The Program Has Already Attracted Dozens of Startups and Is Open for Others to Apply Through the End of October
Press Release – updated: Oct 26, 2017 15:00 KST
PANGYO, South Korea, October 26, 2017 (PRESS RELEASE JET) – In2Korea, the equity-free incubator that gives foreign startups the support, expertise and resources they need to succeed in Korea, is now recruiting for its third and final batch of 2017.
The program has already brought more than 23 startups to Korea from 15 countries, including Singapore, India, Russia, South Africa and the United States. They cover a range of industries like fintech, green energy, AI and e-commerce.
Startups wishing to apply for In2Korea’s third batch should have developed an MVP and be able to demonstrate a strong reason for wanting to enter the Korean market.
The program has provided participants of the first two batches with opportunities to test their product in a new market and has even helped some begin planning greater international expansion.
“We wanted to open a branch office in Korea and In2Korea offers the easiest path for high potential startups. The program will also help us localize our product so we can better cater to Koreans’ needs,” said Sarah Lee, head of global expansion at Hopenglish, who joined the program from the United States.
The program aims to help diversify Korea’s startup ecosystem, but many international participants say that In2Korea is helping to broaden their own perspectives.
“It’s a great program. I think the fact that so many companies with ideas from across the world can come here and test their ideas out in Korea is fantastic. In the future it will be crucial to the Korean economy for international companies to set their business up in Korea,” said Craig LaTouche, CEO of JobFindr, who hails originally from Ireland. “For me personally, it is really interesting to see other startups from all over the world and being able to learn from each other. There are lots of crossovers and we have opportunities to help each other out.”
Participants will get on-demand access to experts in fields like law, finance, HR and marketing, along with other perks like free office space and incorporation fee coverage. They will be paired with mentors who have established or run businesses in Korea and can guide them through the process of getting off to a smooth start.
“They gave us a kit with all the information we needed about the program, what we are going to do, where we can get more information, as well as what they expected from us. The lectures about Korean culture and business have helped us as well. It’s exactly what we expected and hoped for,” said Marc Raphael, CEO of KeySupreme, a Haitian national who spent considerable time building his business in the United States.
Specific Benefits For Participants Include:
● Incorporation Fee Coverage: first 5 startups that incorporate their business in Korea will be compensated for registration fees (approx. 1,000 USD)
● Cultural Acclimation: Learn Korean and get insider tips from expats and entrepreneurs who have spent years succeeding in Korea
● Access to Experts: Legal, accounting, marketing and other professional services to help take a business from a concept to corporation
● Free Office Space: Work from Korea’s $160 million Startup Campus in Pangyo, within walking distance of Korea’s tech giants and 15 minutes from the glitz of Gangnam
● Access to Talent: Exclusive access to monthly job fairs where entrepreneurs can meet qualified engineers, marketers and support staff
● Fast Track Visa Process: Get the Korean OASIS Startup Visa within a matter of months, and legally do business in Asia’s new startup hub
How To Apply
All foreign startups and entrepreneurs interested in developing their business in Korea are eligible to apply for the program. Third batch applications are now open and will close October 31st, 2017. To apply and find more information, visit In2Korea’s website – www.in2korea.org
Praise Kim ([email protected] / +8270-4221-2611)
For startups, Korea has become a new hub in Asia, offering a safe, stable environment, the world’s most connected technology infrastructure, world-class talent and a wealthy population of early adopters. Korea’s high tech ecosystem is equally attractive to investors and job seekers. But getting started in a new country is always a challenge. That’s why Korea’s National IT Promotion Agency (NIPA) and Ministry of SMEs and Startups created In2Korea, which kicked off in August 2017. Government support means that In2Korea takes no equity and offers all of its services free of charge.
About the National IT Industry Promotion Agency (NIPA)
The National IT Industry Promotion Agency (NIPA) is devoted to enhancing the competitiveness of Korea’s technology industries, in order to contribute to overall economic growth. Formed from the merger of several governmental organizations, NIPA participates in policy research related to technology. It provides training and support for technology companies, students and employees. It helps establish new distribution channels and markets for Korean companies, and offers support with overseas marketing. NIPA further supports international exchanges, cooperation, and overseas expansion related to Korea’s IT industry.
Powered by WPeMatico