KITA to Conduct Overseas Testbed in
US for Korean Startups
Opportunity for Korean competitive startups to demonstrate their solutions and
products with large American companies such as Walmart and FedEx -
The Korea International
Trade Association (Chairman: Kim Young-ju) has started supporting Korean
startups to advance into the United States.
On September 4th, the Korea
International Trade Association signed a business agreement with Gangnam-gu,
the Korea Venture Business Association, and Startup Junkie, an American startup
support foundation, to give American consumer goods companies an opportunity to
verify Korean startups' new technologies and announced that the body will carry
out the “overseas testbed” project.
10 US conglomerates with
global distribution networks, including Walmart and FedEx will participate in
this project, and the selected startups will be given the opportunity to apply
their solutions to these companies or sell their products in the stores through
customized consultation from local accelerators. As for the local accelerator,
the Startup Junkie, a foundation directly funded and sponsored by the Sam
Walton family, the founder of Walmart, will play the role.
The startups that are
interestd in participating in the project can apply from September 11th to 25th
via the open innovation platform Innobranch (www.innobranch.com) and the
Gangnam-gu website (www.gangnam.go.kr).
Cho Sang-hyun, chief of
Global Startup Center at the Korea International Trade Associaiton, said, “This
project is priceless opportunity for Korean startups who are struggling for
global expansion in coronavirus crisis to conduct proof of concept (PoC) and
pilot test with large American companies,” and added, “We hope that this
project will be an opportunity for Korean competitive startups to lay the
foundation for their global expansion.”