Ministry of SMEs and Startups and Mercedes-Benz Select 5 Teams for Automotive Startup Incubation Program
Concrete Collaboration Strategy with Mercedes-Benz for 100 Days
Supporting Global Market Entry
Five Teams Participating in Startup Autobahn Korea. Graph = Provided by the Ministry of SMEs and Startups
View original image[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 10th that it has selected the final five teams participating in ‘Startup Autobahn Korea’ in collaboration with Mercedes-Benz Korea.
Startup Autobahn is a global startup platform designed by the Daimler Group to discover and nurture startups with the capability to enter the global market in the future mobility sector.
The ‘Startup Autobahn Korea,’ co-hosted with Mercedes-Benz this time, is significant as part of global cooperation, providing domestic future car startups with opportunities to expand overseas, according to the Ministry of SMEs and Startups.
A total of 106 startups applied for Startup Autobahn Korea, and five final teams were selected after overcoming a competition rate of 21:1 and being evaluated for growth potential. Simon Bindel, a researcher at Daimler headquarters in Germany, highly praised the capabilities of domestic startups, saying, “Korea, where the most innovative startups coexist with the latest global mega trends, is undoubtedly an attractive startup market.”
The five selected teams will set key performance indicators (KPIs) for each project and conduct preliminary verification before introducing new businesses through the ‘100-day program (D-100)’ until November. Through educational and mentoring session programs, they will share the achievements and experiences of Startup Autobahn while also receiving know-how from experts in various fields.
The results will be presented at the Expo Day held in December this year. Teams that demonstrate outstanding performance will have the opportunity to pitch their projects and attract investment from global venture capitalists (VCs) and partners at the German headquarters.
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Kang Sungcheon, Vice Minister of the Ministry of SMEs and Startups, said, “Startup Autobahn Korea will be a great opportunity for promising domestic startups to grow into future global unicorn companies.”
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