Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.
KITA opens Startup Branch at COEX
Industry Minister Sung Yoon-mo, third from left in the front row, and KITA CEO Kim Young-ju, fourth from left in the front row, pose with entrepreneurs and industry officials at the opening of the Startup Branch at COEX, Tuesday. Courtesy of KITA
By Kwak Yeon-soo
By Kwak Yeon-soo
The Korea International Trade Association (KITA) has opened a “Startup Branch” at COEX, with an aim to provide an open platform for startups to scale up and globalize.
All aspiring entrepreneurs, venture capital companies (VCs) and accelerators are welcome to use the branch, according to KITA, Tuesday.
The Startup Branch is divided into offices where startups can pitch their disruptive ideas, a consulting area where startups, VCs and accelerators can engage in networking, and a cafeteria.
“Considering declining exports and the sluggish economy, it is necessary to both globalize and scale up startups,” KITA CEO Kim Young-ju said during a press conference introducing the Startup Branch.
“The Startup Branch is an open platform for startups to not just expand their businesses, but also make connections with established corporations. KITA can help with providing a meeting place and enormous networks.”
According to Kim, KITA can offer more freedom and creativity compared to the Korea Trade-Investment Promotion Agency and Korea SMEs and Startups Agency, which run similar programs, because it is not tied to government aid.
KITA's new Startup Branch located on the second floor of COEX / Courtesy of KITA
KITA introduced three pillars to support startups ― globalization, scale-up and open innovation. Globalization involves organizing meetings and matching startups with Fortune 500 Connect companies.
Scale-up includes providing mentoring services and boosting cooperation with global companies such as Google and Facebook to reinforce global strengths.
Meanwhile, open innovation matches startups with local conglomerates and mid-sized enterprises to explore overseas business opportunities.
Apart from Seoul, KITA has opened two other branches in New York and Dubai to connect local startups with global companies.
As well as its rich programs planned for the Startup Branch, KITA will hold “NextRise 2019, Seoul,” a global startup conference in July with about 200 startups participating.
In the second half of 2019, the organization plans to launch an online platform to attract more entrepreneurs.