At the end of August, the Korea Institute of Startup and Entrepreneurship Development (KISED), announced a call for global accelerators that can demonstrate how to effectively operate and quickly activate Investor Relations (IR) in view of matching scale-up stage startups from South Korea with overseas investors within a well-structured process over a 3-month timeframe.
Photo: James Monnat, CEO of Foundry Europe / Credits © Foundry Europe
The selection criteria for the accelerators also included the need for incubation and market planning capabilities in order to globalize the business model of Korean startups. This is the first time such a unique program has been organised by the Korean government. As part of this pilot program, KISED was looking for two partners globally, one in Europe and another in North America.
Luxembourg-based acceleration platform, Foundry Europe was selected as the European accelerator for this prestigious program based on a proposal that leverages the capabilities of two key collaborators within the Foundry network: the market-scaling experts MasonBower and capital services specialists White Castle Partners.
Foundry’s global expansion program is designed to accelerate global fundraising for Korea’s top startups. However, this program is not just about investment brokering, but also about building strong and compelling stories of how their innovation and success in South Korea and abroad can translate into real growth in Europe.
“With this program, we are looking forward to strengthening the economic bridges between South Korea and Europe”.
The objective of this initial program is to showcase world-class Korean innovation to European investors and to materially increase the chances of funding for the selected startups.The ultimate goal is to clear a path of growth in 2021 for these Korean companies to expand and succeed in Europe.
KISED is currently in the process of recruiting the best-in-class startups and scale-ups for the program. From this deep pool of South Korea’s most promising startup candidates, Foundry will ultimately select 10 companies to form an elite group considered to have the best chance for commercial and financial success in Europe.
This ambitious program supported by KISED runs from late October and will conclude in January 2021. Foundry will continue to work individually with the companies that exhibit the strongest cases for European expansion.
“The program will showcase Foundry Europe’s expertise and its mission to connect the most promising international technological innovations with Europe’s diverse and dynamic markets”, says James Monnat, CEO of Foundry Europe. “With this program, we are looking forward to strengthening the economic bridges between South Korea and Europe, and highlighting Luxembourg’s role as an attractive European platform for innovation in the process”.