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 Hold Global Startup Competition to Support Companies Advance into the Chinese Market (September 5)

- Provide startup promotion programs to selected teams such as KIC-China and Alibaba Cloud

Korea Innovation Center China (hereinafter “KIC-China”) of the Ministry of Science and ICT (MSIT) cohosted the global startup competition-Korea together with preeminent global company, Alibaba Cloudand the Federation of Korean Industries in the afternoon of September 3, at the Federation of Korean Industries Head Office located in Yeouido.

* provide major three global IaaS service according to Gartner, China’s No.1 public cloud computing service according to IDC

In the event, twenty Korean startups and five Chinese startups with core technologies of the ‘I-Korea 4.0’ policy such as AI, big data and smart city, pursued by the Ministry of Science and ICT participated. The startups presented on their projects in the presence of judges consisting of venture capitals and executives of large companies in the field of ICT.

Double Me Inc. equipped with holographic capture technologies and Beflex Inc. which provides solutions for fitness wearables won the 1st and 2nd place in the competition. They are provided with the opportunity to take part in the finals of global startup competition (to be held in November, in Hangzhou, China)

Top ten teams in the competition receive support. For example, top four teams receive support from KIC-China and Alibaba Cloud’s “China & Mong” startup nurturing programs. Other teams receive support such as NVIDIA’s startup nurturing programs, networking with overseas venture capitals and IT infrastructure.

The startup competition which supports companies equipped with the core technologies of the Fourth Industrial Revolution to advance into the Chinese market is held for the second time in Korea this year.

In last year’s competition, many Korean startups succeeded in advancing into the Chinese market. UlalaLAB, which has expertise in smart factories has been successful in China and has reached the revenue worth of 17.6 billion won. A medical AI company, Lunit attracted investment worth of 16 billion won and is working with companies like Ali Health.

- Norma, a network security company attracted investment worth of 3.5 billion won and is collaborating with Qihoo 360 and Picom which are Chinese companies. Visual Camp, a company with eye tracking technologies attracted investment worth of 1.8 billion won and is collaborating with technology holding company of Tshinghua University of China.

MSIT established KIC-China in June 2016 in China, which is a country that has the second largest demand for Korean companies entering into overseas markets, after the U.S. The institute was set up with the goal of global R&D commercialization and providing support for outstanding tech startups to do business in China.

In 2017, 25 tech startups received support in attracting investment worth of 5.5 million dollars and 4.9 million dollars in revenue in China. In the first half of 2018, 25 companies received support in attracting investment worth of 3.5 million dollars from Chinese VCs and generating revenue worth of 17.25 million dollars.

Director General Kyung Hee Song of International Cooperation Bureau of the Ministry of Science and ICT said, “With last year’s event, promising startups could successfully enter into the global market. Our ministry will continue to provide support so that starting new businesses overseas will be facilitated in the future.”

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