Supporting Strong Science & ICT SMES to Enter Overseas Markets with Global Companies (January 10)
- Cooperating with companies like Facebook and Microsoft to make success stories of 2019
□ The Ministry of Science and ICT (MSIT) and Korea Innovation Center (KIC) plan to push ahead with the Technology Revolution Together (TRT) project* in 2019, which will help outstanding I-Korea 4.0 tech companies to enter overseas markets successfully and create overseas jobs.
* Partnering with global companies like Facebook and Alibaba Cloud as a part of the TRT project to create foreign market entry opportunities for strong science & ICT SMEs of Korea so that they can be considered attractive M&A and investment targets or supply chain partners by world’s leading companies.
ㅇ The TRT project is different from the costly, unsuccessful support mechanism of the past, in which Korean companies had to go abroad to find investors. Instead, the TRT aims to effectively raise the possibility of boosting investment, sales and employment by selecting outstanding Korean tech companies and supporting the development of products and solutions suitable for local market with global conglomerates.
ㅇ In 2019, we will expand the cooperation network, which was mainly focused on U.S. global firms in the West Coast (e.g. Facebook, Microsoft), to those in the East Coast, Europe and China (e.g. Amazon Web Services).
- We will also support the innovative cooperation platform* that was formed together with business support organizations from 17 different countries including France, Germany and Japan (located in Silicon Valley), to make globally successful cases.
* International Innovation Alliance: Led by the KIC, this cooperation platform was established by innovation organizations located in Silicon Valley from 17 countries (China, Japan, France, Germany, etc.) to cooperate on business support. (November 2018)
□ For the past year, the MSIT and the KIC have been cooperating with global companies like Facebook, Technicolor and Alibaba Cloud, and paved the way for strong science & ICT SMEs to successfully enter overseas markets.
ㅇ Zconverter*(CEO: Dongjoon Min), a cloud technology firm, participated in the program held in Seattle, U.S., and was selected to participate in Microsoft for Startups**, recognized for its outstanding homegrown technology in the field of B2B cloud solution that is dominated by global firms. Zconverter is the first Korean B2B software company that was given the chance to grow into a business partner of Microsoft.
* Zconverter: A cloud solution provider known for its original technology, Multi-Cloud Migration
** Microsoft for startups: Microsoft’s startup program born in 2018 that provides $500 million investment over 2 years to nurture startups to become Microsoft’s partners.
ㅇ In addition, a Korean MR technology company, DoubleMe (CEO: Albert Heekwan Kim), won the chance to enter the Chinese market by winning the best performance award and receiving 200,000 yuans in the final round of the international startup contest organized in partnership with Alibaba Cloud
- During the collaborative project with the world-renowned digital media content company Technicolor, in Los Angeles (Oct 1 – Nov 16), DoubleMe carried out a joint AR project themed around K-Pop. Two companies that participated in the project are now in discussion with Technicolor for a partnership.
□ Director-General Kyung-hee Song of the International Cooperation Bureau of the MSIT said she will give her full support to expanding the new innovative growth model (TRT) to Europe and China so that it can help strong SMEs enter foreign markets and create employment opportunities abroad for Korea’s young job seekers.