SEOUL, South Korea, Dec. 19, 2022 /PRNewswire/ -- Deep-tech startups are finding new ways to spur growth through binational partnership models introduced by Born2Global Centre, the startup incubation and acceleration agency under the Ministry of Science and ICT of South Korea. By implementing several technology exchange and joint venture support programs, the Centre has supported over 322 companies to find partners for overseas business expansion and produce actual results in 2022.
As a part of Born2Global Centre's binational R&DB support model that promotes effective technology transfer and global growth of tech innovators, the Centre launched the "LAC-Korea Deep-tech Exchange Program" in 2020 to match tech startups from Korea and Latin America. A total of 222 startups were sourced, and through online meetup events and proposal evaluations throughout July 2020 to March 2021, five partnership pairs were approved to receive funding from the International Development Bank (IDB). As of the end of 2022, the paired-up companies are all generating tangible results, such as revenue increase, acquisition of new customers, and development of new products and services.
One such case is the partnership between Coconut Silo, a one-stop platform directly connecting truck drivers with suppliers utilizing AI technology from Korea and Avancargo, an Argentine B2B platform connecting supply and demand for medium and long-distance freight transport companies. The two companies have made particularly impressive progress through their cooperation. Following a successful technology transfer of Coconut Silo's solution to Avancargo, that has led to an increase in sales for both sides, the companies established a joint corporation in Uruguay, to make inroads to the whole Latin America region, and beyond.
Meanwhile, the "Binational Tech Joint Venture Program" funded by the Ministry of Science and ICT of Korea launched in 2021 to support startups in the data, network, and AI fields. Under the program, more than 43 potential tech joint venture partnerships were built and vetted, and a total of 26 local technology matching joint ventures have been established in markets such as US, Europe, and Southeast Asia to date. A successful outcome of the program is the case of Teamgrit, a two-way communication solution company using IoT-based real-time video data, who established the joint venture R2 in Japan to supply its solutions to Kyocera Group. The joint venture is also seeking currently collaboration with Softbank's IoT module division.
"The results of Born2Global Centre's initiatives launched in 2020 and 2021 are now bearing actual results. This proves that our cross-continental startup partnership models are effective, and also contribute to a sustainable startup ecosystem, as through the technology transfer, the two companies seek a continuous partnership that drives growth for both sides," said Kim Jongkap, Chief Executive Director of Born2Global Centre.
Born2Global Centre has a grand plan to join forces with increased volume of partners to create more binational joint R&DB partnerships and provide more follow-supports (project matching, grants, investment, business development, etc.,) for tech innovators all over the world.
Established in 2013 under the Ministry of Science and ICT in Korea, the Born2Global Centre has been setting the standards for a successful startup ecosystem in Korea and continues to expand and transform startups so that they are engaged, well equipped, and connected with the global market.
