◆ Agreement on cooperation for exchange of Korean and US startups and support for global expansion
VentureSquare, Korea's leading startup platform, announced that it signed a memorandum of understanding (MOU) with the Brooklyn Chamber of Commerce to strengthen the innovation ecosystem.
This agreement aims to foster startup exchanges between Korea and Brooklyn, New York, and build a comprehensive partnership to support the global expansion of innovative companies from both countries.
Myung Seung-eun, CEO of Venture Square, said, “Through this agreement, Korean startups will be able to find real business opportunities in Brooklyn, which will serve as a bridgehead for entering the U.S. market,” adding, “In particular, we plan to create a new type of international cooperation model that combines the innovative DNA of both regions.”
“We anticipate that Brooklyn’s dynamic startup ecosystem and Korea’s technological innovation capabilities will create synergy,” said Randy Peers, president and CEO of the Brooklyn Chamber of Commerce.
◆ Operation of a comprehensive cooperation program including support for overseas demonstration projects of startups
During the period of cooperation, the two organizations plan to jointly operate various programs, including: △joint accelerator program for Korean and Brooklyn startups, △demo day and PoC (Proof of Concept) program, △business matching support, and △creation of joint investment opportunities.
In particular, for the PoC program being conducted in Brooklyn, New York, the Brooklyn Chamber of Commerce will serve as the primary operating organization and provide customized support tailored to local characteristics.
Additionally, the two organizations will support startups to prepare for global expansion more efficiently by comprehensively utilizing infrastructure such as networks, platforms, co-working spaces, and educational resources.
One of the features of this MOU is the provision that requires a three-party agreement to be concluded when cooperating with a third party organization. This is interpreted as an intention to prevent confusion that may arise during the cooperation process and to establish a clear division of roles and responsibilities.
This provision is intended to establish a channel for cooperation through a single window rather than through sporadic contacts with the Korean side in New York. Venture Square will serve as the main coordinator and general agency in this cooperation, and will have authority over role definition, schedule management, and resource allocation.
An industry insider analyzed, “As regional cooperation is becoming increasingly important in the global startup ecosystem, this Korea-U.S. cooperation model will be a good example that can be expanded to other regions.”
The two organizations announced that they will establish a regular communication system in the future and proceed with major decisions related to program design and branding through prior consultation.
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