KITA Opens ‘Startup Branch’ at COEX in Samseong-dong

- Will support scale-up and globalization of startups and open innovation -

The Korea International Trade Association (Chairman, Kim Young-joo) held an inauguration ceremony of ‘Startup Branch’ at COEX in Samseong-dong on June 4^th and began its full-fledged operation.

Branch is divided into four areas: ▲ office, ▲ pitching center, ▲ consulting space, and ▲ cafeteria. In the office area, free networking and meeting among startups, venture capital (VC) and accelerators (AC). The pitching center can be used for the startups’ IR and sales pitching, and open innovation. The consulting space is for the meetings with experts in fields, including law, patent, and overseas certification.

The startup branch, which is open all year round, will run its own programs as well as joint programs with other organizations. It will serve as a branch office for the Korean startups’ global advancement and play a role as a network connection utilizing open innovation of large and medium-sized enterprises at home and abroad.

During the opening week from 3^rd to 5^th, a variety of events that will be helpful for the startups’ scale-up as well as global expansion, such as legal consultation, including investment contract writing, audition for startup design by Kim Young Se, open innovation with global conglomerates, talk concert for startups advancing into overseas, consultations for overseas certification and mass production and consultation with distribution vendor from North America will take place.

Lee Dong-ki, director of Innovative Growth Center at the Korea International Trade Association, said, “Startup Branch is a space where the startups and Korean and foreign companies are connected to share their advantages and grow together with open innovation.” He also stressed, “It will contribute to the job creation and innovative growth through the scale-up and globalization of the startups.”  

Meanwhile, the event was attended by the government, including Chairman Kim Young-hoo of the Korea International Trade Association Minister Sung Yun-mo of Trade, Industry and Energy and Director-General Kim Moon-hwan of the Ministry of SMEs and Start-ups, and heads of the startup supporting agencies and foreign companies such as President Kim Kwang-hyun of the Korea Institute for Startup and Entrepreneurship Development, Kim Jong-gap, head of K-ICT Born to Global Center, Korean representative of JETRO and the chairman of the British Chamber of Commerce in Korea. In addition, about 200 representatives from VC, AC, textile, automotive, electronics industry group, the leaders of KITA, LG Electronics, GS Caltex and CJ group and CEO Kang Sung-ji of WELT Corp. and CEO Cho Ho-suk of NEODIGM attended the ceremony.

Prior to the opening ceremony, of the Korea International Trade Associaiton and Biasdorf, a German beauty company with many famous brands such as Nivea, Yuselin and La Prairie, that collaborated with KITA through the "Global Fortune 500 Connect" program in December last year signed the Memorandum of Understanding for Korean startup sourcing and the revitalization of startup ecosystem.