Korea extends warm welcome to Australian startups
05 Aug 2019
Korea’s thriving startup ecosystem offers rich opportunities for Australian
entrepreneurs to develop and grow their business in one of the world’s most
technologically advanced nations.
Austrade’s new Korean Startup Ecosystem Guide provides an overview
of Korea’s startup ecosystem, including its key startup industries and vast
network of accelerators and co-working locations.
With the world’s fastest internet speeds, high uptake of new technologies
and access to ICT giants such as Samsung, LG and Hyundai, Korea is a
fantastic place to develop, test and commercialise new ideas,’ says Rod
Commerford, Acting Senior Trade and Investment Commissioner, Austrade
‘International startups are particularly welcome in Korea. For instance,
the Pangyo Techno precinct offers tax breaks, low-interest loans and
expanded co-working spaces to foreign startups.’
In addition to accelerator programs, the Korean Government allows foreign
startups that have been established in Korea for less than a year to access
its funding and grant programs.
The Austrade report highlights the sectors of opportunity for Australian
startups and entrepreneurs. These include information technology, the
Internet of Things, virtual reality, augmented reality, fintech, artificial
intelligence and blockchain.
There are numerous accelerator programs run by government, Korean
conglomerates and private accelerators to which Australian startups can
apply. These programs provide co-working spaces, mentorship for product
development, and general support.
The report also lists funding options from government and private
Contact Austrade for more
information on Korea’s startup ecosystem.