Seoul City Launches Startup Support Control Tower in Bengaluru, India... Plans to Establish 10 Locations by 2026

Opening of 'Seoul Startup Hub Bengaluru Accelerating Center' in India
Comprehensive accelerating program to support local market entry

[Asia Economy Reporter Lim Cheol-young] Seoul city announced on the 21st that its global startup support control tower will begin operations in October in Bengaluru, a southern region of India. Bengaluru is home to leading Indian startups and accelerators and is known as the Silicon Valley of India.

Following Ho Chi Minh City in Vietnam, Seoul's second global growth hub established overseas to support startups, 'Seoul Startup Hub Bengaluru,' will assist startups entering the Indian market by providing services such as Proof of Concept (PoC) for commercialization suitability of new technologies and investment attraction support.

Seoul city recognized the infinite potential of the Indian market and has been supporting Seoul startups' entry into India since last year in collaboration with The GAIN, a professional local accelerator operating in Bengaluru. Confirming the importance of both markets, Seoul and The GAIN cooperated to establish the 'Seoul Startup Hub Bengaluru.'

Going forward, 'Seoul Startup Hub Bengaluru' will comprehensively support the local commercialization of domestic startups entering India. Initially, about five domestic startups will be selected annually to support their entry into India, and the scale of support will be expanded if there are visible results such as follow-up investment attraction.

Seoul city is currently recruiting five startups wishing to enter the Indian market by October 21, utilizing 'Seoul Startup Hub Bengaluru' as a base. Selected companies will receive comprehensive support, including securing partnerships with local companies and institutions, operating local entry programs, and office space, to ensure successful entry into the Indian market.

This program provides comprehensive support for startups' successful entry into the Indian market and recruits five companies. Applications can be made through the startup comprehensive information platform 'Startup Plus,' and selected companies will undergo a two-stage evaluation by The GAIN and Unicorn Incubator based on their understanding of the Indian market, business model, language skills, and other competencies.

During the global startup festival 'Try Everything 2022,' held over three days starting on the 21st, Seoul city will operate a special India session covering essential knowledge for entrepreneurs entering India and strategies for attracting investment from Indian companies and investors. Seoul plans to establish 10 global startup support centers by 2026 to grow into a global top 5 startup city and actively support startups' global expansion.

To this end, Seoul will support rapid localization through joint ventures with local startups in emerging market hubs such as Asia and Latin America, and in advanced market hubs like the US and Europe, it will pursue entry strategies through cooperation with global companies in technology and distribution and investment attraction cooperation with global venture capitalists (VCs).

Hwang Bo-yeon, Director of Seoul's Economic Policy Office, said, "The 'Seoul Startup Hub Bengaluru' will be a strong partner to help our startups successfully settle in the Indian market," adding, "We will expand global hubs to 10 locations by 2026 in Asia, Latin America, the US, and Europe to accelerate our startups' overseas market entry."

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