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  • 2016 Announcement for Selecting Companies to Move into the Global Startup Center

  • Economy & Investment News SMG 5454

    The Seoul Global Startup Center is a startup hub that supports the success of local and foreign entrepreneurs. Realize your dream for a successful startup with Seoul Global Startup Center!

    June 23, 2016
    Head of Seoul Global Startup Center

    □ Project Purpose

    ◦ The Seoul Global Startup Center (tentative name) will provide various services, such as office space and professional consulting, to support the team building and commercialization of local and foreign entrepreneurs residing in the country. The project will help foreign and local entrepreneurs enter the local and global business world and seek ways to enhance business exchanges between the two countries and cities by accelerating the discovery of ideas and trade.

    □ Application period: June 23, 2016 (Thu.) – July 29, 2016 (Fri.) 24:00

    ◦ Project briefing session: July 9 (Sat.) 14:00, Global Startup Center

    □ Selection of companies: Final 40 teams (approximately)

    ◦ Companies with more than one foreign member preferred

    ◦ Ideal ratio of Koreans to foreigners (Koreans : foreigners = 40 : 60)

    ◦ 12 out of 40 companies will receive support for overseas expansion

    □ How to apply

    www.seoulgsc.com → Apply → Choose the Korean/Chinese/English language, and submit the application form

    □ Qualifications and targets for application

    ◦ Prepare entrepreneurs for the beginning stages of business (less than three years)
    (Companies with more than one foreign member preferred. However, at least one of the foreigners must be a residing board member)

    ◦ Local residents or foreigners who can reside in the country legally and have a business plan for startup, or entrepreneurs in the beginning stages of their business (less than three years by the date of recruitment)

    ◦ Startups that have a business plan for overseas expansion

    ◦ One of the team members must have English communication skills

    ※ Excluded applicants
    – Applicants who have been selected for startup support projects by the central government, government agencies, public institutions, a local government, etc. in the last three years with the same business idea, and received support or are still carrying out the business. However, applications can be submitted if the creativity of the same idea is acknowledged.
    – Illegal immigrants (foreigners)
    – Gambling businesses (conforming to the regulation of Small and Medium Business Administration)
    – If the applicant has copied or pirated the ideas, techniques, etc. of other people or businesses

    ※ The applicant has all the civil and criminal liability resulting from the imitation or theft of ideas and techniques.
    – Individuals or companies regulated by financial institutions, etc. due to default of debt obligation(s)
    – Individuals or companies regulated due to default of national taxes or local taxes

    □ Benefits

    ◦ Free office space (for two to four people) provided
    (There will be a revaluation two months prior to the end of the basic occupancy period (six months) to select companies for extension of the occupancy period)

    ◦ Venture capital of 10 million won and follow-up investment will be provided (support fund for commercialization)

    ◦ Provision of third-party offers for temporary housing with low rental fee

    ◦ Providing support for use of designs/art, patents, visa, legal issues, intellectual property, and consulting

    ◦ Supporting business exchange programs (approximately 12 teams)

    ◦ Providing shared office space

    □ Main program schedule

    Office space provided Incubating program Global local programs Demonstration day
    Document and presentation evaluation Office space for 2 – 4 people provided Business workshop/networking/
    Local programs in China/Vietnam, and elsewhere, and local demonstration day
    (Selecting outstanding companies)
    Final domestic demonstration day
    July Aug. – Dec. Aug. – Dec. Oct. – Nov. November (scheduled)

    ※ The Schedule and local areas may change due to internal circumstances.
    ◦ Supported space: Najin Electronic World Bldg. 14 (3rd floor), Hangang-ro 3(sam)-ga, Yongsan-gu, Seoul
    * Five-minute walk from Yongsan Station (Subway Line 1 and Jungang Line)

    □ Evaluation and selection method

    ◦ Selection process

    ◦ 1st document evaluation (selecting three times the number of people to be actually recruited): Overseas evaluation + domestic evaluation

    ◦ 2nd presentation evaluation (selecting 1.5 times the number of people to be actually recruited)

    ◦ Final selection of companies (40 companies): The companies selected through presentation evaluation will be deliberated upon for a month, and the best companies will be selected and supported (an initial funding of 10 million won will be provided)

    ◦ Evaluation preferences
    – Differentiated items matching the global market
    – Promising technology items and items of all domains
    (Example: globalization of Korean food, Korean cultural content, etc.)
    – Companies with a high ratio of foreign members preferred
    – Social enterprises and ventures preferred
    – International marriage migrant women preferred
    – Hallyu (Korean wave) content that promote Korean culture, ICT convergence startup related to culture and arts

    Inquiries – Seoul Global Startup Center
    apply@seoulgsc.com 010-8413-1151
    – Seoul Startup Supporting Division (82-2-2133-5506)