Global startups that will participate in Korea’s leading accelerator program K-Startup Grand Challenge (KSGC) 2022 , can be assured of genuine collaborations & investments as National IT Industry Promotion Agency (NIPA) and Hanjin Information Systems & Telecommunication Co., Ltd sign a memorandum of understanding (MOU) to promote foreign startups.
NIPA is an agency set up by the Korean government dedicated to supporting innovation, expansion, and creating a viable environment for businesses in the ICT Industry and is also an organizer for KSGC. Hanjin Information Systems & Telecommunication Co., Ltd is a leading Korean software development company specializing in data processing systems.
Along with the “K-Startup Grand Challenge,” the two companies have committed to working together to recruit global startups, review their products/services, and cooperate, including PoC and investment from Hanjin Information Systems & Telecommunication. At the recruiting stage, NIPA will actively seek out startups in fields of interest in which Hanjin Information Systems & Telecommunication wants to collaborate: Aviation, healthcare, Tourism, and Logistics.
After participating teams have been selected for the “K-Startup Grand Challenge,” Hanjin Information Systems & Telecommunication will review them to find suitable cooperation partners, support Proof of Concept (POC), and consider potential investment if necessary.
Since last year, the Hanjin Information Systems & Telecommunication digital solution team has been sourcing and fostering excellent foreign startups. Also, on behalf of the company, the digital solution team has been seeking out global startups intending to venture into the Korean market.
Mun Kyum Kim, the Managing Vice President of Hanjin Information Systems & Telecommunication, said, “We will generate new business models with global startups and actively consider investment and M&A projects in order to promote new growth engines.” Furthermore, Taeyeol Kim, the Vice President of the Global Business Department at NIPA, said, “We have been attracting excellent foreign talent through the K-Startup Grand Challenge, contributing both to job creation for Koreans and the globalization of the country’s startup ecosystem.” He added, “Through the MOU, we are expecting more successful instances of global startups doing business in Korea by collaborating with large Korean enterprises.”