Australia welcomes Korean start-up companies
Participants of the “Start Me Up!” seminar on Australian startups listen to Australian Ambassador to Korea James Choi at D.Camp in Gangnam-gu, southern Seoul, April 19. / Courtesy of Australian Embassy
By Yi Whan-woo
James Choi
Australia has invested over $1.1 billion on the governmental level for startups and it can help Korea's efforts to prepare for the Fourth Industrial Revolution, Australian Ambassador to Korea James Choi said.
He also said his country's “increasingly sophisticated and interconnected” startup ecosystem can play a role for Korea's bid for innovation-based economic growth.
“In Korea, the concept of the Fourth Industrial Revolution is gaining momentum through a range of government and corporate initiatives,” he said during an evening seminar, titled “Start Me Up!,” at D.Camp in Gangnam-gu, southern Seoul, April 19.
The Australian Embassy and Australian Trade and Investment Commission in Seoul hosted the one-day seminar to promote Australia's startup ecosystem to Korea.
“Australia's fast-growing startup ecosystem ... provides great opportunities for Australian and international startups to test and build their businesses,” the ambassador said.
“Australia welcomes collaboration with international startups and support providers and also encourages startups to head to Australia to do business.
“I hope tonight's seminar will open new opportunities for Australian and Korean startups and support providers to work together in the future.”
He pointed out the Australian government spent $1.1 billion accordingly under its National Innovation and Science Agenda announced in December 2015.
He also stressed the Australian startup ecosystem includes over 500 support organizations, saying they are “becoming increasingly sophisticated and interconnected.”
The seminar had three keynote speakers _ Assurety co-founder Peter Park, Edwy director and co-founder Jean Lee, and director Yoojin Kim of the New South Wales (NSW) Trade and Investment at Australian Trade and Investment Commission in Seoul.
Assurety is a Brisbane-based investment and transaction advisory firm assisting investors and growth companies prepare and execute transactions.
Edwy is a Sydney-based company specializing in an international education search platform of digital personalized advisory services powered by artificial intelligence.
The NSW government supports Sydney Startup Hub, the first government-backed innovation center in Australia.
Australia is home to global startups, including Atlassian, Freelancer, CultureAmp, Canva, Prospa, Unlockd and Shoes of Prey.
In particular, Sydney ranks the top 20 of cities to do business for startups, according to the 2017 Silicon Valley Global Startup Ecosystem Report.
A 2017 survey conducted by Startup Muster showed 29 percent of startups have received an Australian government-funded grant or scholarship.
Among startup founders, 36 percent of them were born outside Australia, and a third of them had moved to Australia just less than 10 years before they started business there.
The successful startup industries include fintech, education, internet of things and artificial intelligence.
Over a quarter of Australia's startups generate revenue from export sales.