T-Hub in partnership with Korea SMEs and Startups Agency (KOSME) will facilitate international market access for South Korean startups
South Korean startups were invited to explore business opportunities in the Indian innovation ecosystem, around 10 of them have been shortlisted for the first of many accelerator programs offered by T-Hub at the Korea Startup Center.
India, 15 June 2020: T-Hub, which leads India’s pioneering innovation ecosystem, today announced its partnership with Korea SMEs and Startups Agency (KOSME). Both these organisations have joined hands to provide early-stage South Korean startups with business opportunities, market understanding and access to customers. In addition, this partnership would enable soft landing for South Korean startups to explore the Indian market.
Owing to the current pandemic, the partnership formalised virtually, and the MoU was signed by Ravi Narayan, CEO of T-Hub and Jung Hwan Moon, Chief Representative (India), Korea SMEs & Startup Center – an initiative of the Ministry of SMEs and Startup of the Government of South Korea. As part of the partnership, T-Hub will virtually onboard selected startups in their acceleration program.
Ravi Narayan, CEO, T-Hub, said, “South Korea has built a very strong startup base over time and Seoul houses over 60% of Korean startups. According to the GSER 2019, South Korea has invested around $2 billion annually into the country’s startup ecosystem since 2013. Seoul is actively working towards creating a larger startup ecosystem. Our partnership with the South Korean Government will create ample opportunities for innovative startups to scale up in the Indian markets. T-Hub’s collaboration with KOSME will provide international market-access to the most disruptive and deserving South Korean startups, and fuel connections with key stakeholders. During such unprecedented times, we need new innovative ideas to break through an economic slowdown period.”
Jung Hwan Moon, Chief Representative India, KOSME, said, “With the agenda of ‘Korean Startups Go’ Global’, KOSME aggressively looks forward to penetrate Korean startups in the growing Indian market.”
The startups will be able to experience the following benefits from the two-month long acceleration programs:
Enable tailored business and investor connects for the startups in the Indian market
Enable deserving startups from the South Korean innovation ecosystem to gain market access and be ready for the Indian market by creating a trendsetting model
Empower them with knowledge and assistance to improve their product market fit and business model. The localization intervention is the heart of the program.
Branding and marketing support thereby helping them increase their brand visibility in the market
Pre-departure virtual classroom sessions with dedicated mentors and subject matter experts will continue for a month helping startups acclimatize with local market expectations and culture
Networking opportunities with key stakeholders of the startup ecosystem at Delhi NCR, Hyderabad and Bengaluru.
For more information, visit www.t-hub.co
T-Hub enables and empowers an ecosystem hungry for innovation. Based in Hyderabad, India, it leads India’s pioneering innovation ecosystem that powers next-generation products and new business models. It uses the Triple Helix model of innovation based on interaction and collaboration between industry, academia and the government. Incorporated in 2015, it has provided 1100+ national and international startups with access to better technology, talent, mentors, customers, corporates, investors and government agencies. T-Hub also provides thought leadership for Telangana and other state and central government organisations to build innovation ecosystems. It has elevated innovation for leading national and global corporates, transforming enterprise business models for the better. For more information, visit www.t-hub.co
The Korea SMEs & Startups Agency (KOSME) is a non-profit, government-funded organization established to implement government policies and programs for the sound growth and development of Korean SMEs.
To achieve its purpose, KOSME operates financial and non-financial programs for SMEs. Through financial programs, KOSME provides financing for SMEs to expand operations, develop new products and convert their business structures. With advisory programs including consulting, training, marketing and global cooperation programs, KOSME supports SMEs to enhance their global competitiveness.