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Gov't, big biz join forces to help startups enter overseas markets

All News 09:31 June 25, 2017

SEOUL, June 25 (Yonhap) -- South Korea's government and big businesses will join forces to help innovative startup companies to make inroads into overseas markets, the Small Business Administration said Sunday.

The state agency said the mutual support program aims to help young entrepreneurs and people just getting into new businesses to showcase bright ideas and products abroad. This can allow such companies to grow, create new jobs and more economic opportunities going forward.

Young companies that have been set up within the last seven years with sales not exceeding 10 billion won (US$8.8 million) on an annual basis will be eligible for support.

"The government and big businesses, including public agencies, will provide one-on-one support to startup under the assistance program," the administration said.

It said some 21.3 billion won in funds have been set aside so far that can help some 350 companies this year. Those selected can receive upwards to 100 million won.

Of companies picked 150 will be offered assistance till they penetrate foreign markets, while the remaining 200 firms will get customized support that best suit their needs.

The business administration said those interested should apply at the K-Startup homepage from Tuesday through July 21.

Related to helping small companies expand into foreign markets, the government-run Small and Medium Business Corp. (SBC) said it inked a deal with local young entrepreneur groups and Yantree, an online shopping mall that sells South Korean made goods, late last week to make it easier for companies to sell products directly to foreign consumers.

SBC said the goal is to hand pick companies with products that can appeal to overseas buyers, so they can be marketed by Yantree.

Those small companies picked will benefit from favorable transaction fees and get export assistance funds.


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