Born2Global Center records 32.4 billion won in startup investment for first half of the year, up 171 percent compared to the same period last year.

On July 19, the K-ICT Born2Global Center, a startup incubator affiliated with the Ministry of Science, ICT and Future Planning, announced that it attracted a total of 32.4 billion won in investments -- via direct and indirect means -- for its startup companies in the first half of 2016. This figure represents a whopping 171 percent increase compared to the first half of 2015. 

Since opening its doors in September 2013, the center has helped its startups secure a total of 162.6 billion won as of June in investment-linked funds. By providing overseas consulting services on foreign law, patents, accounting, and marketing systems and organizing demo days in Korea and countries overseas, it has supported its startups in gaining 78 counts of investment, both direct and indirect. 

By this August, the center will be selecting an additional 30 companies to receive support. In particular, it will be actively seeking foreign investments for its startups. From this month until December, it will be touring several countries (starting with Los Angeles in the U.S. and continuing on to China, Japan, and others) to host start-up IR demo days and road shows for its startups. In August, the center will begin operating a five-month startup training program composed of three modules -- sales, marketing, and investment attraction and investor relations.


A leader of vertical growth for startups

Within just three months of moving to the Pangyo Startup Campus in March 2016 and designating 50 startups to receive support, the center managed to promote astonishing growth among the Pangyo-based startups. Driving this growth was the incredible synergy effect created through the combination of the center’s comprehensive platform for entering foreign markets (foundation, growth, and entrance into foreign markets) with the “young entrepreneur” culture -- one aspect of the current creative economy strategy.

In the first half of 2016, 12 startups (including Bagel Labs and double H) received support from the center, and most of these companies are still housed within the Pangyo Startup Campus. The investments these companies secured came from not only major domestic investment companies such as L&S Venture Capital and Kolon Innobase, but also foreign companies such as China’s DT Capital, Japan’s Rakuten Ventures, and Y-Combinator in the U.S.

Also noteworthy are the outcomes of private investments received from the general public through crowdfunding channels. Within two weeks of creating a crowdfunding account on Kickstarter in June, Bagel Labs, a smart tape measure company, accumulated $630,000 (approx. 715 million won), far exceeding its original goal of $30,000. JD SOUND, a sound equipment company, also amassed far more (265 percent) than its original goal in May through Makuake, Japan’s largest crowdfunding platform, accumulating approximately 53 million yen (approx. 570 million won). (jshwang@heraldcorp.com)