Overseas Expansion Startup Intensive Growth Camp... 15 ICT Companies Selected

[Asia Economy Reporter Seolgina Jo] The Ministry of Science and ICT announced on the 3rd that it held a demonstration day (Demo Day) for the ‘Overseas Expansion Intensive Growth Camp (Boot-X Program)’ for ICT startups’ global expansion online over two days starting from the 30th of last month.

The newly launched Overseas Expansion Intensive Growth Camp this year consists of an 8-week intensive training course (Phase 1), where companies set an ideal customer list and customer value proposition to enhance understanding of the target overseas market and establish sales and marketing strategies, followed by a 6-week local market validation process (Phase 2) to verify local customer responses to the product.

This demonstration day was conducted to select companies that will proceed to the Phase 2 market validation process among 19 companies that completed Phase 1. Each company pitched at an investment briefing and answered questions from the evaluation panel.

Fifteen companies were finally selected, including Minimap, which provides data-based user game preference analysis services; Softberry, engaged in mobility business using eco-friendly energy; Clasum, a lecture communication platform; and Humelo, which offers a high-quality voice synthesis creation and editing program capable of emotional expression.

These 15 companies will directly grasp local market responses through user experience surveys, potential customer interviews, and meetings with potential partners according to the form of their products or services. The entire process will be conducted online by connecting with experts who have local market networks.

Oh Sang-jin, Director of Information and Communication Industry Policy at the Ministry of Science and ICT, said, “Due to the global spread of COVID-19, it was difficult to invite overseas experts, but we were able to promptly change the originally planned in-person training course to a non-face-to-face format and proceed with the training without disruption. We will continue to make active and multifaceted efforts, such as planning new programs and securing related experts, so that ICT startups with innovative technology and capabilities can reduce time and costs and quickly enter local markets, thereby increasing their chances of successful overseas expansion.”

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