Attendees pose for a group photo at the event, including Noh Yong-seok, first vice minister of the Ministry of SMEs and Startups (front row, fifth from left), and Park Ju-seon, executive managing director of KOTEC (back row, second from right). [Korea Technology Finance Corporation]
Attendees pose for a group photo at the event, including Noh Yong-seok, first vice minister of the Ministry of SMEs and Startups (front row, fifth from left), and Park Ju-seon, executive managing director of KOTEC (back row, second from right). [Korea Technology Finance Corporation]

Korea Technology Finance Corporation (KOTEC) has moved to expand its cooperative network in Silicon Valley to support domestic venture companies and startups seeking to enter the North American market.

KOTEC announced Monday that it held the "Global K-Venture Innovation Forum" at the Startup Venture Campus (SVC) in Silicon Valley, California, on Friday (local time).

The event was organized to support promising domestic startups in expanding overseas and to build a field-oriented global growth ecosystem, in line with the government's policy to foster global entrepreneurship and venture development.

Attendees included Noh Yong-seok, first vice minister of the Ministry of SMEs and Startups, along with representatives from the Stanford University accelerator, the United Korean Federation (UKF), and companies already operating in Silicon Valley. Participants discussed strategies for Korean startups to expand globally and explored avenues for cooperation.

A showcase held ahead of the forum featured innovative technologies and products from top startups selected by the Stanford University accelerator. Companies in KOTEC's portfolio also took part, highlighting the global competitiveness of their K-beauty and K-food products.

The forum that followed focused on localization strategies and challenges facing domestic startups trying to establish themselves in the North American market. Dr. Jeong Da-hyang of Stanford University presented on US beauty and food consumption trends and go-to-market strategies.

Seven companies participated in the forum, sharing their experiences and on-the-ground perspectives on going global: RNR, a maker of 3D projection equipment for cinemas; Witgen Biotechnology, an AI-driven biotech drug development firm; Buddy Lab, a wellness beverage company; Donghae Brothers, a pet food company; Bespecs, an AI-based digital healthcare company focused on women's health; Friendly AI, a generative AI inference infrastructure firm; and Stratio Korea, a near-infrared sensor and spectrometer company.

The forum was significant for directly connecting local networks as an extension of the Ministry of SMEs and Startups' ongoing global startup support policy. US accelerators, industry experts and members of the local startup ecosystem all took part to discuss market entry strategies and investment linkages, improving prospects for domestic startups to commercialize globally and attract follow-on investment.

"We will actively support the scale-up of companies expanding globally by strengthening the linkage between technology finance and investment," Noh said. "We will also deepen communication with venture companies and startups operating in the Americas and build a field-oriented global growth ecosystem."

Park Ju-seon, executive managing director of KOTEC, said the corporation would continue to strengthen its comprehensive support framework by linking technology finance with its global cooperation network, so that domestic venture companies and startups can grow into world-class enterprises.


boo@heraldcorp.com