SME Administration to Fully Foster Born Global Startups
Recruiting 60 Startups for Overseas Accelerator Support

Will we also produce global unicorn companies like Tesla and Uber?

With the goal of fostering startups, the government is launching a customized program in collaboration with renowned overseas accelerators to support the global expansion of early-stage startups.

The Small and Medium Business Administration (Administrator Joo Young-seop) announced the first recruitment notice for the Bon Global Startup Overseas Expansion Support as part of the 2017 Global Accelerating Support Program. This program assists novice startups that target the global market but lack experience and capabilities in overseas expansion.

It has been implemented since 2012 with the initial aim of supporting the completion of incubation programs provided by local accelerators. Last year, 34 out of 58 participating companies established overseas subsidiaries, and recorded results including attracting 10.8 billion won in investment, 7.7 billion won in sales, and creating 91 new jobs.

Considering the characteristics and capabilities of startups new to overseas expansion, this program is linked with 11 verified leading overseas accelerators in 8 major export markets, including the U.S., Europe, and Asia, to provide on-site startup incubation programs.

Since last March, the Small and Medium Business Administration has identified about 30 overseas accelerators specialized in nurturing early-stage startups, and has finalized a pool of 11 accelerators after verifying their startup nurturing capabilities, such as local settlement support and investment networks.

Through the first round of recruitment, approximately 45 startups wishing to be incubated by 8 accelerators will be selected, and a second round of recruitment (scheduled for August, approximately 15 companies) will be conducted targeting 3 companies (ERA, Wayra, MOX) that plan to expand overseas after November.

Startups selected through this recruitment will receive business funding of up to 30 million KRW (within 70% of the total project cost) for 10 months, covering expenses such as participation fees for acceleration programs and overseas marketing funds. Additionally, companies that achieve outstanding results will be supported by linking them with crowdfunding platform registration, overseas exhibitions, and participation in global pitching competitions. Further details can be found on the Small and Medium Business Administration website or the K-Startup website (k-startup.go.kr).