KITA establishes testbed in US to support Korean startups

The Korea International Trade Association said Wednesday it has partnered with Startup Junkie, a US-based venture catalyst and entrepreneurial support organization, to help Korean startups test their technologies and products overseas.

According to KITA, it signed a memorandum of understanding Friday with Gangnam-gu Office, Korea Venture Business Association and Startup Junkie that will allow consumer goods companies in the US to test and verify technologies and products of Korean startups.

Some 10 companies based in the US will participate in this program, including Walmart and FedEx, which are equipped with vast global retail networks. Korean startups selected for this program will receive consultations from local accelerators and be given opportunities to apply their solutions to the US firms and promote technologies and products through the stores of those US firms.

Korean startups can apply for this program Sept. 11-25 on www.innobranch.com or www.gangnam.go.kr.

“When the entry to overseas markets has become unavailable due to the coronavirus outbreak, the program will offer precious opportunities for domestic startups to conduct pilot tests on their technologies and products through big US firms,” said Cho Sang-hyun, chief of Global Startup Center at KITA.

By Kim Byung-wook (kbw@heraldcorp.com)