SOUTH KOREA TO HOST STARTUP FEST

Gearing up for the third and innovation led industrial revolution, the South Korea government aims to attract smart brains from across the world to strengthen its startup ecosystem.

“The first and second industrial revolution was focused on manufacturing. We believe that the third industrial revolution will led by technology. So we want attract the best technology startups to Korea through a contest called K-Startup Challenge,” said Caleb Kyung Hwan Lee, executive director of National IT Industry Promotion Agency, Korea-India SW Cooperation Center here on Friday.

The four winners, who get grants from the government, would have to set up their companies in Korea. They can also enter into partnership with Korea majors, which are strong in electronics and manufacturing.

"In recent years, a great number of large Korean conglomerates have expressed their interest in collaborating with foreign start-ups," he said.

Last year, 2,400 startups across the world participated in the Challenge. Out of which, over 10 per cent or 281 startups were from India - this is second largest number after the United States.

An Indian startup in the augmented reality space came in as a runner-up and has partnered with one of Korea's retail majors.

"The challenge will open gates for the Indian technology startups catering to different categories to enter the Korean market and further expand its reach to global customers."