Saudi Arabia and South Korea reviewed ways to enhance cooperation in the fields of entrepreneurship and innovation, as the Kingdom’s Minister of Investment Khalid Al-Falih met with the east Asian country's Minister of Small and Medium Enterprises and Startups Lee Young in Riyadh. During the meeting, both ministers discussed opportunities for investment partnerships, in addition to getting Korean SMEs entering the Kingdom.
The Indonesian government received grants amounting to US$5.5 million (equivalent to 7.2 billion South Korean won or around Rp84 billion) from South Korea to increase the capacity of small and medium enterprises (SMEs). The grant is in the form of collaboration on smart factory adoption and training for human resources worth US$5.5 million. The South Korean government initiated cooperation with the Indonesian government to support the development of SMEs through the "ODA Project: Project for Supporting the Transformation into Smart Factory and Training Specialized Manpower in Java Province for Innovation in Indonesian Manufacturing Industry."
Foundation for Innovation and Technology Transfer (FITT), IIT Delhi, and KOSME 중소벤처기업진흥공단 (Korea SMEs Startups Agency) have joined hands to strengthen innovation and startup ecosystems in both nations through collaborative programs and initiatives. As per the MoU conditions both sides would make joint efforts to develop and promote industrial and technology cooperation between FITT and KOSME, also between the SMEs of both countries, support and promote the commercialization of the fields of science and technology between the Startups & SMEs of both countries, exchange technology experts and delegates to promote industrial and technology cooperation between Parties, and promote the organization of joint seminars, conferences and meetings in areas of mutual interests.
With a cool $10 million in its pocket, the Korean Innovation Center (KIC) has big plans for tech startups looking to make a worldwide debut. The incubator, is a South Korean central government-based business incubator for startups looking to move into the US market. It is currently transitioning into an accelerator program, but generally centers around training Korean startups to be ready for growth and launch in DC.
The KIC, which has been in the area since 2015, has outposts in Silicon Valley, Berlin and Beijing. Its so-called Technology Exchange and Transfer accelerating programs primarily center around supporting Korean companies that want to enter the US market and receive funding from US-based investors. It currently has five programs: Tech Frontier, Tech Lean Innovation, Tech Launch, Tech Growth and Tech Beyond. Companies can participate in one or more of the programs based on their current growth stage.
Alongside the programming, the organization is launching a venture capital fund to support its startups and help create a “soft landing” in the US. The funds will be invested directly into KIC’s handpicked startup to help the companies in its fold reach their US goals. KIC has already secured $10 million and is aiming for $25 million at the close.