'New York as the Territory of K-Startup'

K-Startup Development Agreement Ceremony Held

[Asia Economy New York=Correspondent Baek Jong-min] Six organizations have joined forces to nurture Korean startups in New York City, known as 'Silicon Alley,' which competes with the 'Silicon Valley' of the U.S. West Coast.

The New York branch of the Korea Trade-Investment Promotion Agency (KOTRA) signed a memorandum of understanding (MOU) to revitalize the Korean startup ecosystem on the 28th (local time) at the New York Korea Center Startup Branch, together with the Consulate General of the Republic of Korea in New York, the Korean Innovative Technology Entrepreneurs Association (KITEE), the Korean Startup Entrepreneurs Association (KSE), the City University of New York (CUNY), the Korean Chamber of Commerce in the USA (KOCHAM), and KOTRA's North America Regional Headquarters.

Participants at the signing ceremony for systematic support of the North American K startup sector are shouting "Fighting."

Recently, New York, along with San Francisco on the West Coast and Boston, has seen a growing number of startups emerging. According to the Trade Association, more than 5,700 startups are active in the New York metropolitan area alone. There are also 57 unicorn companies valued at over $1 billion.

Korean startups are also showing achievements. Mobile healthcare startup NOOM secured $540 million in investment this year, growing into a company valued at $3.7 billion.

Big tech companies based on the West Coast, such as Google and Facebook, are also expanding their presence in New York. Google purchased the famous tourist spot Chelsea Market and operates offices there. Recently, Google opened the world's first 'Google Store' at this location.

Facebook has also leased a large post office building near Penn Station in downtown New York, signaling plans to expand its office space.

The participating organizations in the agreement plan to actively support K-startups in their growth and investment attraction by fully operating the startup branch in line with the easing of the COVID-19 situation and hosting pitching events for investment attraction.

Jang Won-sam, Consul General of the Republic of Korea in New York, said, "In an environment where various industries and abundant capital exist alongside diverse ethnicities and cultures, multiple organizations must unite to allow our Korean community to freely conduct new and creative experiments."

Lee Sang-jun, head of the Korea Trade-Investment Promotion Agency New York branch, said, "The growth potential of 'K-startups' scattered across New York and New Jersey is very high," adding, "If regular startup expert networking, incubating, and platform sharing are added, the scope of K-startups in the U.S. East Coast region will greatly expand."

David Ahn, a professor at the City University of New York, explained, "There are many opportunities for startup founding and fundraising near New York," emphasizing the need for active entry by Korean startups.

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