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ASEAN and Korea to team up to nurture homegrown IT startups

PRESS RELEASE
No.PR/20-24Date24 November 2020
ContactProgram Inquiries: Kim Hye-ji, Senior Officer, TIU (02-2287-1127, eylee@aseankorea.org)
Press Inquiries: Hwang Jiseon, Senior Officer, IDU (+82-2-2287-1149, hjs@aseankorea.org)
ASEAN-Korea Centre is an International Organization mandated to promote economic and socio-cultural cooperation between ASEAN Member States and Korea.


ASEAN and Korea to team up to nurture homegrown IT startups

- ASEAN-Korea Centre to hold the ‘ASEAN-Korea Startup Week: Online Challenge Final (Dec. 2-3)’ -

- 22 Startups from 10 ASEAN Member States and Korea to pitch ideas and conduct biz meetings online -


Seoul, Korea - The ASEAN-Korea Centre (Secretary General Lee Hyuk), together with the Gyeonggi Center for Creative Economy & Innovation (GCCEI, CEO Shin Hyunsam), has selected 22 startups from 10 ASEAN Member States and Korea to participate in the final round of the ‘ASEAN-Korea Startup Week: Online Challenge’ scheduled for 2-3 December 2020.


Already in its third year, the ASEAN-Korea Startup Week is designed to support both ASEAN and Korean startups in attracting greater investment and expanding their footholds in each other’s region. The event has been sponsored by the Korean Ministry of SMEs and Startups since 2018 and, this year, the ASEAN Coordinating Committee on Micro, Small, and Medium Enterprises (ACCMSME)* has also extended its partnership to the program.

*ACCMSME is an organizing committee under the ASEAN Secretariat, composed of high-level representatives from 10 ASEAN Member States to discuss policies related to SMEs in the region.


The event will invite early-stage startups, seeking to attract seed funding, in ICT sectors such as Artificial Intelligence, E-commerce, Fintech, Agricultural Machinery Service Platform, and Logistics & Transport Platform. During the two-day online program, they will pitch their business ideas to venture capitalists from Korea and abroad, and four top finalists will be awarded with prizes. All activities will be live-streamed on the YouTube Channel of the ASEAN-Korea Centre (http://www.youtube.com/akcsns).


On 2 December, the ASEAN-Korea Startup Week will begin with the opening ceremony with remarks from the AKC, the GCCEI and the Ministry of SMEs and Startups. Due to travel restrictions and enhanced social distancing measures in the metropolitan area of Seoul, all other participants will join the program online. Panel discussion will follow the opening session featuring four panelists from Covent XL Partners (VC), NX NIVEA Accelerator (CAC), SK Bioscience (CVC), and IZY(Indonesian startup) who will share the current status of the Korean startup ecosystem and the experiences of ASEAN startups entering into Korea. After two days of pitching, the event will close with an award ceremony in the afternoon of 3 December.


Secretary General Lee Hyuk noted that “ASEAN today is known as the breeding ground for startups and is already home to nine unicorns. As COVID19 ushers in a contactless world, the ASEAN region is witnessing a surge in investments in its home-grown startups. In the second quarter of this year, the amount invested in ASEAN startups increased by 91%, as compared to the same period of last year, and the transaction volume also increased by 59%. Amidst the challenges posed by the pandemic, I hope that this event will serve as an opportune platform to expand cooperation and seek new business opportunities between ASEAN and Korean startups.”


More detailed information on participating startups can be found on the website (www.aseankoreastartupweek.com), where online business meetings can also be pre-registered.


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