South Korea is rapidly emerging as a global innovation hub, and its government is keen on attracting international startups. The Foreign Startup Commercialization Support Program is designed to provide the resources, networks, and support needed for foreign startups to succeed in this dynamic environment.

For digital nomads who are also entrepreneurs or startup employees, this program is a great opportunity to learn more about the Korean market and culture. Here’s everything you need to know about this exciting new opportunity, including how to apply, eligibility, contact details, and more.

What is the Foreign Startup Commercialization Support Program?

The Foreign Startup Commercialization Support Program, launched by the Ministry of SMEs and Startups (MSS) in partnership with the Korea Startup Promotion Agency (KISA), is aimed at helping foreign startups commercialize their products or services in South Korea.

Why South Korea?

South Korea is a global leader in technology and innovation, with a government that actively supports the growth of startups. Korea is an ideal location for startups looking to commercialize their technologies globally, thanks to its modern infrastructure, highly skilled workforce, and robust R&D environment. The Foreign Startup Commercialization Support Program is just one of the many initiatives that reflect South Korea’s commitment to fostering innovation and entrepreneurship.

🔍 Important Facts

• Support:
  • Commercialization Fund (up to 60 million KRW, approx. $45,000)
  • Follow-up support through the Global Startup Center (GSC)‍
• Support Period: Sept 2024 - Mar 2025 (approx. 7 months)
• Application Deadline: 3 pm KST, September 6th, 2024

Who is Eligible?

• (Pre-) startups whose representative is not a Korean national
  • Multi-national applicants are also eligible (Non-Korean)
  • If there are multiple CEOs, all of them must be foreign nationals
• (Pre-) startups are within 7 years of business
  • (Pre-startup to 7 years into business) Technology/service-based startups can apply regardless of sector
  • (More than 7 years to less than 10 years) Eligible if engaged in any of the following new industry startup sectors

What Does the Program Offer?

The Foreign Startup Commercialization Support Program provides a variety of benefits aimed at ensuring your startup's success in the South Korean market:

• Financial Support (up to 60 million KRW): Grants and incentives for commercialization costs.
• Local Network Access: Connections to industry leaders, government agencies, and potential partners.
• Expert Mentorship: Guidance from local mentors and experts.
• Increased Visibility: Enhanced exposure within South Korea’s innovation ecosystem.

How to Apply?

Applications can be submitted through the Global Startup Center website.

Required Documents for Application

• Application form (in English)
• Introductory materials
• Copy of passport
• Business registration certificate
• Additional documents (If eligible for extra points)

Selection Process

Evaluation will be conducted in the following order:

(1) review of requirements → (2) document evaluation → (3) presentation evaluation and the score for each phase of evaluation will apply only to that phase.

Final Thoughts

For foreign startups looking to expand into Asia, the Foreign Startup Commercialization Support Program offers a unique opportunity to break into the South Korean market. With comprehensive support from the government, access to key industry networks, and financial incentives, this program could be the launchpad your startup needs to achieve international success.

FAQ

Where can I access the program announcement?‍

www.k-startup.go.kr
www.startup-korea.com

Where can I ask questions about Korea’s startup culture?

You can join our community, Digital Nomads Korea, where many entrepreneurs discuss how to start or run a business in Korea. We have a Whatsapp group and a Discord server where you can reach out and socialize.

Is participation in this program limited to technology startups? What Industries are eligible to apply?

Program participation is not limited to technology startups. However, Tech-based startups will have more advantages than companies focused solely on sales and exports without any of the specialized technology mentioned in Korea Institute for Startup & Entrepreneurship Development's (KISED) program policies.

How do I know my company is eligible for the Visa?

All representatives who hold a visa that allows for establishing a corporation are eligible to apply for the program.

One of the required documents is an IR pitch deck. Can I use this as a presentation material?

The materials related to the presentation evaluation will be compiled separately.

Contact

If you have inquiries, you can contact the Korea Institute for Startup & Entrepreneurship Development team behind the program:

KISED Global Expansion Team

• E-mail: inbound@kised.or.kr
• Phone: +82-2-2039-1623, 1735 (Office Hour: 9am - 6pm, Korean Time)

For more information check below documents:

1. 2024 Non-Korean Startup Commercialization Program (Pilot) Recruitment of Startups.pdf

240820_Foreign Startup Commercialization Support Program briefing.pdf

‍