Mission Law Firm (CEO Seonghun Kim), a cross-border law firm, held a seminar titled ‘Understanding the Overseas Startup System and Cross-Border Company Strategy – FLIP’ at EO House in San Francisco, California, USA on August 21 (local time).
This seminar was co-hosted with Dandy Lion (CEO Na Seong-yeong), a company specializing in IT and entrepreneurship education, and the space was sponsored by EO Studio (CEO Kim Tae-yong), a media specializing in startups.
Under the recently revised startup support system, companies founded overseas or established overseas corporations through a "FLIP" (Flip-Initiative) program are now eligible for government startup support. However, a lack of information about this system is leading some Korean entrepreneurs to miss out on support opportunities, which is the motivation behind this seminar.
Approximately 30 people attended the seminar, including startup representatives, public officials, and academics. All attendees were provided with practical materials, including a checklist for applying for overseas startups and a cross-border startup legal guidebook.
The seminar began with a presentation by Attorney Kim Seong-hoon titled "Deep Dive into the Overseas Startup System," followed by a Q&A session and networking session. Attorney Kim focused on an overview of the system, application requirements, practical strategies, real-world cases, and related legal issues. He defined overseas startups as "cross-border companies organically connected to the Korean startup ecosystem, not simply overseas corporations," and emphasized the need for a strategic approach based on this concept.
He also explained the procedures and precautions for "Flips," a method of entering the US market. Attorney Kim stated, "Flips are a way to become a part of the US capital market," and advised, "Because unplanned transitions have a high probability of failure, sufficient communication and preparation time are necessary."
Regarding the policy change, he said, "The previous startup support system focused on domestic corporations, but with the rise of global startups, awareness is shifting," and "Companies that have entered the Korean startup ecosystem through overseas startups or flips can now maintain a connection with the Korean startup ecosystem."
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