Young Startups Challenge Markets in the US, Singapore, and Saudi Arabia
Youth Startup Global Launch Ceremony Held
The Ministry of SMEs and Startups (Minister Lee Young) announced on the 13th that it held a global launch ceremony at DreamPlus in Seoul, attended by young startups and support organizations such as the Small and Medium Business Corporation. This launch event was organized to pledge the successful global expansion of 25 young startup teams participating in the 'Youth Startup Academy Global Expansion Program.'
This program is a project that provides opportunities for resident and graduate companies of the Youth Startup Academy to enter overseas markets, and it has been fully operational since this year. After announcing the recruitment of participating companies in May, 50 teams were selected through the first evaluation (presentation), and education and mentoring for global expansion were conducted for these 50 teams. Considering the performance in education and other activities, the final 25 teams were selected at the end of last month.
The selected young startups will depart starting with the United States on the 18th, followed by Singapore and Saudi Arabia next month. On-site, global venture capital (VC) mentoring will be conducted to enhance understanding of the global market and the possibility of attracting investment, followed by networking with local companies. In particular, in Saudi Arabia, the Small and Medium Business Corporation and the private operator of the Youth Startup Academy will accompany the teams to provide policy transfer on South Korea’s startup support policies to local Saudi officials.
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Lim Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, said, "I hope this launch ceremony will serve as an opportunity for young entrepreneurs to firmly commit to making a strong leap into the global market," adding, "The government will actively support and encourage young entrepreneurs to continue challenging the global market."
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