Ministry of SMEs and Startups Recruiting Startups for Overseas Demonstration Support Project... Providing up to 100 Million KRW Funding

Citizens visiting the global startup festival 'ComeUp 2021' are looking around the booths. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Kim Bo-kyung] The Ministry of SMEs and Startups is recruiting 10 startups to participate in the '2022 First Half Overseas Demonstration Support Project' from the 16th of this month until July 13th.

This project supports startups with consulting and demonstration funds for all stages of overseas demonstration, including open innovation with overseas large corporations, preliminary consulting, establishment of demonstration methodologies, local product installation, test execution, and supplementation.

Through this, startups can negotiate verification of new technologies and new products with overseas large corporations and achieve various outcomes such as product commercialization, technology export, and securing references based on demonstration results.

In the first half of this year, accelerator Bigbang Angels will conduct overseas demonstrations in Southeast Asia, and in the second half, the Korea International Trade Association will conduct overseas demonstrations in Europe. Selected companies will be provided with up to 100 million KRW in overseas demonstration funds.

A total of 17 unicorn and large companies in sectors such as healthcare, distribution, and fintech, discovered by Bigbang Angels, will provide local infrastructure and platforms to domestic startups.

Kang Shin-cheon, Director of Technology Startup Division at the Ministry of SMEs and Startups, said, "Based on the results of overseas demonstrations, startups can rapidly expand their business in various ways such as technology export, market development, and joint R&D."

He added, "We hope that the Overseas Demonstration Support Project will open new overseas entry channels for startups that possess technologies and business models capable of cooperating with global large corporations."

Detailed announcements can be found on the 'K-Startup Startup Support Portal' website or the Corporate Yard. Companies wishing to participate can apply online by 3 p.m. on July 13th.

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