Gangnam-gu, a district renowned as a vibrant center for dreams and innovation in South Korea, is taking bold steps to support its burgeoning startup ecosystem. Gangnam-gu has launched two groundbreaking initiatives to foster entrepreneurship and facilitate global expansion for startups within the district.
The cornerstone of these efforts is the ‘2024 Gangnam-gu Global Startup IR Activation Support Project’ and the ‘Startup Overseas Testing’ program, designed to identify and nurture outstanding startups and propel them onto the global stage. Companies are being recruited to participate in the 4th edition of the ‘Bed Challenge in the USA (Test Bed Support Project)’ until May 19.
Gangnam-gu’s rich history, dating back to its incorporation into the Seoul Metropolitan Government in 1963, underscores its significance as a key player in South Korea’s economic landscape. Geographically situated in the southeast area of Seoul, Gangnam-gu boasts strategic proximity to major financial centers and transportation hubs.
2024 Gangnam-gu Global Startup IR Activation Support Project
The ‘2024 Gangnam-gu Global Startup IR Activation Support Project’ targets ventures and startups with less than seven years of operation in Gangnam-gu. 35 companies will be selected to receive comprehensive support, including accelerator programs such as IR consulting, data production support, and domestic and foreign investment attraction briefing sessions. Notably, this year’s project aims to invigorate startup IR by organizing investment attraction briefing sessions in the United States and Southeast Asia, providing unparalleled opportunities for global growth.
Startup Overseas Testing Program
Simultaneously, Gangnam-gu is spearheading the ‘Startup Overseas Testing’ program, which includes the ‘Bed Challenge in USA (Test Bed Support Project).’ Ten large and medium-sized American companies, including industry giants like Walmart and FedEx, are participating in this initiative. Gangnam-gu has selected ten domestic startups, each less than ten years old, with cutting-edge technologies spanning various sectors such as corporate operation automation, supply chain management, AI, sustainability, and e-commerce.
Through solution testing, legal consulting, and overseas VC round tables, Gangnam-gu aims to showcase the technological prowess of domestic startups and facilitate their entry into global markets.
Gangnam-gu Mayor Cho Seong-myeong said, “Gangnam-gu is a mecca for startups, with 50% (11 out of 22) of the country’s unicorn companies gathered around Yeoksam-ro Entrepreneur Street, which has been designated as a venture business development promotion district.” He added, “We will continue to support startups in the district with active support measures. We will help companies advance overseas and provide a foundation for continued growth.”
Continued Support and Collaboration
Since 2018, Gangnam-gu has been at the forefront of supporting startups through collaboration with the Venture Business Association and the Korea International Trade Association. Initiatives like the ‘Gangnam Employment and Startup Hub Center,’ established in October 2022, underscore the district’s commitment to providing essential resources and infrastructure for startup growth.
Since 2018, Gangnam-gu has been at the forefront of supporting startups through collaboration with the Venture Business Association and the Korea International Trade Association. Initiatives like the ‘Gangnam Employment and Startup Hub Center,’ established in October 2022, underscore the district’s commitment to providing essential resources and infrastructure for startup growth. In 2023, the Venture Business Association, in collaboration with Gangnam-gu, launched the ‘Global Startup Investment Briefing (IR) Activation Project.’ Over three years, 71 companies participated, resulting in 16.4 billion won in investments and 40 PoC contracts signed with overseas companies.
In addition to these initiatives, Gangnam-gu continues to expand its global network and foster local partnerships to facilitate the growth of promising ventures. With a robust support ecosystem and a clear vision for the future, Gangnam-gu remains at the forefront of South Korea’s startup revolution, poised to unleash a new wave of innovation and economic prosperity.
Application Details For participation applications and more detailed information on the ‘2024 Gangnam-gu Global Startup IR Activation Support Project,’ please refer to the notice on the Venture Business Association website (www.kova.or.kr) or call (02-6331-7083,7089). For more information on the ‘Startup Overseas Testing’ program, visit the Innobranch website (https://innobranch.com) or KakaoTalk Plus Friend’ KITA Startup Branch.’
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