Deputy Minister Jo Joo-hyun Listens to Startup Global Expansion Challenges... "Will Enhance Ecosystem Openness"

[Asia Economy Reporter Kim Bo-kyung] Cho Joo-hyun, Vice Minister of the Ministry of SMEs and Startups (photo), visited the Global Startup Academy in Guro-gu, Seoul on the 25th to listen to the difficulties faced by the venture and startup industry.

The meeting was organized to discuss the challenges of overseas market entry for ventures and startups and ways to globalize the domestic startup and venture ecosystem.

Five representatives of ventures and startups interested in or currently expanding overseas, along with two field experts including venture capitalists and global accelerators, attended the meeting.

The startups expressed that overseas market research, marketing strategy development, and partner search require significant costs and manpower, and that investing funds in overseas markets is challenging.

They agreed that overseas expansion programs often remain one-time supports and face limitations in time and resources before achieving results, emphasizing the need for continuous interest and support.

They also suggested that securing office and meeting spaces abroad is a heavy burden and proposed the creation of additional global spaces that can be easily accessed and utilized.

They actively requested consideration of globalization measures for the domestic startup ecosystem, such as improving visa systems for attracting overseas talent and expanding support systems for attracting overseas investment like global funds.

Vice Minister Cho stated, "We will carefully collect the difficulties from the field and prepare measures to promote entry into the global market while enhancing the openness of the startup and venture ecosystem that forms the foundation, and will announce them soon."

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