Startup incubator, T-Hub, on Monday said it has partnered with Korea SMEs and Startups Agency (KOSME) to provide the country's early-stage startups business opportunities, market understanding and access to customers. The partnership would also enable soft landing for South Korean startups to explore the Indian market.
As part of the partnership, T-Hub will virtually take onboard selected startups in its acceleration program.
Owing to the pandemic and related curbs, the partnership was formalised virtually and a memorandum of understanding (MoU) was signed by Ravi Narayan, chief executive officer (CEO) of T-Hub, and Jung Hwan Moon, chief representative (India), Korea SMEs & Startup Center.
“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," said Narayan.
The two-month long acceleration program will offer South Korean startups several benefits including tailored business and investor connects in the Indian market, enable deserving startups to gain market access and be ready for India.
The localisation intervention is the heart of the program and there will also be networking opportunities with key stakeholders of the startup ecosystem in Delhi-NCR (national capital region), Hyderabad and Bengaluru.