India-Korea startup hub has been launched by Indian Prime Minister Narendra Modi in Seoul. This startup hub will serve as an one-stop platform to bring Indian and Korean startup ecosystems closer and to facilitate joint innovation between the two economies.
As part of a joint statement signed between The Korea Trade-Investment Promotion Agency (KOTRA) and Invest India on 9th July 2018, the Hub will enable collaborations between startups, investors, incubators, and aspiring entrepreneurs of both countries and provide them with resources for market entry and global expansion.
PM Narendra Modi in his keynote address at India-Korea Business Symposium, said, “Both India and the Republic of Korea are giving topmost importance to this (startup) sector. Hence, it is natural to deepen cooperation in startups.” He further added, “The startup sector has the energy of youngsters as well as the zeal to create something unique and beneficial for fellow citizens.”
India currently has a population of 1.3 Bn people with 41.6% internet penetration. A total of over 15,000 Indian startups are registered with Startup India, among which 20 companies have earned the unicorn startup status with a valuation of over $75 Bn.
Whereas, Korea has a population of 51 Mn and the world’s highest internet penetration of 82%. Korea stands 12th on Global Innovation Index and has over 100 startups supporting spaces such as Incubators, Accelerators and Co-working space. Korea has attracted $3.3 Bn venture funding in 1400 odd startups in 2018.
‘Startup Grand Challenge’ was also launched on the India-Korea Startup Hub, this challenge is focused on the issues related to cyber threat, analytics & rural healthcare. The State Bank of India & Mahindra Rise will provide mentoring, pilot opportunities & financial support to the winners of this challenge.