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 Seoul.

‘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 organisations.

Contact Austrade for more information on Korea’s startup ecosystem.