Daegu City Signs Business Agreement with US Plug and Play... Aiming to Foster 'Global Startups'

Daegu City and Plug and Play signed a business agreement on the 30th at the City Hall Annex to foster global startups.

[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] On the 30th, Daegu City signed a business agreement with Plug and Play, the world's largest venture investment firm and startup incubation organization, to foster global startups.

Plug and Play is a leading Silicon Valley startup accelerator that has discovered over 1,600 companies, including 29 unicorn companies such as PayPal, Dropbox, and LendingClub.

It also operates more than 60 open innovation programs worldwide in collaboration with global giants like Mercedes-Benz and Facebook.

In January 2020, Daegu City signed a business agreement with Plug and Play in Silicon Valley, USA, promising mutual cooperation in the global expansion of Daegu startups and the smart city sector.

This follow-up agreement includes final agreements on ▲operating cooperation programs to support the global expansion of Daegu startups ▲supporting partnership cooperation between local mid-sized companies and Plug and Play ▲supporting overseas expansion of local companies possessing smart city solutions.

As the first cooperation measure, Plug and Play will launch a global expansion program from April targeting 10 local startups with high growth potential.

To accurately assess expansion capabilities, Plug and Play will participate directly from the selection stage, and selected companies will receive support through Plug and Play's global mentoring network, expert mentoring, and workshop programs.

Outstanding companies will be granted privileges such as participation in Plug and Play global events to ensure continuous exposure to the global market.

Ultimately, small and medium-sized enterprises will utilize the Plug and Play global network to support overseas demonstrations of Daegu venture startups and actively expand cooperation to revitalize smart cities.

A Daegu City official said, "Global collaboration with Plug and Play, which was temporarily halted due to COVID-19, has resumed after two years," adding, "We will prove together with Plug and Play that a world-class unicorn company can be born in Daegu."

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