher program budget.

In particular, regarding investment attraction, there were significant achievements in non-manufacturing sectors as well, including 13.8 billion KRW in manufacturing, 15.1 billion KRW in IT services, and 11 billion KRW in future new technologies (27.7%) such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR).

Companies mainly utilized the vouchers for strengthening overseas expansion capabilities such as trade practice, intellectual property rights response training, and overseas certification (34.3%), B2C online marketing targeting overseas consumers (20.4%), and B2B online and offline marketing (each 15.7%).

SensorView, which produces 5G cables and antennas, has continuously participated in global mobile specialized exhibitions such as Mobile World Congress (MWC) and the International Microwave Symposium (IMS) using the voucher. Last year, it established local subsidiaries in Taiwan and Singapore to actively start overseas business, and from the end of last year, it began supplying to China's BBK Group, which holds a 15% share of the global smartphone market. Export performance recorded about $300,000 last year, tripling compared to the previous year. This year, the company aims for $10 million in exports by entering the 5G communication markets in the U.S., Europe, China, and Japan, and expanding its market share in Taiwan's communication sector.

Genie Robot, an educational coding robot company, participated in the UK's Bett Show, the world's largest education technology fair, in January and received favorable reviews from buyers. The 2020 Startup Overseas Expansion Voucher program will begin recruiting new participants in March.

This content was produced with the assistance of AI translation services.