"Start Your Overseas Expansion with the Export Incubator"

Jungjingong, Recruiting Resident Companies for Export Incubators... 20 Locations in 12 Key Countries

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 10th that they are recruiting promising export companies to move into the Export Incubator (Export BI), which supports local market settlement and export expansion.

The Export Incubator operates 20 locations in 12 major trading hubs including the United States and China. By 2021, it supported a total of 5,611 companies, achieving approximately $8.59 billion in export performance, playing a role in helping domestic companies enter overseas markets.

Resident companies receive support such as ▲independent office space (80% rent support in the first year, 50% in the second year) ▲accounting, legal advice, and consulting ▲market research to help early settlement. In addition, focusing on promising local industries, support is provided for ▲prototype production through cooperation with specialized institutions ▲buyer testing, and product localization and market development.

Any SME wishing to pioneer overseas markets can apply for residency at the Export Incubator through the SBC website. After document screening, evaluation by SBC regional headquarters and overseas bases, companies are finally selected through a selection committee based on the total combined score. Furthermore, considering the difficulties in overseas expansion due to COVID-19, SBC has introduced and is operating a Pre-BI system. Companies can use the support services provided by the Export Incubator domestically without going abroad.

SBC plans to secure a budget of 1 billion KRW to enhance the operation of the Pre-BI system and increase satisfaction. The support period will be extended from the existing 3 months to 6 months, and one-on-one buyer matching and logistics support services will be added.

Chairman Kim Hak-do said, "Last year, SBC contributed to creating export achievements for SMEs through customized support utilizing overseas bases and linking non-face-to-face marketing," adding, "We will do our best to support so that the Export Incubator can be a reliable guide leading SMEs and startups to successful overseas market entry."

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