SMEs Ministry Recruiting Companies for Global Expansion Support Program "K-Startup Center"

The Ministry of SMEs and Startups announced on April 15 that it is recruiting participating companies for the "K-Startup Center (hereinafter KSC)," a program that supports the global expansion of domestic startups.

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KSC is an overseas expansion support center for startups, established in locations including Seattle (since 2019), Silicon Valley (United States), Tokyo (Japan), Singapore, and Hanoi (Vietnam). It provides startups with support such as technology proof of concept (PoC) with global corporations and governments, investor and conglomerate matchmaking, acceleration programs, office space, as well as legal, tax, and visa consulting.

KSC has fostered growth by connecting startups with local governments and global companies. For example, Company A, specializing in marine navigation, attracted overseas investment through PoC projects with the Maritime and Port Authority of Singapore (MPA) and PSA International. Company B, which recycles used cooking oil, is working to expand into multiple countries by collaborating with local companies in Vietnam, conducting technology validation, and leveraging funding from international organizations.

Last year, the 119 resident companies at the five KSC locations attracted approximately 240 million dollars in overseas investment. According to last year’s survey, 70.3% of KSC-supported companies secured more than 100 million won in domestic investment, more than double the rate of non-supported companies (32.1%). The proportion of KSC-supported companies that attracted overseas investment was 23.0%, also about twice as high as non-supported companies (11.8%).

In a satisfaction survey of companies supported by KSC, 91.9% responded that they were satisfied with the overall office space. As for the effectiveness of overseas expansion support, 87.8% reported tangible benefits, and 89.2% said they intended to participate again or would recommend the program.

The Ministry plans to enhance the functions of KSC by establishing a "Startup Venture Campus (hereinafter SVC)" that brings together related organizations supporting startups, such as the Korea Venture Investment Corp.’s overseas offices. SVC, one of the government’s national policy projects, is currently operating in one location (Silicon Valley), with plans to establish bases in seven regions over the next five years.

SVC serves as a specialized hub supporting startups with local market research, technology validation, domestic startup support program linkage, investment attraction, and overseas expansion guarantees. The Ministry intends to streamline overseas base operations and strengthen support related to incubation, technology validation, and investment attraction by clustering related organizations within SVC.

Additionally, a "Startup Venture Campus Pilot Program" will be trialed, focusing on Western countries. At the "Global Business Center (GBC)" in New York, the Korea Institute of Startup & Entrepreneurship Development, Korea SMEs and Startups Agency, and Korea Venture Investment Corp. will collaborate to support startups. Furthermore, in Western European countries such as the United Kingdom and the Netherlands, local venture capital firms will directly select promising Korean startups and, under the supervision of local accelerators, provide support for technology validation and investment attraction through an intensive 15-week program.

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