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The Korea Trade-Investment Promotion Agency (KOTRA) held Start-up Battle Korea 2013, hosted by the Ministry of Science, ICT & Future Planning and the Ministry of Trade, Industry and Energy, at the InterContinental Seoul COEX last week.
The event aimed to support outstanding Korean IT venture companies entering foreign markets. This year, 111 Korean companies applied to participate in the event, which celebrated its second anniversary. Ten companies were selected to advance to the finals through document reviews and preliminaries.
Including experts from the U.S.-based Y Combinator, AcreWhite from England and Japan’s NTT Docomo, eight foreign experts participated as judges and provided Korean companies with advice on investment promotion and overseas expansion.
Kevin Hale, a partner at Y Combinator, noted that Korean IT venture companies have outstanding ideas and technology and will succeed in the global market with the advice of experienced mentors. He added that it is important for young venture companies to not give up and to continue challenging themselves.
Y Combinator is the world’s largest business accelerator as named by Forbes Magazine, and Kevin Hale is also a founder of Wufoo.com, the United States’ first web-based document service company.
A forum was also jointly held on the fashion-tech business, a promising market for the next generation. Fashion-Tech refers to the convergence of fashion and IT industries.
Those awarded at the Start-up Battle Korea 2013 will be supported for overseas marketing. KOTRA plans to hold a consultation session by inviting global IT companies and investors for the companies to seek financing and identify markets.
In November, KOTRA will send the ten companies to Silicon Valley and support their investment promotion activities, targeting ten angel investors.
Kim Byung-kwon, Executive Vice President for Strategic Marketing at KOTRA, noted that the event will help reinforce an ecosystem of exports, investment promotion and overseas start-ups.
Source: Ministry of Trade, Industry and Energy (July 16, 2013)
** This article was translated from the Korean.