The Korea Technology Finance Corporation (hereinafter referred to as “KIBO”) announced on the 20th that it signed a “Business Agreement to Support Overseas Expansion of Baby Unicorn Selected Companies” with the Korea Trade-Investment Promotion Agency (President Kang Kyung-sung, hereinafter referred to as “KOTRA”).
This agreement was created to support Baby Unicorn companies in developing overseas markets and strengthen their global competitiveness by utilizing the core competencies and support infrastructure of both organizations.
The Baby Unicorn Fostering Project is the first stage of the 'Global Unicorn Project' promoted by the Ministry of SMEs and Startups and Kibo, and is a program that discovers promising venture companies with innovative business models and proven growth potential and fosters them into competitive potential unicorn companies (corporate value of KRW 100 billion or more).
According to the agreement, when Kibo recommends baby unicorn companies, KOTRA selects 20 companies with high potential for overseas expansion and supports overseas expansion programs for six months. The selected companies receive various customized support such as ▲overseas customized market research ▲overseas partner discovery ▲overseas technology verification ▲overseas human resource recruitment support ▲export consulting through KOTRA’s overseas startup base trade offices.
KOTRA currently operates 131 overseas trade offices and has established startup hub trade offices in 16 regions with high demand for domestic companies, including Silicon Valley, Paris, and Singapore. KIBO plans to actively utilize this network to systematically support domestic startups’ entry into the global market.
In addition, the two organizations will support the participation of baby unicorn companies in overseas IR events in conjunction with VivaTechnology (hereinafter referred to as “VivaTech”), the largest startup exhibition in Europe, to be held in Paris, France in June. They plan to select about 10 companies and support their participation costs in VivaTech and provide IR pitching opportunities for overseas investors.
Kim Jong-ho, CEO of Kibo, said, “In order to smoothly promote the global unicorn project, Kibo is preparing a program to support the step-by-step scale-up and overseas expansion of promising companies,” and added, “We will continue to strengthen cooperation with relevant organizations to enhance the global competitiveness of baby unicorn companies and expand policy support to create successful overseas expansion results such as overseas investment attraction and technological partnerships.”
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