Daegu Creative Economy Innovation Center and the Yozma Group Korea help startups advance overseas
□ The Daegu Metropolitan City, the Center for Creative Economy and Innovation Daegu (CCEI, Director: Yeon Kyuhwang), and the the Yozma Group Korea* (CEO: Lee Won-jae) have announced the successful completion of a training program for startups in Daegu to enter the global market, held for seven days and five nights (October 6-12) in Israel.
* Launched in Israel in 1993, the Yozma Group is a global venture capital company that has successfully debuted companies on NASDAQ and sold companies to global corporations. The Yozma Group Korea was established in 2014 to support startups in Korea and across Asia and to provide an opportunity for them to enter the global market.
〈Accelerating Program in Israel〉
○ Through the “Global Startup Capacity Building Project,” the CCEI and Yozma found nine startups that wish to enter the global market and, after six weeks of training, ultimately selected three startups with the most potential and helped them enter the Israeli market.
○ The three startups that participated in the Accelerating Program in Israel were: 3i[SK1] (CEO: Jeong Ji-wook), a VR content sharing platform developer; Pacoware (CEO: Lee In-gyu), a company that develops educational AI games that help stimulate children’s five senses; and CEO Woo Su-jeong, who plans to found a startup to develop a dynamic implementation-based platform for content provision.
□ Israeli startups establish their business strategies with a focus on entering the global market, since the domestic market is too small. The Accelerating Program, therefore, was focused on securing the foothold for the three Daegu startups to enter the global market and benchmarking Israeli startups’ strategies to advance overseas.
○ The program consisted of IR pitching to Israeli investors and receiving feedback, one on one meetings with the CEOs of local startups and experts, and mentorship and networking to pioneer global market.
○ In addition, the three startups met with business incubators who participate in the Israeli government fund and learned about ways to grow their companies within three years as well as government’s support programs.
○ The participants also visited the Weizmann Institute of Science, one of the world’s leading multidisciplinary basic research institutions in the natural and exact sciences where two Nobel laureates were educated, to discuss technology licensing and other relevant matters.
□ Lee Won-jae, CEO of the Yozma Group Korea explained, “Through this program held in Herzliya, which has recently become the center of high-tech industries, the three startups gained insight into targeting the global market. We will use the Yozma Group’s domestic and overseas networks and actively provide follow-up support to help local startups enter the global market.”
□ Yeon Kyuhwang, director of the Center for Creative Economy and Innovation Daegu, remarked, “Startups have to establish their business strategies with overseas markets in mind rather than the Korean market. Our center has been creating a global network with various partners and will actively support local startups to advance overseas.