Martial Arts, Support for Cooperation Between German-Korean Large Corporations and Startups in Europe

'HanDok CVC-Startup Open Innovation Summit' Held
Over 100 Participants Including Large Corporations and Startups from Both Countries Such as POSCO and SAP

An event bringing together corporate venture capital (CVC) led by companies from Korea and Germany and startups to find ways for mutual growth was held in Europe. Large corporate CVCs such as Hyundai Motor Company, POSCO, and KT, along with startups aspiring to enter the European market, gathered to discuss investment cooperation in innovative technologies between the two countries.

Lee In-ho, Executive Vice Chairman of the Korea International Trade Association, is delivering a luncheon speech at the VIP luncheon event of the 10th Korean Peninsula Future Symposium held on June 28 at the Dynasty Hall of the Shilla Hotel in Jung-gu, Seoul.
[Photo by Yonhap News]

On the 5th (local time), the Korea International Trade Association (KITA) announced on the 6th that it co-hosted the 'Korea-Germany CVC-Startup Open Innovation Summit' with Asia Berlin at Driverly (a mobility innovation space) in Berlin, Germany. Asia Berlin is a startup support organization under the Berlin state government in Germany.

The event was organized to promote investment and business cooperation between large corporate CVC startups of both countries and to encourage excellent technology startups to collaborate with large corporations for joint overseas market entry, KITA said.

From the Korean side, Lee In-ho, Vice Chairman of KITA, along with corporate CVCs from POSCO Technology Investment, Hyundai Motor Company, KT, and 10 startups participated. From the German side, 15 large corporate CVCs and investment firms including Bosch, Siemens, Audi, Lufthansa, SAP, Bayer, and Brose, as well as 20 startups, took part. A total of over 100 people, including representatives from the Berlin state government and German Trade and Invest, startup support organizations, also joined.

The event featured a Korea-Germany large corporate CVC startup investment cooperation program, presentations (pitching) of Korean and German startup products and technologies, and announcements of overseas expansion plans. Individual business meetings and networking events between companies were also arranged.

Uffen Barbe, Chief Innovation Officer of SAP Ventures, Germany's largest company by market capitalization, said, "I hope meetings like this for cross-border open innovation become more active."

Se-won Pyo, Executive Director of POSCO Technology Investment, said, "It is meaningful to experience German innovative technologies leading the Environmental, Social, and Governance (ESG) field firsthand through this event."

Vice Chairman Lee In-ho said, "Cooperation between companies of the two countries, which have similar industrial and trade structures, will bring economic and industrial development synergies," adding, "It is significant that KITA has created a platform for cooperation between CVCs and startups locally in Europe."

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