Seoul to help foreign startups here

A monthly networking session at Seoul Global Startup Center / Courtesy of Seoul Metropolitan Government

By Lee Suh-yoon

Seoul Global Startup Center in Yongsan, central Seoul, is selecting 40 new teams to move into its incubation hub, the city government announced Monday.

The chosen teams will be able to use the center's office space free-of-charge while receiving one-on-one mentoring, networking opportunities with investors and up to 20 million won in startup funding.

Startup teams led or co-led by a foreign resident and in operation for less than seven years are eligible to apply. A judge panel will choose teams based on business model validity, growth potential and innovative capability.

Opened in August 2016, the city-run center has incubated 117 startup teams led by foreign residents, 41 of which were able to find funding to continue their business after leaving the center.

This year, the center is also providing special Korean language classes. There are currently 40 startups working at the center with members from 33 countries.

Applications will be accepted online until March 27. Forms can be downloaded at seoulgsc.com. A briefing session for prospective applicants will be held at the co-working space on the center's third floor at 2 p.m. on March 14.

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